We know that the vote to leave the European Union was a shock to many small business owners and individuals across the UK. There are still a number of policies being implemented by government officials and organisations. From commerce to health to general commodities. Therefore, we’ll look at a few cost saving tips to help your small business grow. Hopefully providing more confidence to get through the windfall.
In business we don’t like uncertainty amongst political decisions, we prefer clarify once a major decision is made to best suit the country and businesses interests. However, as avid entrepreneurs and small business leaders, we should be used to the growing challenge. Capitalise on the effects. Motivate yourself to take a stand. Become more productive.
There are some positive effects to take from leaving Europe such as improved business support which was previous cut in EU funds. As well as further international trade, working closer with the growing economies of the Far East. It’s important and likely that whatever the final negotiations, we’ll want to ensure that any damages don’t put a limit on the growing confidence of budding entrepreneurs and small business owners.
Small Business Survival Skills – Overcome Brexit – Reignite that Entrepreneurial Spirit
So to overcome any issues, start saving your business money and adapt to the changes encountered by Brexit. Here’s what you should consider:
- Hiring an adviser, whether it’s for financial, legal or strategic issues
- Look to non-monetary incentives rather than full time salary
- Partner with your customers
- Utilise the virtual world
- Use a free alternative
- Minimise your expenses and finally sell, sell, sell
Invaluable business advice – Hire a “professional”
Firstly, consider outsourcing advice from consultants whether they’re financial or legal, in order to provide your business with sound advice when adapting to change. For instance, by investing in a strategic consultant specialising in business growth, you’d benefit from someone who’s constantly up to date with political and economic news. Therefore could provide you with instrumental advice.
Although, to keep costs low only hire a consultant on an ad-hoc basis, don’t get caught on a retainer! Furthermore, consider your business energy or telecom costs, by working with an intermediary rather than just taking the first offer you could save more in the long run and be able to take more control of how much your spending.
You could benefit from:
- Political & Economic news updates
- Legal advice
- Advice on business growth
- Constructive feedback
- Money saving advice on general commodities & utilities
Provide an incentive & engage
Moreover, non-monetary incentives are beneficial for start up companies and small businesses with lower budgets. You’ll be reducing the payroll by offering a different incentive; such as a percentage of profits or a small stake in your enterprise. By using this method you’ll seriously reduce your overheads during the first few years of operation.
Furthermore, partnering with customers during product launches provides an important source for raising brand awareness and building a positive reputation, select a few key customers, if your B2B run a PR campaign, publish a press release about how you’ve benefited their organisation. For B2C businesses offer your customers discounts or free samples, encourage them to leave reviews or start blogging about your products.
Smart & Small business
Do you take up too much time on smaller fidgety administrative tasks? Then start working virtually, in 2016 there are more and more small businesses and entrepreneurs outsourcing their day to day tasks to virtual assistants (VA).
If you’re running a small High Street shop, we know it can be time consuming and draining, keeping up to date with administration, whether it’s payroll or just general HR, therefore, look into using a VA, they’ll manage everything from research to administration to financial accounts. This’ll save your small business time and money, allowing more time to possibly develop a new branding, marketing or sales strategy which fits into any changes the external environment throws your way.
Furthermore, even by outsourcing a VA you could cheaply receive an evaluation of the external environment, just ask them to research into the changes in your industry, see what they come back with, start experimenting, it’s your future.
Get the basics rights
Additionally, another crucial factor when adapting to change is monitoring and minimising your general expenses. Becoming a Brexit business might sound demanding but if you were to get the basics right. Start functioning efficiently and more cost effectively. You’ll barely even notice a change except when you start increasing sales.
To keep your expenses to a minimum, create a business saving budget, and a schedule involving all tasks needed to service your customers. Therefore, you’ll become empowered to make informed decisions when taking on cash demanding business.
For further small business growth…
Once you’ve managed to neutralise your costings and received sufficient consulting advice, devise a sales strategy. Now to me the term strategy isn’t always correct. Nothing’s ever set in stone. Setting a strategy commits you to one set of objectives. Therefore simply change the terminology, set “flexible guidelines” then you’re not tied into a set plan for the next 6-12 months. Instead you’ll be working to a number a amendable guidelines which can be adjusted to your growth.
Whatever the size or sector, experimenting on different communication plans is important. Whether you prefer using emails, social media, paid search or more traditional media. Either way ensure your message needs to be clear and relevant to your customer segment. Whilst you’re working on making savings, you’ll also be generating leads and adding to that growing sales revenue.