We all know that running a business can be stressful. When the good times are good, everything comes up rosy but when the bad times come and unfortunately they will come,we need to be ready and prepared. It won’t last forever. The main worry we all have is money. It’s important that our outlay is kept as low as possible and to do that, we need to be heavily conscious of what we spend for the benefit of the company. Here are some ways we can keep your costs down to a workable number but also save the face of your business.
One way of keeping your money safe and secure is to set up your own fund of close members that you trust in the business. Like with Blueprint Wealth’s SMSF division, this gives you the chance to relieve yourself of some stresses of being solely in charge and gives the rest of the members in the fund a greater responsibility in business decisions. This way of thinking also has strong tax benefits. Furthermore if you are in the envious position where you can retire, this also provides an effective platform to keep your business running perfectly smoothly for the foreseeable future.
An extremely cheap new method of advertising is through the internet and the world of social media. The days of the expensive billboard and heavy fistfuls of fliers are most definitely over. Your company must have a functioning website and someone must be hired to update it each day. Yes, it’s extra money out of your pocket but think of the overall benefits.Through business based LinkedIn and popular profiles Facebook and Twitter, your company could be showcased around the globe and attract a whole host of interested customers. People want to see how you go about a normal day in the office? With Snapchat and Instagram, you can do just that if you follow the bloggers profile. If social media isn’t for you, then try make a deal with a local newspaper or radio station letting them hear first about the direction your company is heading in in exchange for some public advertising.
Working in a business means you are now firmly in the heart of the community and it would be stupid not to take advantage of this situation. You are in a fantastic position to go networking through guest speaking or attending important events in the local area. You can give your business card out to large groups of people and who knows who you might meet if you make a good enough impression? I mean you’ve already endeared yourself to the community by attending haven’t you? This form of advertising doesn’t cost anything and it could definitely be worth your while in the long run.
As you’ve seen, running your business can be easily made cost effective with a bit of know how and with some adaptability. Stay ahead of the pack, stay top of your game and don’t let your business cost you.
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