Bootstrapping your company is no easy feat. It takes enough skill, experience, discipline, and knowledge to keep things running without shortchanging your new business. However, when faced with a recession-hit economy, you really have to find all means to save money and stretch your budget.
Savvy entrepreneurs realize that it can take months (sometimes years) to get back to a solid state of recovery. Hence, it is only logical to explore ways to increase profits, promote an increase in market share, and reduce costs.
On that account, here are 4 simplest and most practical pieces of advice that you can adopt and implement.
Protect Your Gadgets
The absolute worst thing you can do as a frugal business owner is being an early buyer. In other words, it means that you always upgrade to or buy the latest laptops, smartphones, etc. as they are released. Fortunately, there are several things you can do to stop impulse buying and get the most out of your existing gadgets.
For instance, you can prolong the life of your tablet by placing it in plastic hard shell cover. Likewise, you can protect your smartphone from scratches, drops and falls by using a back cover as well as a screen protector. The best iPhone 8 screen protectors, Galaxy S8 screen protectors, and screen protectors for other smartphones make use of rare variant glass coating. Vendors are now beginning to incorporate technology that provides thinner, more durable shield, rather than the usual soda-like glass found in other screen protectors.
Don’t Recruit, Outsource
Salaried personnel is a commitment. You’ll be responsible for giving salaries whether profit is coming in or not. As a cost-saving alternative yet viable alternative, consider outsourcing multiple operations to remote employees like freelance programmers.
You can pay either by the hour or by the project and you don’t have to make a commitment to keep assigning work on a frequent basis. If you’re planning to do a lot of outsourcing, one way to offset the exorbitant costs associated with managing a remote team is to share those costs with another business owner.
Travel expenses can significantly cut into an entrepreneur’s budget. While human-to-human meetings have their advantages, there are also several cases where business can be conducted and deals can be made via phone call or video conference. If it is really necessary to travel, try to make each trip most productive, meeting with multiple colleagues, employees and clients while you’re in town.
If you’ve been a globetrotter, it can be beneficial to have office space in a single location, but don’t rush into it too quickly. Keep your location independent lifestyle as long as you can. However, we advise using coworking spaces that offer conference rooms, desk space, etc. so that you can transition into a home office with ease.
Adopt Smart Marketing Strategies
For your company to gain customers, you have to increase brand awareness. People need to know that you exist so a straightforward yet productive strategy can get the audience talking about your brand. Since hiring most PR agencies may get expensive for a company like yours, you can opt for some low-cost marketing strategies.
For instance, you can set up a Facebook Page, Instagram account and/or Twitter handle to increase brand awareness for free using user-generated content and a timely posting strategy. Likewise, you can create a blog on your business website and interview a few well-known people in your industry to attract eyeballs. Whatever you do, remember that it takes time to grow strategically.
As a frugal business owner, when you make money-saving decisions, your company benefits. By making small adjustments, you’ll prevent spending more than needed and improve your bottom line.