If you're looking at making cuts, then one area you should look to avoid is marketing. When your business is going through a difficult period, one of the most important things is that you're still bringing in leads, and your marketing is vital to this.
When you go through your finances, you may well find lots of areas you can save money without compromising your business's efficiency. Here are some expenses to cut back on before you start cutting your marketing budget.
One area that can be cut back on in more difficult times is business travel.
There will be some meetings that are just too important to do over the internet, but so much business travel isn't essential. Despite this, business travel expenses can rack up very quickly and take vital resources away from your business.
You'll always need to create leads, but you don't always need to take those international trips.
Utilities are an essential cost. Your business can't function without things like water and heat, but it doesn't have to pay over the odds for these services.
If you just let your contracts roll over every year, you're probably not getting the best deal, though.
With services like Utility Bidder, you can compare rates and make sure you're not paying more money than you need to. You might be surprised at what you can save.
Office space doesn't come cheap, and many businesses have much more of it than they need. If your rent is taking up a large chunk of your budget, then it's worth looking to renegotiate or find alternative options when your contract is up.
There are lots of flexible options to look at these days when it comes to office space, and because of technology, you might not need as much as you think. If you can cut back on your office costs, then it can free up a lot of extra money.
While prestige offices might look great, they can also put a big strain on your budget.
Office supplies might not be the biggest item in your budget, but it's one that can become very outsized.
If there's no oversight of your office supply budget, things tend to be added on that you don't need. Is it going to completely change your company's fortunes by reigning in your spending on office supplies? Probably not, but it might give you back a good chunk of money you can use in your marketing.
There are obviously some office supplies that are needed, but there are a lot of expenses that aren't totally necessary.
Cut back on your marketing to save your marketing budget? This seems a little strange.
The thing is, there are many different ways to market your business, and if you're not using your budget effectively, then you've got a lot of room to maneuver.
Modern advertising allows you to reach your customers very easily, so you need to make sure you're maximizing your return. It might not be about cutting your marketing budget but just changing how you use it to get better results.