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Behaviours that save

I’d like to open by congratulating CreditorWatch on their nomination for Emerging Add-on of the Year Award at the Xerocon exhibition in Melbourne last week.

Streamlining, efficiency, productivity – there are plenty of ‘buzzwords’ to choose from when speaking of business performance and how things can be done better. There’s no shortage of discussion and advice around these areas but as with anything that exists in abundance – how much of it do we soak up and how much do we shrug off as ‘white noise’ in the background?
Deciphering good advice from bad and knowing what to take and what to leave is no easy task when looking to ‘maximise efficiency’ and save money. The challenge here lies not only in the credibility of advice but also the relevance to your operations or industry.

There’s much to be said for the phrase ‘keep it simple stupid.’ No matter what business you run or what industry you’re in, we can observe some common behavioural traits that waste money and resources – behaviours that should be avoided.

Here are three common trends you should avoid to save money in your business:

Assuming you need the biggest and the best of everything when it comes to technology 

A great example of this was discussed during a Sensis panel discussion at the Small Business Festival Victoria this week. One of the messages here: don’t assume App technology is the Ferrari of digital media. With mobile websites being much cheaper to implement, look at what your customers need. If it’s not interactivity you are after, then a mobile site is your Ferrari.

Thinking of marketing as an arbitrary expense and not an investment 

There are many ways a business can market their products or services. Some are costly and others are not but don’t assume that amount of money spent correlates to results. Think first about where your clients or consumers are and then target them there. If you find the right place, no matter what the cost, you’ll realise the return on your investment.

Not keeping track of expenses

Lots of small incidentals, if untracked, will come back to haunt you in the form of over-expenditure when the numbers are finally crunched. Keeping an eye on the little dollars will protect you from broken budgets and an out-of-sync cash flow.