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Is Your Business Losing Money? Here are 4 Ways it Might Be
Tuesday, December 11, 2012 – posted by Rebecca Daneault
As a small business owner, you know that being successful is
all about cutting costs and reducing overhead wherever possible. But sometimes
business owners find themselves scratching their heads, trying to figure out
where the money is going and why it seems to keep mysteriously slipping away.
It’s not a mystery – in fact, there are several common ways that a business may
be losing money without even realizing it. Here are 4 such ways, and how you can
correct it if you’re one of the victims.
Office Rental and Equipment – If you currently rent office
space, it may be time to take a step back and examine a couple of things.
First, do you really need that space, is its size appropriate, or could you downsize,
and would something like sharing an office with another business be a more
affordable option for you? In terms of equipment, you should also be sure that
what you have is only what you need, otherwise you are probably wasting money.
Consider such cost-effective alternatives such as cloud computing and virtual phone systems (we happen to know
someone who can help you with this one!).
Insurance – Ever heard of the term “insurance poor”? It
basically means that you’re spending way too much on a “what if”. Of course
insurance is important, especially for a business, but it’s also important to
conduct an audit from time to time to make sure you’ve got the right amount and
type of coverage, and whether there’s a chance you could be saving money,
either by combining multiple policies or switching providers. Just be sure to
check any potential new insurance companies out to make sure they are
financially sound before switching.
Marketing Activities – You need to market your business, but
are you really sure the money you’re spending is getting the type of return it
should? Marketing is a funny thing – what works for one business may be a
disappointing failure for another, and there are so many different methods and
techniques. That’s why it’s so important to consistently measure and analyze
your results. This will help you to quickly learn what’s working and what isn’t
so you can stay on top of your marketing spend.
Networking or Trade Events – It may seem like a great idea to
attend these types of things to learn about your industry, how to become more successful
and to network with other influential people. Before you do, however, make sure
the costs associated make the outcome worthwhile. Often when you add up
expenses such as registration fees, airfare, hotel stays and food, what you end
up getting out of these events isn’t worth what you spent to attend them.
If you’re going to make it in business, especially given
today’s economy, you have to find ways to cut costs. More importantly, you have
to make sure that the activities and investments you’re currently involved in
are not costing you more money than they’re worth. These are just four such
things to watch for. As long as you are diligent and ever-aware, you’ll be able
to stay on top of your expenditure and manage it in a way that is always
profitable.
Labels: budget, small business
Free Software Options for Small Businesses on a Budget
Wednesday, February 22, 2012 – posted by Rebecca Daneault
When you’re running a small business, controlling costs is the key to keeping your head above water. Of course there are certain unavoidable things that require an investment, such as overhead and staff. But the good news is, there are also a number of free resources available to help small businesses with their software needs, and they’re pretty impressive. Here’s a handful that we recommend.
Google Docs – When it’s powered by Google, you know it’s good. Google docs is a free application that lets you create everything from documents to spreadsheets to calendars and even surveys that you can use to get valuable feedback from your customers. The best part is that everything is stored securely in the cloud, letting you share any and all your data instantly right over the web.
OpenOffice – If you prefer to store your documents on your hard drive or internal server but can’t afford the hefty price of Microsoft Office software, OpenOffice offers similar programs for free, including word processor, spreadsheet and presentation applications. What’s more, it’s compatible with a variety of other file formats, including MS Office and is available in nearly 30 different languages.
Skype – More and more small businesses are beginning to see the value of using Skype for their telecommunications. It’s especially attractive because you can make person to person and video calls to other Skype users for free. Even the more robust packages they offer are extremely cost effective. Skype gives you lots of options at little to no cost. You can even integrate it with your Synclio account. (Check out our article about how you can use Skype as your business phone system for more information.)
Distributed Source – CRM is the practice of effectively managing your communications and relationships with your customers. There are a number of CRM software products on the market, but Distributed Source offers a free basic plan for up to 3 users and 3,000 contacts. It’s the perfect way for a small business to organize and track leads as well as manage contacts and tasks efficiently.
WordPress – Blogging is an extremely important part of SEO because search engines like Google give particular preference to sites that are frequently updated with fresh content (i.e. a blog). WordPress provides a user-friendly free way to create and manage your blog so you can help get your business noticed on the web.
These are just a few of the many free resources available to help small businesses achieve success on a tight budget (just do a Google search to find countless more). For those companies trying to cut costs, Synclio also offers a free trial of our virtual phone system as well as a variety of affordable plans to choose from. With all of these tools, you’ll be armed and ready to take on the competition and come out on top!
Labels: budget, skype, small business tips, virtual pbx free trial
posted by Rebecca Daneault @ 6:25 PM
7 Ways to Market Your Business on a Budget
Thursday, October 27, 2011 – posted by Rebecca Daneault
If you had all the money in the world you’d have no problem getting the word out about your business. But the truth is most small businesses have an even smaller marketing budget so they have to be creative and thoughtful when planning their marketing strategy. Obviously the goal is to get the most bang for your buck, but finding ways to do so isn’t always easy. That’s what we’re here for! Here are 7 cost effective ways to market your business on a tight budget.
Organize a contest or giveaway – Depending on what your business entails this could cost little to nothing out of pocket. For instance, let’s say you own a massage parlor. You could give away a free hour massage and all it really costs is your time. And yes, we know your time is money but the free word of mouth marketing and attention you’ll get, not to mention the potential new business, will be well worth it.
Offer a referral program – There’s no better way to get new customers than through word of mouth from your existing ones. Offering a referral program to your valued customers may give them that added incentive to really tell others about your business and hopefully bring some new faces to your door.
Hone your negotiating skills – Not sure how? Hang out at a used car lot for a day and you’ll see first-hand haggling at its best (or worst). Seriously, most people just take prices at face value. You need business cards, you need web service, you need to take out ads, etc., right? But you don’t necessarily have to pay full price. It never hurts to try and negotiate the cost down to something that’s a little more reasonable for your budget. It doesn’t always work but you’d be surprised at how often it does.
Get active in social media – At this point this suggestion should be followed by a resounding “duh!”, but amazingly enough there are still a huge number of small businesses who have not tapped into this incredible resource. The bottom line is this: it’s free and it’s reach is massive. Enough said.
Participate in local charities – Offer a gift certificate as a donation to an auction for a local charity. It doesn’t cost much and it has a tremendous impact in terms of good will and people will be impressed by your generosity. Win win.
Replace snail mail with email – Sending out mailings can be expensive. Shifting over to email for sending out notices or newsletters can save a ton of dough and as a bonus it helps the environment.
Use the web to the fullest – Sure some marketing online costs money, but there are plenty of other ways to get your business online without spending a dime. For example, there are hundreds if not thousands of free listings where you can add your business information. Writing helpful articles that include links back to your website and submitting them to various free directories is another great option.
Ok – you get the idea. Just putting a few of these suggestions into action can make a tremendous impact on your business. And, of course, there are certainly plenty of other ways to get the word out about your company without blowing your budget but the best advice is this: be creative and think outside the box. Before long you’ll be seeing the results you want and at a budget you’re comfortable with.
Labels: budget, marketing, small business tips
posted by Rebecca Daneault @ 11:30 AM
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posted by Rebecca Daneault @ 6:48 PM