For all you entrepreneurs out there here is 2 simple question, does your business feel slow? Are your profits fluctuating around the break-even point? If you answered yes to both these questions, the chances are the two problems are related somehow. Good news! Here are 7 simple things you can start doing to get rid of these pesky problems.
1. Start Working From Home
Have you ever thought of telecommuting? It can greatly benefit your business. First, you save overhead costs. Second, your employees become happier, more productive and less likely to quit. Third, you spend less on unscheduled absences and travel expenses.
The only thing you need to worry about is employee accountability. Make sure your employees aren’t slacking off just because you aren’t there. You can get around this if you implement a good virtual management system, use the appropriate software and encourage employees to send tasks rather than emails. Throw them a bone or two!
2. Use Free Software
Stop spending so much money on office software! There are plenty of high-quality business and productivity apps that can be legally downloaded for FREE. Besides, a lot of these tend to get outdated after a few years, so there’s no point paying for them unless it is absolutely necessary.
Make sure you do your research and check out some of the reviews for the software you are planning to use. You don’t want to end up downloading a free app, only for it to be buggy – or worse, filled with malware.
3. Automate Business Processes
Is excessive bureaucracy choking your operations? You need to ask these five questions about your processes first to determine which processes you need to automate.
4. Outsource Tasks
Try hiring independent contractors or temporary workers to handle tasks low in strategic importance, but high in their contribution to operational performance. These can include email management, payroll, research, content writing, system administration, etc.
5. Get In Tune And Savvvy With Marketing
Stop believing the myths that marketing costs a fortune.You can:
- Set up an online store – if applicable – with a free open source e-commerce platform
- Include your business contact info in your email signature
- Spread the word about your business through your networks and social media accounts
- Go above and beyond on customer service, so satisfied customers will spread the word for you
- Set up a website with a free Web hosting platform
6. Take Advantage of Tax Deductions
If you work from home, you can deduct expenses like rent, mortgage interest, utilities and maintenance- this is pretty awesome actually. You can also deduct entertainment costs, such as money spent going out of town to meet with clients. Learn about your deductibles!
7. Time Payments to Third Parties
Some payments should be made as early as possible; others are best left until the last minute. In example, credit cards accumulate interest over time, so it’s best to pay them off as soon as you can afford to. On the other hand, the money you spend on utility bills can be freed up for more profitable investments. Don’t worry no one will be judging you if you wait until the due date.
Trim the fat off of your business, after all, ITS YOURS.
Source: Women 2.0