If you feel as though you want to expand your company, but you don’t want to get over your head in debt, then there are a few things that you can do to cut down on expenses while increasing profit. Find out more here.
Free Advertising
A lot of companies tend to give out some kind of gift to their staff during the holidays. If you want to make sure that you are not just throwing money away, then why not give them company-branded gifts? This could include an umbrella with your logo on it, or even mugs, notebooks and pens. Things like this are ideal because everyone can receive a gift that is useful, and on top of this, it helps you to promote your business through your team, even when they are not at work.
Boost Employee Retention
Recognition is quite possibly one of the cheapest and the most effective strategies that is available. If you have a hard-working team or people who have an excellent level of attendance, then you need to make sure that you are rewarding this. It may be that you give out a well-timed bottle of wine or that you try and host competitions to see who can get the most sales. Things like this stop your team from slacking and you may even find that it helps them to stay more focused during the day.
Explore Tax Incentives
Did you know that your company could probably save a huge fortune through tax incentives? Don’t be afraid to look into things like research and development tax credits, or anything else similar. This could cut your tax bill down by thousands. If you want to find out more about that, check out Tri-Merit.
Introduce a Buddy System
There aren’t many employers out there who have implemented a system where knowledge and passion get passed on directly. If you want to make sure that you have a very high amount of effective output, then it’s a good idea for you to have an incentive payment when your trainee reaches a determined goal. This is a great way for you to ensure that your industry and company knowledge is being distributed properly throughout your organization.
Low-Cost Advertising
There are a lot of vehicle signage options out there and you would be surprised at how much it could help you with advertising. Some of them are not permanent either. In fact, they can be peeled off in just a few seconds. This is great if you rent your company vehicles or if you intend to sell them at a later date. The great thing about having your branding printed on your vehicle is that it will advertise your company wherever you go. If your team are visiting a client then you know that whoever passes their car, will be able to see your branding and this can save you a small fortune when it comes to advertising.
Of course, if you follow these tips then you will soon find that you can save a small fortune every single year, without much effort at all.
