I have been a business owner for over ten years now. Also, I was involved in different facets of the industry, from accounting to bookkeeping to taxes. During this time, I have learned a lot. And also believe that I have acquired some helpful advice that can help business owners. A lot of the information I have obtained is not readily available on the Internet.

1. Minimize investment in traditional marketing

The recent economic crisis has shown us that traditional marketing, like advertising and PR, can significantly damage your business. That is because traditional marketing is engrossed in the short term result of extra sales or large profits, without considering the long-term effects of a single lead. It is like buying a lottery ticket. The odds of winning are relatively small, but the prize is enormous. A lottery ticket is a traditional marketing tactic that has proven ineffective, and any business that relies on it is likely to fail unless it can find a better alternative.


2. Outsource work your staff cannot cover as required

In most businesses, the work that employees do is essential to business functioning. When an employee has to do a job that some other staff member can do, that employee is being “outsourced”. Some of the things do what needs to be done by employees. These things are known as “core functions”. Outsourcing these core functions is a way for a business to save money while maintaining its operation. Core functions that need to be outsourced include app & web development, core development, etc.


3. Get sponsors for events

A big part of business success is marketing and getting attention for your product or service. The trick to marketing is knowing what your competition is up to and what your customers want. If you can’t market, you may be missing out on income, which can lead to business failure. 


4. Embrace telecommuting

Telecommuting is a hot topic. No one likes to commute. But there are more and more companies that allow employees to work from home. It is hard to know which programs can help you make the most of your time at home and which ones will cause you to waste an entire day of your time. There can be unfair charges when you leave the office, such as a higher rent bill or a higher electric bill.


5. Save workplace electricity

Electricity costs are rising fast in many areas, and it is only going to get worse. What should we do? One option is to install more efficient air conditioning, but you may be surprised to learn that air conditioning can raise energy costs. Simple moves such as keeping equipment on a power strip and turning it off when not in use, or replacing your existing printer with one that prints on both sides of the paper, thus reducing paper waste and cost. Since the objective of many environmentally friendly changes is to save energy, and you have to pay for the energy your business uses. If you can reduce energy use, you will also be reducing your costs.


6. Hire smart and fresher people

 Experience isn’t everything, but it costs you a lot more. Hiring intelligent people to get the job done is a critical piece of business to grow your company. Perks of hiring a fresher includes that you need to give them an entry-level salary. Also, The recruits are up-to-date on the latest technology. They are also more nimble and eager to learn things and face challenges.


7. Cut down employee time to save more bucks

Business owners can cut many employees down to a four-day workweek, which often works better for employees and business owners. A four-day workweek means increased savings in utility and operating costs, as well as a lower salary cost for the business as a whole.


8. Guerilla marketing

One of the most overlooked areas of running a business is marketing, and a lot of that has to do with marketing your business through various channels. You can run traditional advertisements, you can run a website, you can run Facebook ads, you can run Twitter ads, you can run Instagram ads, and you can run PPC ads on Google, on Bing, and on Yahoo. So, what are some secrets to running a successful advertising campaign?


9. Review all the business costs (even the small ones)

When you need to keep track of expenses for your business, you need a way to do so. Choosing the right way to record them can be a challenge. If you are a CPA, you may be concerned with the accuracy of your accounting records. If you are a bookkeeper, you want to ensure that you are recording the necessary expenses accurately. If you are an accountant, you want to make sure that you maintain accurate records and that all of your calculations are correctly identified and recorded.


10. Buy in bulk

In today’s day and age, more and more people are using their credit cards to make purchases. It means not only spending more money but also spending more money in a short amount of time. It is crucial to read receipts and keep track of your money, especially if you purchase in bulk.


11. Learn from your Customers

Feedback mechanisms provide organizations with data and perceptions from primary stakeholders about the quality and effectiveness of their efforts. An ideal feedback process involves collecting feedback and the communication of a response, which forms a feedback loop. A Customer Feedback System Allows Businesses to Better Understand Their Customers and Clients. A client feedback system is designed to help (and sometimes encourage) customers to share their thoughts and opinions about a particular company, product or service.


12. Prioritize customer support

It’s natural to want to handle every aspect of your business, from accounting to bookkeeping to taxes, yourself. But that can be a mistake. Keeping up with every characteristic of your business is hard, and it doesn’t always produce the best results. Instead of handling everything yourself, learn to let your employees hold some of the work for you.


Looking for accounting help? Book a free consultation with us today. 

Carol Chin Accounting Services is a full-service accounting and bookkeeping firm serving businesses and individuals.