By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Store
    Merchandise
    Subscribe
  • Features

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Agenda
    • Business Books
    • Marketing
    • Technology
    • Wellbeing
    • Finance
    Reading: Better Budgeting

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Book
  • Trending
    Technology

    How to make your online presence more sustainable

    With the threat of climate change growing larger each day, individuals and…

    Uncategorized

    Promotional Products That Boost Visibility and Loyalty

    In a world filled with digital noise, tangible, branded merchandise stands out…

    blog

    Scam Report: The Latest Trends in SMS Cyber Attacks

    Brands Most Frequently Imitated  by Scammers Many SMS scams impersonate businesses to…

  • Topics

    Topics

    • Agenda
    • Blogs
    • Book Review
    • Business Advice
    • eCommerce
    • SME Update
    Reading: Better Budgeting
    • Events
    • Business Experts
    • Featured
    • Franchise
    • Growing Business
    • Health
    Reading: Better Budgeting
    • Finance
    • Franchise Experts
    • How To
    • Interviews
    • Just for fun
    Reading: Better Budgeting
    • Lifestyle
    • Making money
    • Manufacturing
    • Marketing
    • Money
    • Property
    Reading: Better Budgeting
    • Starting Up
    • Taxation
    • Technology
    • Wellbeing
    • Women in Business
    Reading: Better Budgeting
Reading: Better Budgeting
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Magazine
  • SEO – Backlinks
  • Book: Start Your Business
Search
  • Agenda
  • Book Review
  • Blogs
  • Finance
  • Growing Business
  • How To
  • Interviews
  • Marketing
  • SME Update
  • Starting Up
  • Technology
  • Wellness
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
  • SEO
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Better Budgeting

Start Your Business
Finance
Share
8 Min Read

Six Ways To Make Your Money Go Further In Business

Making your money go further is important for the business because you want to increase the distance between what you’re paying towards the business versus what you are making in profit. The bigger gap you can create, the more financially rich your business becomes. There are certain things that are worth spending your money on and things that are just wasteful. So how can you make your money stretch further? Here are six ways to make your money go further in business.

Look At Department Budgets

Firstly, a good way of making use of your money is looking at what you’re already spending within the company. Each department within the business is likely to have an assigned budget that you should be looking over at the start of each quarterly. This is useful for any business, whether you’ve just started up or you’ve been going for a while. Some businesses might do annual budgets, but a lot can change in the space of a few months, and if you want to make every bit of money count, it’s worth reviewing your spending within departments regularly. Take a look at what each department is spending and whether they’re overspending in any areas that you could reduce.

Some expenditures are necessary for the company, but you might find some parts of the spending could be reduced or cut. It’s about what’s needed for the business, and you want to put expenses that are going to help build and grow your business. If there’s something you don’t need, cut it.

Make The Right Investments

Running a business can often involve taking risks, and there’s certainly plenty you could be doing to make those positive moves and to help build your company. There are lots of opportunities out there, and it’s about knowing the right ones and what risks are involved. As a business, you might want to invest in properties or maybe stocks and shares. If that’s the case, it’s important to do your research and weigh up the pros that come with each investment opportunity. You can use asic registered brokers or take advantage of all the available, online resources that might help when exploring different investments that are out there.

Pick Staff Training Courses Wisely

Staff training is an important part of company growth, and your staff certainly have a lasting impact on your business. You should be doing all you can to give your employees the opportunity to grow within their roles and to bring new experience and skills to the company. However, it’s important that the training you offer is going to do good things for the company and not necessarily just to benefit the staff member. Think about the weaknesses or disadvantages that the company has. Is there anything that you need to have in order to get you those opportunities in the industry?

If there is, that’s where you should be investing your staff training budgets. Obviously, it’s beneficial to consider the staff member too and that it’s going to be a worthy investment for that person and where they are in the company. You don’t want to spend all that money on training for them to just leave the company within the year.

Opt For Online Advertising Over Traditional

Advertising and marketing have changed a lot since a decade or so ago, and it continues to develop and reinvent itself. When it comes to spending your money on marketing your business, there’s a lot more available with online advertising. It’s definitely worth looking into the benefits that can come from paid advertising and running online campaigns via certain social media platforms. There are various different avenues in online advertising from influencer outreach to paid banners to advertise your company on other high-ranking websites.

Improve Your Branding

Branding is certainly going to be an area of the business that you want to spend money in. In such a competitive world, regardless of the industry, it’s integral you’re keeping your business in the spotlight. It’s something that you want to tweak and refine as you build your business. You want branding that is recognisable, and once you begin creating a household brand, you’re pretty much set. Think about aspects of your branding that need work. It could be the design of your logo or aligning your branding across all areas of the business so that they match up with one another. Reinvent your branding if it’s looking a little dated in order to keep up with your competitors and to stay one step ahead.

Get To Know Your Customers

Your customers are definitely important because, without them, you wouldn’t be making the company money. But the question is, do you really know them? There might be gaps in your knowledge when it comes to your target audience. With plenty of online resources and software to invest in, you can use the data you collect on your social media platforms and website to gain more insight into your customers. Google Analytics is one of the best when it comes to tracking your website audience, and there’s a lot that you can learn from these platforms that can help you refine your content and what you put out as a business. Whether it be to do with your products or the services you sell, knowing your customers fully is going to help you make more of a profit overall.

Making your money go further in business is likely more important than ever before. Whether it’s the recent COVID-19 pandemic or a dip in sales, you can never be too careful with how you spend your money. It’s worth looking at what you can do to help make the money you make go further when reinvesting it into the company. Get to know your customers by investing in that software that’s going to help you gain more knowledge. Cut budgets where necessary and also look at ways you can build on your brand and advertising with your funds.

 

TAGGED: header

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business August 7, 2020
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
  • SEO

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
We use technologies like cookies to store and/or access device information. Cookies are used for ads personalisation We do this to improve browsing experience as well as show personalized ads. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
View preferences
{title} {title} {title}
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?