Slash The Costs of Your Growing Business

Slash The Costs of Your Growing Business

***Contributed Post***

When you are starting out in business it seems like there are costs at every turn. There are so many things that cost money and a lot of them are going to be necessary to spend. You often think that costs will slow down as things get established. But the truth is that business costs can get larger and large (up to 20% more) year after year. Hopefully, you have more revenue to balance it all out as the business grows, but small businesses really are going to be squeezed more and more for their expenses. So, with all of that in mind, here are some of the ways that you can reduce the costs of your business and improve the bottom line of the business.

Reduce Office Space 

As your business grows, so will the space that you need for your team. While an expanding team can be a really great thing, it can also mean that you need more and more desk space, which is going to cost more money. A lot of larger companies are taking an approach to flexible working these days, meaning that they don’t need to accommodate space for all employees at once, as they are all expected to work from home at least once or twice a week. This can be a good way to reduce costs, and has actually shown that it can help employees to be more productive. So, what is not to love? 

Freelancers 

The cost of having staff can be one of the largest costs that your business is going to have. So think carefully before you hire more and more. When you have a full-time employee, you also have to think about the cost of that, as there are things like vacation pay, sick pay, or pension contributions that you may have to make, as well as other benefits like insurance, for example. So instead, you could look to hire freelancers as a way to save money. They can work remotely (see point above), and can be hired to do a specific job, be paid for that specific job, and then that is that. It can be a good way to lighten the workload without it costing too much money for the business. 

Improve Software 

There are so many different things that can help us to run our businesses in the technological day and age that we live in. So, have you got the right kind of software that can help your business run at its best? Software solutions like human resources information software (or HRIS), is an example of just that. You may be wondering what’s included in an HRIS software? It can help your business with aspects like payroll, recruitment, compliance, overtime and employee expenses, all in one place. Software like that can save time, money, and could even mean that you don’t need a full HR team; again, cutting costs.

 This is only a short list of things that can help you to save. So just look at your business and audit your current spending. From there you can see what does or doesn’t need it and you can make changes accordingly.

 

Share
Summer Is The Perfect Time To Start Your Telesummit

Summer Is The Perfect Time To Start Your Telesummit

Have you ever thought about hosting a telesummit?

Telesummits are virtual events where experts gather together to educate attendees on specific topics.

What are the benefits of hosting a telesummit?

  • Establish yourself as an expert in your field
  • Provide your audience with valuable content
  • Connect & work with other professionals
  • Increase your email list and reach
  • Create products to sell after the summit
  • Boost your popularity
  • Increase revenue
  • Host without ever leaving your office or home

In the past, to attend an event with multiple experts speaking about their areas of expertise, people would have to travel great distances and pay a lot of money. Now, thanks to the vastness and capabilities of the internet, people can learn from top professionals from the comfort of their home. Telesummits are a tremendous opportunity for both the host and the attendees, which is why I am such a big fan!

What holds people back?

If they are such a big business booster, why don’t more people host telesummits? From what I’ve seen, business owners are often afraid of rejection; from both speakers they want to interview, and possible attendees. Luckily there are ways around these potential roadblocks!

If you’re interested in hosting a telesummit, I can help! I take care of all the tech needs of a summit as well as the launch, organization and other details! Set up a free, no obligation consult with me HERE.

Steps To Hosting A Successful, Profitable Summit

Organizing a telesummit may sound like a lot of work and as someone who just finished doing one, it is! But it is a great way to gain experience and can be a lot of fun. I’ve found the pros of hosting a summit to far outweigh the cons.

Step One: Choose A Theme.

What is your summit all about? What is the main focus? Normally the theme is centered around a pain point of your target audience.

Step Two: Choose Event Details

This entails deciding on all the details of your event. When it will be held, how many speakers you will invite, the presentation format (interview, lecture, etc.), technology, registration, if your summit will be free or paid, live or pre-recorded, etc. You want to be extremely clear on these details before moving on to step 3.

Step Three: Choose & Invite Your Speakers

Decide who you want to invite to participate in your event. Find people who align with your own beliefs and the theme of the summit. It’s likely not everyone will say yes, so you can invite more than you are planning on speaking and be flexible with the final number.

Step Four: Promote Your Event

This is probably the biggest and task-heavy part of your event! You are responsible for all promotion of the telesummit. You can provide your speakers with promotional emails and content to send to their audience to use if they want. But remember their main job is to show up and provide an interview.

Step Five: Run the event

This may involve pre-recording all content and sending it out on specific days, or it may involve live interviews. The great part is you get to make all the decisions! Do what is most enjoyable and logical for you and your situation.

Step Six: Send Thank You’s, Request Feedback & Create a Summit Package

To be a gracious host, send a personalized thank you to all the speakers, as well as a general thank you to your audience. When you send these emails, have a survey set up for feedback. Both speakers and attendees can provide valuable feedback to help you know what they loved and what they didn’t. Not only will this help you run better telesummits in the future, but it will also help you streamline your business and products/services to better meet the needs of your customers/clients .

You can also create a summit package for people to purchase who want to re-watch the summit or who missed it in the first place.

Are you ready to run your first telesummit?Book a no-obligation consultation with me where we can discuss your vision and see how I can support! Helping clients run successful, profitable telesummits is my area of expertise and I would love to work with you.

Have yourself a great week!

Robyn

Share