3 Ways Your Business Is Secretly Wasting Money

Eliminating waste in your business is one of the easiest ways to cut your overheads and increase profit margins. If you can find areas of the business where you can easily cut costs and increase productivity, you’ll function more efficiently and save yourself a lot of money at the same time. Sometimes, it’s easy to work out where to make those cuts because the waste is obvious, but sometimes it isn’t. These are some of the hidden causes of waste in your business and how you can deal with them.
Paper

 

Most people don’t realize just how much a business spends on paper and other stationery. It’s a big expense but these days, it’s not really a necessary one at all. With the advent of email and cloud computing, it’s so easy to create and share documents digitally. If you’re printing everything out all of the time, you’re spending so much money on paper and ink for no reason. It’s quite wasteful as well which is something that will really put consumers off. But if you just go paperless, you can save yourself a lot of time and money and increase your public image because you’re being more eco-friendly. Occasionally, you will still need to use hard copies of things but, for the most part, you can do everything digitally.
Badly Managed Technology

Technology can be used to increase productivity around in your business and make life easier for you and your employees. But if it isn’t set up and managed properly, it can have the opposite effect and make people less efficient, which is losing you money. If you don’t really know what you’re doing, it’s a mistake to try to manage all of your computer systems and software on your own. Instead, you should look for an IT company that offer managed services and outsource to them instead. They’ll be able to make sure that everything is running seamlessly and quickly fix any issues that may arise so everybody can get back to work as soon as possible. They’ll also help you to manage your cyber-security which is so important these days.

Poor Negotiation Skills

Negotiation is a very important part of running a business. When you’re striking deals with manufacturing companies or couriers to produce and ship your products, you need to make sure that you’re getting the best price possible. If you just go in and accept the first price they offer you, you’re wasting a lot of money. You need to learn how to master the art of negotiation so you can push the price down. Your manufacturing and shipping costs will have a direct impact on your profit margins so the better you are at negotiating a better price, the more money you’ll be making on each sale. Good negotiation skills will also be useful if you’re trying to partner with other businesses or maybe even buy up other companies as you expand.

 

If you can eliminate these sources of hidden waste in your business, you’ll be able to save yourself a lot of money.

How To Use A Pop-Up To Promote Your Online Store

If you’re running an online business and all of your marketing is done through social media and your website, there are some customers that you might be missing. Most people are active online a lot, but not everybody is. If you want to reach those people that don’t use the internet that much, you need a way to get out there and find them. Creating a temporary pop-up store is one of the best ways to do that. It’s a common tactic that food businesses use to expand their reach but it’s just as effective for online retailers as well. If you think that a pop-up could work for you, here’s how you can set yours up in a few easy steps.

Consider The Experience

When you’re thinking of ideas for your pop-up store, you need to think about the kind of experience that you want to present. If you’re a clothes retailer, for example, it’s not enough to just set up some rails with clothes on and leave it at that. You need to think about what your brand represents as a whole. For example, if you’re selling high-end fashion that people tend to wear on a night out, you can channel that in your pop-up store by creating a nightclub vibe. If you sell coffee online, you can create a small coffee shop where people can taste the product and then buy some if they like it. It’s important that you think about the experience and the brand associated with the product, rather than just focusing on the product itself.

 

Find A Location

A pop-up store relies heavily on foot traffic. You’ll be promoting it online but that will mainly attract the attention of your existing customers. If you’re going to catch the attention of new customers, you need to find a location where it will be visible and you’ll get a lot of foot traffic coming through.

 

Don’t Forget Logistics

It’s important that you find the perfect location and cultivate and experience in your pop-up, but don’t forget the logistics of running a physical shop as well. You’ll need to get basic things like a credit card reader, a till, price tags, and shopping bags. It’s easy to forget about these things that you don’t normally need when you’re running an online store but without them, your pop-up is going to be a big disaster.

 

Promote The Pop-Up

Foot traffic is important but you need to fill the store out a bit if you’re going to get people to come inside. People are going to be put off by an empty store so getting some existing customers in by promoting online is always good. You also need to get out onto the street and try to drum up some interest. Printing some great business cards that you can hand out to people is a great way to do this.

Pop-ups are a great way to catch the attention of new customers that wouldn’t normally find you online so if you’re struggling to increase sales, it’s worth a try.