Business on a Budget: Where to Spend and Where to Save
When you’re running a business, you need to monitor where every dollar is going. Otherwise, you could end up missing out on valuable opportunities to cut unnecessary costs and add more profit to your bottom line.
However, there’s also the age-old business fact that you have to spend money to make money. You’re not going to get far if you’re not investing in your own success.
The key to profitability is knowing where to spend money and where to cut corners. Here are a few suggestions to help to start crafting a business budget to guide your spending and saving strategy.
Spend: Web Presence & Digital Marketing
Many businesses can skip traditional channels like Yellow Pages and billboards and head straight for digital PPC ads, SEO, and content marketing. A professional web presence will carry your business far in 2020 and beyond, as the majority of people searching for a local business do so via search engine. Of those who search for a local business online, 88 percent visit or call the business the same day.
At the minimum, you should invest in a good website (not a free one with the hosting provider’s branding all over it), a social media page (Facebook and LinkedIn are common choices for business professionals), and a blog. From there, you can use these outlets to craft your digital marketing strategy.
Save: Business Software
Business software prices range from free to hundreds of dollars or more, depending on the manufacturer and features. Many businesses, especially new ones, can find that a free CRM, photo editor, or collaboration tools like Google Docs can help them get by without spending a dime.
Spend: Professional Accounting and Legal Services
Your business’s finances are never a place to cut corners, especially if you want to maximize every deduction and avoid potentially profit-killing legal trouble. Proper accounting and legal services can help you protect your assets as you grow.
Save: Internal Employees
Hiring internal employees is a major expense: salary, benefits, training, ongoing development, and workspace requirements can quickly eat into your bottom line. If you have specific needs to fulfill, see if you can outsource projects to freelancers or other small businesses. For example, you can opt for a virtual answering service instead of hiring a receptionist.
Spend and Save: Your Office Space
Finding the perfect office space at an ideal price can be a balancing act for many business owners. Going the traditional route means taking on all the expensive overhead that comes with an office. On the cost-saving end of the spectrum, working from home means sacrificing public visibility that could help your business look more professional and profitable.
In either case, Office Evolution can help you strike the perfect blend of spending and saving on office space. Our facilities offer set monthly prices so you always know what you’re paying for space while enjoying all the benefits of having an office outside the home. Find the Office Evolution location nearest you and enjoy the best of both worlds!