Spending less in your business – Part 2

Ways to spend less on marketing and professional services

Spending on marketing and professional services, especially if you are a start-up or a small business, can be a tremendous drain on your resources. Below are a couple of questions I get all the time:

Q.  What’s one thing small businesses spend more money on than they need to?

A.  In most cases, it’s marketing. Spending money on advertising or brochures when you can’t measure the results is not a good use of your resources. There are lots of ways to get free marketing (blogging, newsletter, community events, HARO). Business owners who have the discipline to use free avenues of marketing will find they will deliver more benefits than the paid ones.

Q.  When does it make sense to outsource basic bookkeeping and basic legal services?

A.  First, you have to figure out how much it would cost you to outsource these services. Then determine how much time you (or an employee) spend doing those functions. Plus factor in the cost of the tools and software that you may need. Then weigh the hard costs – you doing it versus outsourcing. Another important factor to consider is whether you are good at or even like doing those tasks. Your business will be better off if you do the things you love and figure out a way to delegate those things you don’t.

–Barney Cohen

President, Business 360 Northwest

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