Boris Dzhingarov
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3 Areas of Your Business Where You Could Save Money

Boris Dzhingarov

February 21, 2019

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There's a world of opportunity out there for small and medium businesses, but it's also true that there is more competition than ever before, so smart business owners know that they have to get mean and lean. That means identifying areas where you're spending more money than you really have to, and making changes. This can result in extra capital which can be re-invested in stock or spent on advertising, creating sustainable growth for years to come. Here are three areas in which most businesses could make cost savings.

1. Marketing

Marketing is one of the most essential ingredients for business success, as there's little point in having a great product or service if potential customers don't know about it. There are a multitude of ways to market your products, which is why many companies are spending more than they really have to. It's important to evaluate your marketing spend and determine what return on investment you receive. If you are targeting younger consumers, then traditional marketing methods such as the use of flyers, or newspaper and radio ads, could be wasting your time and money; modern alternatives such as social media marketing can be much more effective, and they can be less costly than traditional methods, especially if you have the skills to create, run and evaluate campaigns yourself.

2. Packaging

Packaging can be a major expense for businesses in the manufacturing sector, so it makes sense to examine the costs involved to see what savings could be made. One way that you may make considerable savings is to use packaging solutions provided by an expert company who can pack more items securely in a shorter time. The Douglas Machine case packer, for example, is an industry leader when it comes to speed and efficiency, and that can cut down your packaging and logistics overheads considerably. There are solutions for companies of all sizes, so take time to find the one that's perfect for you.

3. Energy

However large or small your business is, energy costs will undoubtedly be among its largest expenditures, but that also means it could be an area where you can make a substantial saving. It's essential to have a work space that is warm and bright to maximize productivity, but along with the cost of running computers and other electrical equipment it can lead to heavy utility bills. Not all business energy suppliers are the same, and if you simply remain on the same tariff year after year, you could be missing out. That's why you should, on an annual basis, check out alternative energy suppliers using online comparison sites, and don't be afraid to change and then change again when savings are there to be made.

You should always be alert for areas of your business where you could make cost savings without affecting the performance of your company. Marketing, packaging and energy costs are three such areas that can be particularly fruitful. Saving money today can make you even more competitive tomorrow, and that can help you stay ahead of your business rivals.


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