Spend or Save: How small businesses should spend now to save in the long term
As a small business, the reality is you have to be smart with your budget. The question that plagues most small businesses is where is it worth it to spend, where can you save and where should you splurge? What’s achievable, what’s necessary & how can you maximize your resources to make the most impact? We’ve rounded up 5 tips on where to focus your budget to make the most of it.
Work with professionals to save on production-Tech packs, patternmaking, freight charges, minimum order quantities and the sampling process can be a nightmare, particularly if you’re new to this environment and that doesn’t include hiccups, misunderstandings, and mistakes. You’ll save in the long term by spending to work with professionals in the short term. You want to avoid costly mistakes and blunders by working within established supply chains and audited factories with a solid reputation.
Invest in beautiful product photos & videos. If you know how to take beautiful photos and videos, then save by doing them yourself, but know if this is not your strength and you need to outsource. Figure out who the right team of people are-look very carefully at their portfolios and when choosing photographers, ask yourself: is the model what’s making this photo beautiful or is the photo beautiful in and of itself. If you imagine you changed model or location, do the photos still grab your attention-do you like them as much? Think of it like asking your hairdresser to give you a celebrity’s haircut-unless you share a likeness, the chances are that you will look quite different. The same goes with photography-change the location, the model and what is left? Beautiful lighting, excellent focus on the correct pieces of the photo, a pleasant balance in composition? You can still save in the long term by making the most of that day with great planning; style your looks and plan each out-steam and prep in advance so you can capture as many complete looks as possible, then spread the content out over the year instead of the season. Great images last the test of time, but you want the right balance of quantity and quality.
Do your own Social Media: Save with DIY. The new algorithm ensures content is not chronological, but topical, so you don’t have to post every single day. Spend a little on planning software and plan out 3 posts a week, then plan away and let the software do its work. Share exciting and engaging content on the go over your stories. Try-Ons are one of the most popular types of videos to share, so start selling yourself & your products.
Have a Beautiful Website. Even if you had to spend on the initial build, a good website will attract opportunities with SEO, PR etc. People should discover you and be impressed by what they see, they’ll come to you. By working with an agency that has your interest at heart, you should be shown how to make updates or small changes yourself, how to reach your analytics etc.
Build a network. Your time is valuable, but so is a network of resources. Spend on supporting fellow small businesses, attending networking events, getting ticket and s to special events and speeches, expanding your knowledge with courses
