Most of the time, the purpose of running a business is to make profit. So why would you spend more on outgoings than is absolutely necessary? The smaller your outlay, the more of your profit that you retain for reinvestment in your company or to go straight into your pocket! So, if you haven’t already scoped the market for cheaper alternatives to your current business practices, here are a few to consider!
Software Repair and Development
We are increasingly using software as an everyday part of our business practice. This isn’t all too surprising considering how much we now use technology such as computers, laptop devices, tablets, and smartphones. However, you don’t necessarily need an in-house software developer. Often, once software is set up, you’re set for a pretty long stint of time. Instead, you might want to use SaaS instead. SaaS stands for “software as a service” and will see self-employed individuals from an agency correct, update, or develop new software for you as and when you need it. At the moment, the market leader is New Relic. However, many will note that their cost is pretty high and only seems to be increasing. Luckily, you can look out for a recommended New Relic competitor on the market. They will more often than not offer lower prices for your custom.
Now, you can never quite cut out advertising. Even the largest of companies invest hundreds of thousands, or even millions, of pounds into it. Take a look at the marketing campaigns put out by market giants such as Mcdonald's, Apple, Nike, and Mercedes. Never underestimate the power of advertising! However, you may find that there are more cost effective options out there than the ones you are already using. For now, we’d recommend ditching traditional forms of advertising such as billboards and television ads, as these can be massively expensive and the web offers a much cheaper alternative. Take a look around you at any given time. Where are people looking? Often, at their phones. So many of us have fallen into the habit of scrolling through our phones whenever we have a spare moment, or even sometimes when we really should be concentrating on something else. So put your products where consumers are looking: on their smartphone screens. Targeted ads online can see your products appear on all sorts of sites accessed by people who have recently searched for keywords associated with what you have to offer. You can also consider PPC services. PPC stands for pay per click. So you get exposure, but only actually have to pay the advertising agency for the times that you ad has been successful and a consumer has been redirected to your website, where they can engage with your brand, browse your products and make purchases. Perfect!
As you can see, there are plenty of cheaper alternatives to what you pay out for in your current business practices and that’s only with us briefly taking a look at two different areas! For more inspiration, sit down with a pen and paper and note down every area that your business spends. You can then do your own research and find where you can cut costs while still getting service of an equal or superior value to what you currently pay out for.