While most company bosses like to believe their firm works at maximum efficiency, in truth, if you take a long hard look at most businesses, there are almost always inevitable money sinkholes that drain profit margins and shed cash needlessly.
Often these problems develop over time without anyone noticing but when you add them up and take them collectively, you might be surprised just how much revenue your company is effectively throwing away.
If you suspect there are aspects of your firm you could improve from a financial perspective but aren’t sure where to begin, below are a few of the more common culprits you could use for reference.
Employing in-house rather than using freelancers
Very often, companies fall victim to the belief that if they’re to offer an additional service or plug a skills gap, they need to employ someone full-time. However, if you look at your core business, you’ll more than likely find that these extra services could quite easily be covered by taking on a freelancer on an ad hoc basis.
The freelancing market has expanded dramatically over the last 20 or so years (basically since the mass take-up of the internet), and these days it’s possible to find highly skilled practitioners in multiple different areas of business - everything from marketing to Human Resources or accounting.
Next time you’re thinking of taking on a full-time member of staff, try to take a step back and work out if the extra overhead is justifiable and will add value to your firm. If you’re in any doubt, try searching online on the most popular freelancer sites to see if you couldn’t instead just hire someone on-demand.
Get out of the dark ages and into the cloud
Cloud technology is transforming how (and where) firms can operate and has the added benefit of slashing the overheads typically associated with trying to run internal networks.
By migrating your firm’s IT to the cloud, you’ll be able to take advantage of bleeding-edge tech while also enjoying the considerable peace of mind that comes from working with accredited professionals.
Check online for references on rating sites like Feefo or Trustpilot to find the best cloud providers.
As a baseline, you should be looking for firms that have staff with azure certification, plus companies that have a strong portfolio of clients and high-rated reviews.
Check your advertising/marketing spend and think of cheaper alternatives
The web and social media have completely upended the traditional vehicles available to companies for their advertising and marketing - and, in most cases, are also considerably cheaper than older platforms like TV, radio, and print.
Moreover, digital marketing is 100% trackable, meaning you’ll be much better placed to ascertain the effectiveness of your campaigns, plus achieve much better targeting leading to a greater Return on Investment (ROI).
Rather than throwing good money after bad, work out your current promotional spending and check its effectiveness. You should also consider partnering with a specialist marketing firm (one that understands both on- and off-line promotions) that will be able to put together a tailored package.
If you are still using older marketing tactics, you might be surprised by just how much money you could save.