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6 Ways to Cut Back on Small Business Expenses

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The times they are a changin. 

That phrase has never been more prevalent for small business owners than it is today. Covid-19 has forced many of us to go lean & pivot, and despite some storefronts re-opening, this new way of conducting business seems to be here to stay.

Marketing is essential to running a small business but can also be costly. How can you still market your business when times are tough without breaking the bank? Here are six ways you can cut back on expenses that are easy to implement.

1. Review Subscription Cost

Take a look at your software and subscription costs. Is there anything you can cancel? How about downgrading your plan? Take an inventory of what you’re subscribed to or what software you use and figure out what stays and what goes. On the opposite end of the spectrum, if you’re looking for a piece of software to help you pivot your business, check to see what platforms it integrates with. There is nothing worse than signing up for something without realizing you need to purchase another piece of software in order to use it! There are many affordable subscription services out there that can help you market your business at a reasonable cost. 

2. Collaborate with Other Local Small Businesses

Is there a fellow business owner within the community that you admire? Why not collaborate? Reach more people in your community by putting together a marketing strategy that combines both your businesses. Share the content you come up with on your respective platforms, making sure to tag them on your social media channels. 

3. Set Budgets

This is key for any marketing endeavour you set out to accomplish. Determine what marketing avenues will be most successful for your business and set budgets. Remember, just because a marketing strategy exists doesn’t make it right for your business! For example, if you decide to do Facebook Ads, set a budget not only for the entire campaign duration, but also a daily budget. This is just one way that setting budgets can ensure that you don’t overspend when it comes to your marketing efforts.

4. Invest in ?DIY? Marketing/ Start a Blog

If you’re a successful small business owner, you’re an “expert” in your industry! Leverage your knowledge of your industry to start a blog; it should only take an hour of your time a week. Create helpful DIY and how-to blogs that you can share on your social media channels. This is the best possible type of content you can create for a few reasons. 

o It’s the type of information people want to see

o You can position yourself as an expert in your industry

o Blog posts can easily be shared on your social media channels, eliminating the need to spend time creating additional social media posts

o When you implement proper SEO on your blogs, you can expand your reach organically (ex. new potential consumers can find your blog posts through Google)

o Blogs drive people to your website

o Using your own knowledge doesn’t cost a thing!

5. Reach out to Influencers/Community Members

Did you know that peer reviews are one of the most powerful motivators for making purchasing decisions? Think about it, have you ever been influenced into buying something based off a positive review, or decided not to buy a product based off a negative review? By working with influencers and community members who have a loyal following and wide reach, you can spread the word about your product or service to people who may not know about you. The great thing about living in a small community is that local influencers want to support local, so don’t be afraid to reach out and ask for a review of your business!

6. Outsource
You may have made the difficult decision to cut back on staff during the quarantine and may not have the resources to hire them back again. Factoring in things like wages, CPP, EI, paid vacations, training costs, and more can be overwhelming, and you may be wondering how you can afford help at all. However, when you outsource tasks, you get affordable plans at the fraction of the cost of an employee with experienced professionals doing all the necessary but time consuming tasks you may not have time for. This allows you to continue to cut down on costs and gives you peace of mind that you are generating revenue. 

Did you find these tips helpful? Simple Desk Business Academy has more tips and tricks like this available throughout our online educational courses! Let us help you expand your knowledge and grow your business today!

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