With the current economic situation, it is clear that money is on everyone’s mind more than ever. Whether it is just trying to keep your business afloat, or reaching for those goals that you set at the beginning of the year, here are some money saving tips and hacks that can help you chop down your jewelry business expenses.
1. Business Analysis
Do a thorough cost-benefit analysis and future forecasting when considering business reopening.
2. Minimize the Amount of Employees You Have on Shift at One Time
With social distancing, it is better to have less employees in the office and on the shop floor for health reasons. Also it means that you don’t need to be paying them for the hours they aren’t working, which helps you cut down on costs.
3. Modernize Your Marketing
Now that people have more time to spend on social media and on their phones in general, there is more opportunity for email marketing (free) and social media marketing- (free- unless you want to invest). Spend some time getting to know your digital customers and how you can best utilize this free form of marketing. For example Instagram is known for beautiful images, so good quality photos of the jewelry you are selling would flourish here
4. Outsource as Much as You Can
Outsourcing means that all you have to pay for is the labor, rather than the extra bills that come from insurance, materials, and salaries. There are so many skilled jewelers that are reliable and ready for work, and are just waiting for you to test out their quality.
5. Reduce Your Supply Expenses
When you do need to buy supplies for business purposes, go to wholesale stores and buy in batches. You will get better value prices, or at least inform your current supply vendors that you’re price hunting in order for them to potentially offer you a better deal.
6. Lower Your Financial Expenditures
Analyze your insurance policies and financial bank accounts for ways you can save money. Search for more competitive prices, and then go back to your current provider and see if they can match it. Consolidate your bank accounts or insurance policies wherever possible.
7. Time Efficiency
“Wasted time is wasted dollars”. Offer incentives to employees to be as productive as they can be especially when working from home. Try onboarding employees with time management apps such as Time Lapping.
Generally the first 10% of cuts are usually the incidentals that you realize you can do without, and the rest of the money saved is from consolidating and making logical business decisions about what is crucial to remain in the business. This is a weird and unprecedented time so we all need to make that money stretch. You can do this!
With precise decision making, it’s possible to pull through this time by cutting down on jewelry business expenses and keep both yourself and your employees afloat despite the situation.