Running your business is a daily challenge, but that’s part of the reason you keep it going. The function of the job you’re passionate about usually comes with a slew of other headaches. These simple business tips just might help you save a whole lot of time and money.
At the very least, going through our list should exercise your entrepreneurial brain enough to re-think how some of your existing practices can stand up for the next few years ;-).
Plan for remote working post COVID.
If your business relies on office staff, your co-working space has likely seen a dramatic change of pace recently. Even essential organizations have had to put in place social distancing measures, which for inside employees means work-from-home rotations or even fully remote work for some employees.
You’re likely already thinking of getting out of your ironclad leases any way you can, trying to sublet additional space or throwing around the idea of moving to a new, smaller base of operations.
Each of those is a solid idea if it makes sense for your business.
You might even consider some hybrid forms of regular operation like transitioning to partial telecommunication for all meetings. Key stakeholders or workers that need the facilities can have their offices in your downsized location. Cubicle rows and meeting rooms can be relegated to an entirely virtual space.
For those seminars, board meetings, or lunch-and-learns that you can’t perfect from a distance, book the time and space elsewhere!
Most business parks and commerce centers have at least one excellent hotel. You’ll find halls and meeting rooms that are already fully equipped to handle any audio/video need. Participants who are traveling can stay at the hotel, which may provide catering or after-hours refreshments.
Booking all of that together with the management team there might even add additional savings.
Perform a software subscription audit. Who on your team uses which app?
The amount of software applications and services that can help streamline your professional tasks is near limitless. The majority of them are powerful tools and do an excellent job!
The business tip here isn’t to eliminate or reduce the number of accounts or team members on each of your subscriptions. Instead, run a proper audit.
Which of your teams needs those apps? Is the software an industry standard? Are there matching options available at a lower cost? Can you save money by switching how you pay your subscription? Does the software provider offer different packages or tiers that closely match your specific small business needs?
Trust in your own team’s expertise. It’s best left to their recommendation which tasks they require dedicated apps to perform. But that doesn’t mean you can cut spending by re-arranging some parameters where it makes sense.
Arrange for invoices and documents to be sent digitally
Streamlining workflow is one of the most effective ways to save your small business time and money. Particularly for smaller organizations, where your office management and finance teams might share personnel, every hour matters.
Establishing a policy for business-related documents and invoices to be sent digitally can be a game-changer.
Besides supporting conservation by being more paperless, snail mail’s transit time will 100% disappear. Predictable set times for invoicing, not having to deal with scanning in multiple formats from different sources, and the ability to analyze and file all of these assets from a digital dashboard can do a lot for your business’ back end.
You might not see a direct impact on your bottom line right away, but your finance team will praise you for it. And freeing up their time is priceless.
Negotiate with vendors before you agree on the contract.
Negotiating as an essential business practice might be a hit or miss depending on the individual in this day and age, but it’s still a proven strategy.
As a small business, your vendors and partners are likely in the same boat as you. Ultimately every part wants to do business with the other, and tailoring the contract to support unique needs is a tremendous value-add.
While fine-tuning your art of negotiating might take some practice, it’s worth it.
Developing that deep relationship with your vendors will only build both companies’ mutual respect, loyalty, and growth.
Be sure to do the negotiating before you sign the contract. Even the most empathetic and understanding outfit will be hard-pressed to give up the margin already accounted for and received.
Invest in marketing
More than business cards, billboards, and handshakes, a fine-tuned marketing machine can improve boost efficiency to every aspect of your business.
For start-ups that began with marketing in mind, this is typically an easy hurdle to incorporate into the budget. Everyone else can have a hard time even knowing where to begin.
If you’re looking to build your internal marketing department, outsource to an agency, or something in-between, there some business tips that can maximize your return.
Finding a team that’s willing to learn who you are as a brand is critical. There are plenty of goliath ad agencies that are great at what they do (and they’ll report the numbers to back that up), but you may end up as just another account number on their ledger.
Industry best practices don’t always correlate to a one-size-fits-all solution. Your own business goals might require a personal touch. Find marketing professionals, or an agency, that puts their client relationships first.
At Matcha Design, we’ve grown our legacy based on the dedication we have to every client, partner, and project. We also have the industry awards to show our work is at parity with the heavy hitters.