While you can spend a huge chunk of money on various marketing and advertising strategies, there’s still a lot of marketing that can be done in a very cost-effective manner. Rosemary Peavler, a contributor to TheBalance.com, shares that not every marketing plan has to involve high-priced television spots or expensive billboards. Some very effective yet very cost-effective ways you can get your business a lot of exposure include using social media, keeping an up-to-date website, joining industry organizations, networking and more. Don’t overlook a marketing avenue just because it’s free or very inexpensive—these could end up being some of the most profitable!
Cost-Effective Sustainability Practices
Many modern businesses are rightfully concerned about how their business practices are affecting the world around them. A common misconception is that in order to run a sustainable or eco-friendly business, you have to take some financial hits. But according to Terri Williams, a contributor to Intuit Quickbooks, implementing some environmental business practices can be painless for your budget. By doing things like unplugging unused machines, going paperless, and cutting down on water waste, you’re already doing your part to be more sustainable without spending a dime.
Cost-Effective Productivity Boosters
Every business notices a time when employees are in a bit of a slump. It may be right before the holidays when the excitement of a few days off is too much to handle, once the weather gets nice outside and dreams of relaxing in the sun get distracting, or when projects at work are a little slow. It’s at these times when employers look for some productivity boosters.
Companies with a lot of extra funds may take this opportunity to send the company on a retreat so everyone can recharge, but what can you do when money is tight? James Caan, a contributor to LinkedIn, shares that employers can increase productivity at work for minimal money by taking on tasks like additional trainings, monitoring performance with a rewards-based system, or offering other forms of encouragement. Try any combination of these ideas to find one that works for your specific business.
With a little forethought and planning, you can run a smart business in all areas, including your finances. Use the tips mentioned above to help your company be more cost-effective.