After reflecting on your reports from last year, are you excited about improving your business model this year? Is one of your goals to save money? If so, here are some great ways to save your business money this new year that are easy to pick up so that you can start on a high note.
Try Low-Cost Advertising
The new year is a perfect chance to shake up your old marketing routine. If your business heavily relies on traditional marketing methods, try adopting digital avenues. You’ll find that digital marketing has cheaper alternatives that can save your business tons. For example, social media marketing is a highly popular and low-cost marketing option for any business, whether it’s big or small. If you usually send your customers updates and newsletters through the mail, consider migrating this service over to email—you’ll save money on shipping and materials. And these are just the beginning when it comes to digital marketing options.
Shop Through Wholesalers
Buying through a wholesaler makes sense for many businesses. Wholesalers may sell products that align with your business. If you have a popular product that you know will sell in your stores, consider ordering it in bulk through a wholesaler. These orders will help you save a considerable amount compared to ordering from non-wholesale sources. Furthermore, you’ll have a better stock that’s perfect for those high-demand products. You may even be able to save on shipping costs since you’ll receive fewer shipments that each have a higher number of products.
Make Eco-Friendly Choices
For some businesses, going green and being eco-friendly leads to more savings. Some business owners don’t realize that they’re wasting money every month on energy bills. Consider replacing your old halogen or incandescent bulbs with LED light bulbs. This minor change alone can already reduce your bills significantly. Another change to consider is having your building’s insulation assessed. You may currently waste money on heat and air that escapes due to old or faulty insulation.
These three ways to save your business money this new year are great places to start when improving your business. If your New Year’s resolution is to save your business money, follow these tips for a few straightforward ways to start.
