Introduction to a Revolutionary Approach in Business Growth
Embarking on the journey of successfully growing a new business is often marked with milestones including both opportunities and obstacles. During the initial stages of business startup, it takes money to make money. Cash flow problems can stifle a new business from taking off to a promising start, according to research compiled from the analysis of 101 business startup failures. However, thanks to innovative cost-cutting techniques, a new business can save money by lowering overhead and reinvesting in in profit growing sectors of the business.
The financial health of your new business is important. Applying smart cost-saving strategies to your new business will improve its financial health. Periodically, it would benefit a new business startup to consult credit repair reviews to measure the potential growth of the business’ assets.
Cutting Traditional Marketing
Marissa K.Haynes, a member of Wealth Management Group, a 15-year-old successful business, recommends new business startups to consider cutting traditional advertising in favor of low-cost alternatives to save money. Haynes used credible sources in publications and media outlets for free effective advertising during the early stages of the business.
A similar example, John Boyd, CEO of cloud-based Meeting Wave, used inbound marketing techniques such as YouTube videos and Google Adwords with SEO tools to cut cost on advertising. Boyd garnered over 700,000 YouTube views, increasing traffic to his website and improving the growth of his business in its beginning stages.
Outsourcing to Lower Employee Costs
Employees are a key component to making sure that a new business gets off to a good start with all the work that must be done. A large portion of a starting businesses budget can end up being spent in office space, insurance, and salaries. Georgette Pascale, the founder of PR Firm Pascale Communications, cut employee costs by choosing to outsource work to independent contractors. This strategy helped Pascale to maintain a minimum staff, contracting only for work that was in over demand during the early stages of her firm’s growth.
The Go Green Initiative in Energy Saving Costs
Shel Horowitz, author of “Guerilla Marketing Goes Green: Winning Strategies to Improve Your Profits and Your Planet”, recommends simple cost-saving decisions such as replacing your existing printer with one that prints on both sides of the page to save on paper, and turning off equipment not in use to reduce energy consumption costs. The object is to save on energy cost, thus creating a routine of saving money as your new business grows.
Shifting from Negative to Positive Cash-flow
Reaching positive cash flow may require an outside-of-the-box strategy for your new business to save money while experiencing a growth at the same time. For instance, offering additional services during slow business periods can mean additional flows of revenue to offset financial hardship. This smart move can quickly shift your new business from negative to positive cash flow, even when business is not flowing so well.
Know Your Customer’s Needs
It can be a costly task for a new business to constantly make adjustments for customer demands. Allen Ash of Almar Sales Co, suggests knowing your customers well enough to know where they go online and then marketing to them from there. This will eliminate all the other options of marketing from your budget.
In conclusion, keep an eye on trending techniques that other new businesses are using to save money. Social platforms such as LinkedIn and Facebook are excellent tools for partnering with other businesses to develop smart money-saving strategies for your new business. Before you know it, your new business will be a booming one, simply by applying these money-saving strategies.
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