Bonitamedia’s Weblog

Creating a lasting impression for small business

Saving money in tough times….

It always puzzles me when sitting down with potential clients when I hear “times are tough, so we cut our marketing budget to save money.”  It’s obvious from my last post and my line of business I disagree with that comment.  But let’s take a look at a couple of different ways to optimize your business without losing any service, without laying anyone off, without changing your bottom-line, all the while increasing your brand awareness and probably even growing your sales!

 

The first area to look is pretty easy – utilities.  Set your A/C 1-2 degrees higher.  According to Progress Energy, for each degree you raise your thermostat, you save 3-5% on your annual cooling bill.  Next is your communication costs.  Still paying long-distance charges?  Do you have an all-inclusive cell package?  Do you even need a land-line?  Just by re-evaluating these aspects of your business you could be looking at hundreds of dollars per month in savings.

 

Now let’s look at something that is real significant, and often overlooked – credit card processing.  Did you know the credit card processing companies are struggling as well?  (Let’s face it, if consumers aren’t using their cards, they aren’t getting paid…)  Because of this, many processors have cut their fees for new customers (not necessarily for existing customers).  Recently I spoke with a local restauranteur who told be in a typical year, 65% of his business is credit card driven.  This year it has jumped to 90-95%!  Think of your annual sales, and the fact you are paying 2-4% or more for credit cards.  They are a must to do business, but you certainly don’t need to pay too much for it. 

How much money would you save each month by implimenting a few changes?  Many businesses would see $1000 or more in monthly savings.  What if you were to apply those savings to your marketing plan?  How would your business look?  How many new, repeat customers can you generate?  Would that allow you to spend more time with your family?  Golfing?  Fishing?  Working?

Remember – we all are in business for different reasons, but very few of us are in business because we need a job.  In difficult times you need to think creatively about your finances, your marketing, heck – even your survival!

Next post I’ll touch on lifetime-value of a client.  If you don’t already know how much your existing clients are worth, you’ll learn – and hopefully be pleasantly surprised!

 

Jon

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August 27, 2008 - Posted by | Marketing in SWFL | , , ,

5 Comments »

  1. Good post. Owning a business can be difficult but if your innovative, the business can thrive.

    Comment by fnunez | August 27, 2008

  2. Thanks fnunez! Great to see you here. Even though the real estate business seems to be tough, I have talked to a few people who have really taken their businesses into orbit – and you’re right – it’s because of innovative, out-of-the-box thinking!

    Comment by bonitamedia | August 27, 2008

  3. Are you talking about me, Jon? 🙂

    Comment by Bonita Springs Real Estate | September 14, 2008

  4. Yep Chris – you and a friend of mine at DF both seem to be doing quite well in times like these (man – sounds like a great song title…)

    😉

    Comment by bonitamedia | September 15, 2008

  5. I do accept as true with all the concepts you’ve presented for your post.
    They’re very convincing and can certainly work. Nonetheless,
    the posts are too quick for beginners. Could you please extend them a
    bit from subsequent time? Thanks for the post.

    Comment by phen375 to buy | August 16, 2014


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