Get Lean: 5 Ways To Save Money In Any Economy

how to save more money

With recession fears increasing day by day, it won’t be long before companies start looking for new ways to save money. Economic downturns can be make-or-break situations for plenty of businesses. And, costs are a big factor in who makes it out intact.

Don’t wait until the market forces you to slash your budget. By then, it might very well be too late. The best cost-saving measures are those that can be implemented in good times and bad. If you don’t want to make severe cuts when bad times come, then make your expense sheet sustainable today.

Strategies to Save Money

Cutting costs will look different from business to business. But, there are a few places that can serve as valuable jumping-off points. If you’re looking to save money no matter what the market looks like, here’s what to do first:

  1. Rethink your marketing.

When a recession hits, the marketing budget is often one of the first to go. From Q1 2008 to Q1 2009, ad spending plummeted more than 10% — in just the span of one year. Marketing is an invaluable tool for reaching customers in tough times, but its ROI is rarely clear enough to justify boosting it in a downturn.

Instead, think about ways you can lower marketing costs without losing your market share. Try ad campaigns that focus on user-generated content — Starbucks’ White Cup Contest generated millions in free advertising for the company. Have employees share their perspective through blog posts for your content marketing. Homegrown marketing solutions can ease your budget without diminishing your influence. 

  1. Automate your workflow.

How much time does your company waste on menial tasks that do little to actually generate revenue? The answer is often frightening, and automated workflow can be a good solution for the problem. 

Different platforms can offer different services like automatic email attachment downloading or calendar syncing, simple things that nevertheless take up time. Some services, like Mixmax’s workflow automation tools, provide an all-encompassing way to save time by automating multiple aspects of your workflow on one platform. By eliminating the small stuff, workflow automation lets your employees focus on income generation above all else. 

1 2 3
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.