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.
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.