Save money business

3 ace penny pinching tips in business

Save a penny here, save a penny there – in these austere times, we’re all tightening our belts. While the economy might be edging towards a recovery, being prudent with your pounds and pennies is still vital.

Nowhere is this more important than in business. Banks are still reticent to hand out loans, high street stores are still folding as the internet takes over, and consumers are demanding increasingly better service from SMEs.

It’s not an easy time to be in the business world. On occasion, it feels as though galumphing internet giants like Amazon hold a frightening stranglehold over other companies. But with the right corners cut and the finest service, you can still defend your share of the market.

With that in mind, we’ve come up with a few hints and tips to help you on your way to business success – and monetary mindfulness.

A first class route to success

We’ve all had to withstand the pains of poor delivery services.

Just imagine it – you’ve been told your parcel is arriving between 9am, Monday, and 5pm, Friday, so you take time off work, bed down and await your delivery. After 6pm on Friday, a full week of sitting in your house waiting for the doorbell to ring, you find a note outside which reads, “Sorry we missed you! Will try again in the next decade!”

Argh – it’s like an existential nightmare.

You don’t want your customers to suffer the same tedium. So try to find a worldwide parcel services company that won’t drag its feet with your delivery.

Now that Royal Mail has been privatised, a ton of new, smaller companies have jumped into the fray to take on the king. So our advice is to shop around for the best deals – it’ll keep your budget intact AND help out your customers.

Keep in with the core

Are you aiming for mocha-sipping, beard sporting, skinny jean-wearing hipsters, or blue hair dye-using, tea-consuming, pension-loving old people? Don’t know? Then your marketing is going to be more scattergun than an Uzi on automatic.

Market research is the key to good business. It’s why you don’t see boutique fashion stores hawking their wares at middle-aged men, or book stores hanging around blockbuster cinemas. Larger companies know their demographic and push their products on them with the perseverance of Rambo in a warzone.

But even if your research budget is meagre, you can still make safe assumptions on who’s most likely to be interested in your services. Send out a few surveys to your customers via email, Facebook or Twitter. This’ll give you a brief lowdown on the kind of people you’re courting.

Once you’ve figured this out, engineer ads and promotional deals for your most likely customers. You’ll soon be reeling them in like a fisherman with luxury bait.

Create a dream team

With high street stores closing, the savvy businessperson knows they can’t hack it alone. Instead, they team up with other enterprises that complement their base product.

Waterstone’s, for example, has a Costa Coffee in a large number of its stores, so people can sit with a latte as they peruse their latest paperback.

So find a business to help you out. It’s of mutual benefit.

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