FIVE WAYS SMALL BUSINESSES CAN SAVE MONEY IN AN UNCERTAIN MARKET

Posted on February 10, 2011 by Nathan R Mitchell, One of Thousands of Business Coaches on Noomii.

Will the forecast for small business throughout 2011 be sunny or overcast? At this point, it’s uncertain, and no one really knows. The marketplace is still uncertain, and the economy tough. In light of this, many small businesses have an increased awareness of cost control in an effort to maximize profits on tight sales. Fortunately, Social Media Marketing has given many small businesses an additional tool to market their business at little or not cost, but there are other ways small businesses can save in 2011.

Here is a list of five ways you can cut costs this year in your small business:

1. Share Office Space or Go Virtual–If you are a new startup, consider leasing office space from another business that has it available. Wouldn’t you rather pay $200 per month for an office suite rather than $400? It still gives you the credibility people are looking for in a new startup by having a business address rather than simply working from home. Sharing office space also helps if you have been in business a while, and the economic downturn has forced you to layoff employees. Consider leasing your additional space to new business owners and startup companies to increase your monthly income. This will help offset your expenses, while bringing in revenue you can use to promote your business.

In today’s tech-world, some companies don’t even have offices. They have learned to implement the concept of Virtual Teams. Everyone works from wherever they are in the United States or the world. This structure also has its benefits. It increases the size of the pool from which businesses can recruit top talent, which is necessary in today’s competitive market.

2. Work With Employment Contractors–It doesn’t always make sense to hire a part-time or full-time employee when the project you are working on may only require twenty-four labor hours to finish. When your business is faced with this situation, consider working with employment contractors and staffing agencies who are in the business of providing assistance on an “as needed” basis. This is both cost effective and smart. Develop strategic partnerships and mutually beneficial relationships with these firms, make them aware of your business needs, and they will be able to play matchmaker between your business and those who can help you finish your project.

3. Minimize Your Legal Expenses–Nowadays it isn’t necessary to pay an attorney big legal fees to meet many of your business’s legal requirements. Many of these can now be met on your own, or more cost effectively by using resources like Legal Zoom. With regards to incorporation, check with your local Secretary of State first to see if you can establish your corporation directly for a minimal fee. In Oklahoma, you can form an LLC directly with the Secretary of State for around $100. Check the requirements of your state, as many states are different and have different guidelines.

4. Don’t Pay For Business Cards– New startup companies must start their marketing and networking activities quickly to establish market awareness. If you need a marketing tool quickly and are on a shoestring budget, consider designing and getting free business cards from companies such as VistaPrint. All you have to do is pay a modest shipping and handling fee, and you can start your networking activities now.

5. Implement Effective, Cost-Efficient Marketing–Small businesses simply don’t have the market budgets of large corporations, but don’t let that discourage you. There are many creative ways you can market your business on a shoestring budget and still get big results. Consider hiring a small business coach to analyze your current marketing campaign, or get the book Guerilla Marketing by Jay Conrad Levinson. In this book, there are numerous examples of easy and inexpensive strategies you can implement that can lead to BIG PROFITS for your small business.

Keep Winning,

Nathan R Mitchell
Twitter: @c_consultingllc