With thorough experience in maximising efficiency in our businesses, we know first-hand the best ways to save money and increase profit. Read on for our top 5 tips on how to save money in your business.
For example, one of our new customers has just called to say that by using RMS software customised to their business, they have reduced their invoicing time from 60 hours to 7 hours per week. This is a significant reduction in time spent, thus increasing efficiency and processes. This means the time now saved can be spent on other business processes to aid company growth and profit. Improving efficiency could even mean you need less staff, which would reduce costs considerably. This company is using RMS’s Asset Placer software and this is one just one of the benefits of using Asset Placer. Call us if you want to know more, we love to talk about Asset Placer!
Cloud Collaboration Software
By using cloud based collaboration software, not only are all of your company documents and files in one place which increases time management, accessibility and productivity, but they are accessible by anyone (to whom you grant access), anywhere in the world, at any time. Cloud based software is also a lot more affordable than introducing an in-house server and the insurance and maintenance costs involved alongside it.
Planning ahead is essential for success in business and this especially important in marketing and advertising. When advertising your business, plan it at least 6 months in advance to give you access to cheaper advertising rates. It is also important to plan where you advertise so you are reaching the correct target market at the right time, especially if season trends are an important factor in your business.
Analysing Profit & Loss
Monthly reviews and analysis of marketing avenues is essential to ensure you are not wasting money on the wrong channels. For example if you are spending £5,000 on Adwords a month with a 2% conversion rate however are also spending £1,000 on remarketing which has a 15% conversion rate, it would be advisable to switch the spend round. Reviewing your overheads and looking for better deals is another good habit to get into, as there are always good deals around, you just need to find them.
If you regularly use the same suppliers, it will be worth looking at your options again. We recommend always getting three quotes from different suppliers to test the water and don’t be afraid to negotiate for a good deal, especially if you will be a regular customer and make bulk orders.