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| SLASH SPEND FOR PROFIT WIN... |
Between the holiday seasons, the end of year closing and
getting ready for next year’s new business, every business owner must take the
time out for a financial makeover. This
should not be too intrusive but effective, nonetheless, in revamping the
spending patterns to increase the bottom line that can be used to reinvest in
the business. Here are a few tips to
reduce those expenses and maybe give bigger bonuses at the end of the year.
- Hire People from the Cloud. There is no need to keep people on the payroll indefinitely if there is not constant work. Cloudsourcing is better for hiring qualified remote professionals that are only needed for specific short-term assignments like graphic design, writing, and event planning/scheduling. And there are plenty of alternatives to global outsourcing for the cheapest labor since plenty of quality resources are available on sites like ODesk and Freelancer.
- Move the technology to the cloud. Unless the work and productivity require installed software, look to cloud solutions that cost less and require no manual interventions and desktop support for employees. The monthly or annual subscriptions may cost more in the long term but it frees up time and money over time. For small businesses, hire an intern to review all the applications that exist for the mobile market and there might be one that has minimal to no cost. For large corporations, hire a technology implementation consulting firm to identify what enterprise solutions can be streamlined to run leaner.
- Leverage Social Media for Marketing. Television and radio spend can blow a marketing budget especially since a consumer requires hearing a message 7 – 10 times before purchasing a product or service. Use Facebook, Twitter, Vine, Pinterest, StumbleUpon, and Instagram to stay relevant and promote new products. Of course, there is the price to pay for sponsored Tweets and Facebook ads but that reaches more people in specific demographics and can be reposted enough times to generate sales that would pay for the promotional spots.
- Eliminate dead beats. True, tis the season to be jolly and giving but not silly. Complete a clear evaluation of anyone charging to overhead. Are they holding their weight? Can their tasks be combined with another person’s? Are they best suited in another role that can be charged back to a client? And to make this less personal and more about business, a third-party can review and make unbiased decisions that you might have been afraid to make.
- Video/Tele-conference. At the end of the year, the best way to curb expenses is reducing travel. By this time of the year all the relationships should be sturdy enough to be absent in person for a couple of weeks a month. Skype, join.me, WebEx, and even my least favorite (Lync) all have conference capabilities to allow any meeting to go on as scheduled with each participant sharing their desktops and mobile devices where necessary.
Makeovers are intended to enhance the beauty and there is
nothing more beautiful than looking better financially when the spotlight is on
the spending. Use these tips quarterly to
save big and possibly influence your outlook on changing your personal finances
around for the better.
For more business planning, be sure to follow this blog at blog.therlcgroup.com and pick up a copy of the book, Get A Clue - 10 Steps to an Executive IQ.
For more business planning, be sure to follow this blog at blog.therlcgroup.com and pick up a copy of the book, Get A Clue - 10 Steps to an Executive IQ.
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