How Cost Savings Can Take Your Business from Failure to Profitability
The core goal of every business is to reach profitability as quickly as possible and to maintain and increase profitability as much as possible. The primary focus for every business is always sales. The more sales are increased the higher the company revenue and along with it the idea is the more profits will increase.
However, having great sales is only half the story, because as you are increasing sales, your company expenses will also rise. If expenses rise either at the same rate or faster than sales, the company may not be profitable and will certainly not increase its profitability. So controlling company costs is a very important part of any company’s success.
Controlling costs is a product of good planning and instituting strategies that involve every area and all of the company employees.
Hiring is a core part of business. Workers allow you to execute your business goals and create the foundation for business growth. When you hire workers for your business, it can be a time consuming and expensive undertaking. You have to utilize a service to do so and take time to interview. Once you hire the person, you must train them which is an added expense, and if they do not work out the process must be repeated again adding more time and expense. If they do work out, you have to pay workers compensation, other insurance and pay all sorts of benefits to those employees. So the expenses continue for the life of their employment with you.
Today there is another option for hiring that can save a business lots of the costs associated with bringing on employees. Using a service like Shiftpixy, that supplies workers to your company on a just-in-time basis and in a way that allows you to not pay insurance and other costs associated with hiring workers saves you time, headaches and money.
Social Media Marketing
The internet has provided great business opportunities for companies. Everything from e-commerce to e-mail marketing has been a boon to businesses in terms of helping them increase sales and improve their customer relationships. No area has been productive for companies than social media marketing. Utilizing social media platforms like Facebook and Twitter, companies can reach new levels of customer acquisition and engagement. On these platforms where more than two million members gather and interact, companies can create a presence, offer deals, present their products and services, answer questions and learn about consumer feedback and develop a lasting and strong relationship with those who use or are interested in their products and services. Best of all social media marketing costs only a fraction of what other types of marketing costs. Using it companies can slash their marketing costs by double digit percentage points while expecting comparable sales growth.
These two new business approaches allow companies to be just as effective at a fraction of the cost of traditional solutions.