Time & Money Saving Tips for Your Business
Posted on August 10, 2017 by Stephan Yeong
Journey to Stockpiling your Business Wealth
For most businesses in Singapore, the everyday business struggle is real and the efforts of holding off the pressures of cost at bay is often futile. For businesses to stay ahead, being cost conscious and savvy over your business expenditures will position your business firmly across the line of being successful. In this article, we will share with you the essential time and money saving tips for your business.
With the advent of internet marketing, businesses nowadays are exposed to new and innovative means of reaching customers. Being able to place your business strategically at the right place at the right time requires you to have a deeper understanding of your business and more importantly understanding your competitors. So you may ask, how can that save me money? Well, first off, having transitioning away from traditional marketing will help shave off a bulk portion of advertising cost. If you have already started or embarked on the route of internet marketing, then the next question is, how can I do it better. A great tip is placing tabs and checks on your advertising budget, know your current positioning and always seek to measure the resulting outcome. Venture out and actively identify what your key competitors are doing, try out different and experimental ways or approach of doing it better. Always aim and benchmark against the previous marketing campaigns and make use of the 4 Rs, Record, Review, Relearn, Repeat methodology. Your goal is to maximise your available resources and achieve the best possible outcome. In due time, your efforts will eventually translate to monetary success.
2. Delegation and Resourcefulness
This is one of the smart ways of saving time and effort for businesses through delegation. Non-core activities of the business should be delegated so that remaining available time is spent wisely on core activities. A common misconception seen among business owners is having to take on full ownership of all the roles and responsibilities on running the business. In the absence of time, this approach is plausible and commonly seen amongst those still grasping on to the employee way of thinking. More often than not, this results in high levels of frustration and self-doubt amidst the many pressures of operating a business. Under the practical sense of operating a business, the key ingredients of success seen in seasoned entrepreneurs are having the ability to put in place what is important and focus entirely on what matters rather than wasting time and watering down efforts on non-core activities.
3. Spending more to Save More
The concept of spending more to save more is not new and is evident in our daily lives. Apparently, this is inherent and practised across major retailers and service providers. So how can this be applied to my business? This boils down to the very essence of negotiation and procurement. Being able to plan and budget accordingly will provide you with the added leverage over securing higher discounts and demanding a higher value of output. This concept is also fundamental in the development of products and services where investing early on quality and procuring a talented team will smoothen the journey towards business success.
Remember that it is your money and your worth so make sure that you demand in accordance to your own terms.
At Gauge and Company, we are leading provider of Accounting, Taxation and Corporate Secretary Services in Singapore for SMEs and Startups. We offer high service quality, a commitment that we promise to you and our clients. We are here to answer your Business Tax and Financial questions and welcome you to Contact Us!