Saving and Marketing are fundamental for anyone eyeing at growing their businesses. CEO East Africa Magazine brings you crucial tips you must learn if you are put something aside to enjoy greater security in your life.
Create a Savings Plan
A goal without a plan is just a wish. You must turn your wishes into goals by creating a savings plan. Ensure the plan you create is feasible and that you will stick to it.
Work out what you are saving for and how much you plan to save every month. Then, try to get into a rhythm of putting money aside each month.
The 50/30/20 Rule
If you’re struggling with budgeting and saving, consider the 50/30/20 rule. The idea is to spend your income in the following way:
50% personal needs such as groceries, housing, utilities, and security, 20% on investment 20% saving on savings, such as emergency savings, a college fund, and 10% on others like personal inclinations.
Here is the idea: Don’t spend your money and save what is left – instead, save first and then spend what is left.
Saving must become a priority, not just a thought. Pay yourself first.
Save the stress-free way
Visit your bank to set up a standing order so that a set amount is transferred straight into a savings account on the day after you get paid.
Separate Your Savings
If you keep your savings in your current account, there is a good chance you will dip into them from time to time.
Avoid this common error by creating a separate savings account.
Cut Back on Expenses
It does not matter how much you earn if you spend it all. So, try to cut back on expenses to boost the amount of money you can save and invest each month.
You could save money on big expenses such as housing by downscaling to a smaller rental unit or moving to a cheaper area. Or you could cut back on the amount you spend on shopping and eating out by preparing homemade meals.
Ultimately, if you look everywhere you can to cut a little bit from your expenses, it will all add up to a meaningful sum.
Make the best of collective effort
Saving money as individual is not always easy. However, you can make the best of a friend, family member, or co-worker who is also trying to save by pairing up to help motivate you to stick to your plan.
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Marketing tips for small businesses
For small business owners, the expense of marketing can seem like an unnecessary evil, particularly during a challenging economic climate. Here’s a look at five quick wins that won’t break the bank.
Brand yourself
Your business may be small now, but that doesn’t mean you shouldn’t look professional. Be proud of your name and use your logo in a professional manner. For example, get slick corporate clothing that fits the tone that you want your brand to portray, but keep it tasteful, as over-the-top approaches could come across as cheap.
Brand your vehicles in eye-catching graphics that align to your corporate identity – effectively giving you moving billboards. Keep vehicle branding simple as people on the move won’t have time to read lots of text. Your logo and a contact number are all you need, but how you apply this could be the difference between blending in or standing out.
Create marketing content
Fresh and helpful content engages readers and attracts leads that could convert to sales. The first step is to get your brand on the right social media channels and to have a brand-aligned website. Remember that static visuals don’t have the same impact in a digital environment, video content is king.
Don’t know what to say? Sure, you do. Share what’s happening at your company or your industry. You could also address frequently asked questions or create ‘how-to’ guides.
Smartphones make it possible for everybody to shoot and edit quality video content. It’s best to keep it short and simple, using this content to update your social media outlets and website regularly. It helps to boost your site on popular search engines, which could get your website more traffic.
Develop a referral programme
Sign-up to your local business chamber and take advantage of its networking and marketing opportunities. Networking is a perfect marketing tactic for small businesses because it can yield significant rewards. Association with a chamber will make you more credible, and you can use its network to find new partners or clients and discover new opportunities.
Another idea is to run an industry-relevant workshop that taps into your existing customer base. By offering benefits, such as discounts or giveaways linked to referrals, you could create new avenues of business.
Know your target market
Do you really know your target market? What media do they consume? What are their interests and where do they mingle?
It’s important for business owners to drive marketing based on what customers need. Start by describing the person most likely to want/need your product/service. Then ask: Why should people buy it? Once you know their motivation, you can be more specific with how you target your customer base.
From here, you can define your product correctly and therefore how you position it. Just because your product is good doesn’t mean it will sell. It must be positioned right, which is exactly what marketing does.
Show that you care
Say ‘happy birthday’ to your customers, and when you do, include something extra, like a discount coupon or a special offer or suggest a product they could treat themselves to. In the age of digital communication, take the time to send a handwritten holiday, birthday, or thank you card. It only costs a bit of time, but the impact is effective and memorable.
Finally, an excellent way to build business sustainability is to implement a loyalty programme – giving your clients something back as a thank you for their business and to encourage future purchases.