Ways Small Businesses Can Save Money


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Ways Small Businesses Can Save Money: Experts Weigh In

Small businesses are always looking for ways to save more money. From making cuts, to capitalizing on missed opportunities, to getting the most out of your employees, it can be difficult to know where to start.

To help you sort through it all, we’ve reached out to a panel of small business experts and asked them all a single question: “What should every small business be doing to save money? ”

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Ways Small Businesses Can Save Money

  2. 2. Being frugal is good, but in reality if saving money is your primary focus Jill Konrath it’s going to hurt your business. Savvy companies should be thinking Jill Konrath is a recognized sales strategist, speaker and author who offers fresh strategies and practical advice for selling to today’s crazy-busy prospects. Both her books, SNAP Selling and Selling to Big Companies are Top 20 sales books on Amazon. about growing sales during tough times. They should analyze where the best sales opportunities are and channel resources in that direction. They should look at ways they can grow their existing customer base. They should turn their website into an inbound marketing hub to attract more prospects.None of these activities cost a lot of money, but they keep the company moving forward despite the tough economic times. 2
  3. 3. Measure everything! Measure the productivity of your people, review Harlan Goerger systems and processes regularly. Are they improving your business or Harlan Goerger has spent the last 25 years leading hundreds of his client’s companies to expansive revenue growth. He is the author of “The Selling Gap” and “Bypassing NO in Business” and spent 20 years as a sales leader with Dale Carnegie Associates. 3 holding it back? Only measurement will tell you.
  4. 4. Thanks for viewing! Nice find! You're well on your way to becoming a sales machine. Now be a friend and share this resource with hundreds of your closest Internet pals.
  5. 5. Stop looking for answers outside the company and use the brain trust of Julie Steelman the employees more effectively. Hold regular meetings to let the team Julie Steelman’s former clients read like a Who’s Who of big-name corporate giants with Apple, Microsoft, Toyota, CBS, Sony Studios and Universal Pictures in her rolodex. She generated more than $100+ million in sales during her 30-year sales career. Julie is the author of The Effortless Yes! and is known as The Sales, Success & Bankability Mentor. 4 brainstorm ideas on how to streamline efforts and bring in more business. When you have their full buy-in, they will work harder for you, thus saving you time and money.
  6. 6. It’s about working smart not hard nowadays. The recession has Sean McPheat highlighted the “fat” that many companies have been carrying. Look at Managing Director of MTD Sales Training, Sean McPheat is regarded as a thought leader on modern day selling. Sean has been featured on CNN, ITV, BBC, SKY, Forbes, Arena Magazine and has over 250 other media credits to his name. Sean’s latest book “eselling® – How to use the internet & social media for prospecting, personal branding, networking and for engaging the csuite decision maker” is a #1 Amazon bestseller. 5 your processes, staffing and systems and see if you can outsource any of the work that doesn’t add value. Focus on the important stuff and revenue generating activities and anything that does not fall into that sphere must be looked at and optimized for efficiency or cost savings
  7. 7. The businesses I work with all seem to be overlooking their greatest Liz Strauss opportunity — the people who are already doing business with them. It’s Liz Strauss is a Brand Strategist, Community Builder, Founder of SOBCon. She blogs at LizStrauss.com and Successful-Blog.com fairly typical that we ignore the folks who already love what we’re doing and go chasing after the folks who are ignoring us. It’s more time and cost efficient and a stronger strategy to have an open conversation with the people who are already helping us grow to ask them What would like more of? What would like less of? How can we make it easy for you to share what we’re doing? We often work hard on products and services that our best customers don’t really care about. At the same time, we’re also shy about inviting our best customers to refer us. 6
  8. 8. I would say sell more to Up Your Bottom Line. Position yourself as an Bob Urichuck expert in the marketplace and have buyers seeking you out. Bob Urichuck is an International Professional Speaker, Trainer and Author of two best selling books “Up Your Bottom Line” and “Disciplined for Life: You are the Author of Your Future.” Bob has been recognized as Consummate Speaker of the year and ranked #7 in the World’s top 30 Sales Gurus. 7
  9. 9. Think before you act. May sound simple but it is really easy to get Diane Helbig involved with “opportunities” that are only good for the person selling to Diane Helbig is an internationally recognized business and leadership development coach, author, speaker, and radio show host. She is the author of Lemonade Stand Selling and founder of Seize This Day Coaching. you! Set your budgets and stick to them. Really consider what you need and then take the time to research the possible solutions to your own needs. When it comes to needing people consider outsourcing. The new business model is looking more and more like a wheel. You are the hub and service providers are the spokes. Keeping staffing low (or nonexistent) will help you contain costs. Just be sure you have clearly defined expectations and you monitor them constantly. 8
