Need to Cut Costs in Your Business? Evaluate at These 4 Things First
When money gets tight and business is slow, the first thing entrepreneurs tend to cut is marketing. However, when business is down is precisely when you need marketing the most. The way you approach it can shift, but you need to keep doing it.
So if we can’t cut marketing, what do we cut?
Here’s my recommendation for the first 4 things to look at removing from your budget to reduce business expenses.
OPTION A: Software
What I recommend people evaluate first is their software. What have you been paying for that you are either not using or not using to its full potential?
Do you NEED a social media management software platform or could you tap into the organic options within each?
Those will take more time than doing it all in one place, but it could save you a lot of money depending on how much your plan for the software is costing.
OPTION B: Social Media Management
Are you outsourcing your social media management? Take that back in-house. Chances are you outsource for one of a three reason:
- You didn’t like doing it
- You didn’t know how
- You don’t have the time
Well, when it comes to saving money 1 is no longer an option, 2 can be fixed, and 3 is about choosing the RIGHT socials where your clients are spending their time so you are using your time as wisely as possible.
Investing in someone to teach you how to create content and post efficiently, and effectively, is an investment in yourself. It may cost money up front, but an investment in your education is money well spent.
They can even provide a strategy and templates for you to follow. It will surely save money in the long run over having someone do it all on a daily basis.
OPTION C: Advertising
Instead of doing paid ads (including boosted posts on social media), focus on organic efforts. Post regularly on social media channels, reach out to people via comments and DMs, actually ENGAGE in a conversation and you’ll start building the relationships that lead to event sales.
Get involved in Facebook groups and LinkedIn discussions. Yes, it will make more time than an ad that leads to a form fill, but it will be better quality leads.
OPTION D: Memberships
Next, what memberships are you a part of? Are you taking full advantage of them? Have they proven to bring in leads and/or quality referral relationships?
If not, cut them. If you haven’t taken full advantage, get to it and see if the network you are meeting there is really worth it.