There is never a downside to saving money, especially when you’re trying to run a successful small business. Learn how to effectively cut costs with Fora Financial’s money saving ideas!
Whether you are a grocery store coupon clipper or a savvy traveler who plays frequent flier and hotel point programs against each other, saving money is a way of life for many of us.
Small business owners often have limited funds at one time or another. Combining resources will free up cash to spend in other areas of a company. One way to do this is to cut marketing spend by co-advertising with a fellow business owner. Doing so will not only save money but will likely increase customer exposure. Synergies between businesses are everywhere; many business owners just don’t think to look outside their own entity. Does your client own a children’s shoe store? Suggest she team up with a kids’ clothing boutique for joint marketing efforts and reciprocal customer discounts. Does another client run a veterinarian’s office? A local pet store may prove to be an effective partnership along the same lines.
Partnering can save your clients money and increase exposure, and it can do the same for those of us who service these small businesses. Opportunities for sharing expenses and leveraging opportunities are widespread. Co-exhibit at a trade show. Not only will the bottom line expenses be reduced, but your (potential) clients can learn about the benefits offered by your company as well as those of your partner.
Another idea is to co-host networking events. While many of us categorize ourselves as working in one vertical or another, in reality most of us typically cross over several markets in our everyday dealings. Further, our businesses may be enhanced by stepping out of our comfort zones and engaging in parties outside of our norms. Do you typically host a monthly breakfast for your banking referral partners? Perhaps co-host the events with one of those partners and include HIS partners – thus opening the circle for more stimulating conversations and a wider breath of opportunity. Aside from just saving funds, cross- and/or co-selling allow you to offer a broader spectrum of solutions to your clients. At Fora Financial, our platform accommodates for just that; we join forces with other funders of similar yet different instruments so we can offer our clients a full suite of financing options and a one stop shopping, consultative experience.
Leveraging resources to their fullest is a sign of smart business. In terms of assets, partnerships should be counted amongst the strongest and should be leveraged accordingly. Two heads (and two wallets!) are better than one!