  10. 10. Manage every aspect of the business for higher productivity. Jacques Werth Jacques Werth is President of High Probability Selling, Inc – a sales consulting and training company founded in 1989 . The company specializes in sales process improvement. They have trained salespeople, sales managers, consultants, and business owners in over 70 industries. 9
  11. 11. Small business owners need to review every single bill that comes in and Elinor Stutz read every entry on the bill. Is each service necessary? Are you getting Elinor Stutz, CEO of Smooth Sale, LLC authored the International Best-Selling book, “Nice Girls DO Get the Sale: Relationship Building That Gets Results”, Sourcebooks and the best selling career book, “HIRED! How to Use Sales Techniques to Sell Yourself On Interviews”, Career Press. She provides team sales training, the service or ROI you expected for each associated fee? May anything be replaced by a similar service at lower cost or released because it isn’t working? Whenever a request to join in on something, whatever the case private coaching and highly acclaimed inspirational keynotes for may be, give considerable thought as to possible future expense involved, conferences. the possible reward, and whether it will produce an ROI or whether the opportunity is actually opportunistic for the other party. Lastly, I have found many female entrepreneurs feel guilt or obligation to move forward. The better approach is to use analytics weighing time and cost before jumping into a new “opportunity”. Lastly, your intuition will let you know first whether the expense is justified. In short, use all of your senses and scrutinize every activity! 10
  12. 12. Hold a company meeting and begin to solicit ideas, then create a month Ken Thoreson long theme and focus within your company where people can submit their Ken Thoreson, Acumen Management Group, Ltd. president, is a sales leadership professional who “operationalizes” sales management systems and processes to pull sales results out of the doldrums into the fresh zone of predictable revenue. His blog, Your Sales Management Guru, has been rated in the top 10 sales blogs in the United States 11 ideas to you. Let them estimate the savings to the company and award several prizes for the best ideas.
  13. 13. Plan more and plan better. Lori Richardson Veteran Sales Detective Lori Richardson sifts through sales clues and business practices to uncover hidden problems and assets, then delivers creative tactics with a fresh approach so you can Score More Sales. She is a sought after speaker, prolific blogger, sales trainer and multi-million dollar producer, and President of Score More Sales – a sales strategy firm. 12
  14. 14. SMBs, business owners, entrepreneurs and sales professionals should Kenneth Darryl Brown stop conducting initial face- to-face first call meeting with prospects and do more online meetings. If you do this, you can conduct more first call meetings and connect with more people by embracing the web. By Kenneth Darryl Brown is President and CEO of eWeb 2 Sales and Profits, a sales, profit and business development company that utilizing a web conferencing tool, your prospects share their desktop, shows companies how to leverage the web to increase sales and materials, and anything else to help you understand the prospect and improve profitability. Kenneth was selected as one of the Top 25 problem. Also, it allows you to share information, knowledge, a Influential Sales Leaders by InsideView this year. Last year, his show, “The Passionate Entrepreneur“ was picked as one of the presentation and possible solution without spending a lot of money best podcasts for small business by Anita Campbell’s Small upfront. It really makes the sales process more productive and efficient. Business Trends. Ken is called, “The Sales, Web and Profit Evangelist”. It’s great!Likewise, you can conduct an online networking session. Networking can be a costly activity and very time-intensive without guaranteed results. It is important to focus on sales generating activities. Why not use the web to make more connections? The technology is there. Why not use it? Last year, my company made 1,062 connections and over 1,470 this year. And, since it’s virtual, it is all done without spending a single dollar on gas. This significantly impacts the bottom-line for any company that embraces the web. 13
  15. 15. Using technology is one of the best ways to save money in a small Alyssa Gregory business. Technology is changing the small business landscape, and not Alyssa Gregory is a small business collaborator and the founder of the Small Business Bonfire, a social, educational and collaborative community that provides small business help to entrepreneurs. only can using technology help small businesses save money, but it can help them use what they have to do even more. With the right low-cost technology solutions, small business owners can create more products and services, reach more potential clients, and serve their customers better than ever before — all at a reduced cost. 14
  16. 16. Looking at each expense, and understanding how it ties back to driving Sue Watkins revenue for your business. Don’t randomly cut expenses, rather prioritize Sue Watkins has spent the last 20+ years developing marketing strategies and campaigns. She also founded SMBmarketer.com and authors the blog Smart Marketing Basics and tweets regularly about small business marketing topics at @SMB_marketer 15 spending around those activities that drive lead generation and opportunities back to your business.