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5 ways marketing companies can cut costs

 

The marketing industry is one of fierce competition and one in which it is essential that a business be on top of their game with not only talented staff and polished proposals, but additionally on top of every costing going. With this in mind here we take a look at 5 ways in which your marketing company could get ahead of the competition by cutting your costs down.

Use virtual services

Never before have businesses had so many options in terms of the way they physically operate their company; today, powered by technology, many needn’t have a physical premises at all, nor must they be constrained to staff from within predefined regions.

Even companies that require a prestigious physical address, and a receptionist with a recognisable, local accent, have the option of renting a virtual office, drastically cutting costs on the running of a physical address. This could additionally feature rooms available as and when required, according to www.yourvirtualofficelondon.co.uk  this means you can present yourself as the professional marketing company that you are.

For marketing companies such an idea lends itself naturally, after all, the majority of marketing services are delivered remotely.

Review your credit arrangements

This point is twofold: first, you should review the credit that you receive from other companies (such as balance on credit cards and overdrafts); if you can, switch to a 0% balance transfer provider. Second however, and possibly more applicable to a larger percentage of marketing companies, is to review the credit that you extend to others. If your financing department tends to extend credit over and above 30 days, then your cash flow is suffering. Think about how you could better manage your lines of credit, or whether you even need to extend it at all.

Considering internships

Marketing degrees are amongst the most popular university courses going, and where there are large numbers of students, there will be inevitably tough competition come graduation time. This then means that you’re ideally placed to provide much demanded work experience for labour swap, so seriously consider the benefits that an internship could have for your company, and contact your local universities to discuss the idea with them directly.

Overhaul your outgoings

If moving from a physical office to a virtual one isn’t possible, then it’s essential that you continually review your ongoing costs. This includes your business services (such as your internet and telephone provider) as well as the mammoth costs that are your energy bills (it’s reported that simply doing this can save the average business 40 %!).

Review your own marketing spends

As a marketing company focussed upon improving the businesses of others it can become all too easy to overlook your ongoing marketing costs (such as that Google AdWords campaign that has ran since the day you started). So sit down with your team and prepare a marketing overhaul of your own, being sure to consider ideas such as providing local marketing classes for free, joining a regional business consortium and getting an appearance in the paper or on local TV with your charity work.

 

 

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