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Follow on Google News | Five overlooked ways to save money in your businessBy: Uniq Systems As part of the payments Insight Series from Sage, here are five suggestions you might not have considered yet. Minimise travel Business travel is often a necessity, particularly for new relationships with partners and suppliers, but it can be expensive. You needn’t have monthly or weekly face-to-face meetings forever. Be honest with yourself when you look at your recurring meetings in particular. Could some of them be phone calls or Skype chats? Embrace technology and you’ll almost certainly find you can cut your costs. You’ll also save time! Regularly evaluate your marketing Frequently pausing and assessing what’s working and what isn’t is fundamental to all businesses, particularly when it comes to marketing. The Pareto principle – or the ‘80-20 rule’ – shows that much of the time, 80% of the results come from 20% of the effort or expense. Is this the case with your marketing? Does your regular local paper ad actually bring people into your shop? Has your business’s Facebook page driven traffic to your online store? If something isn’t working then stop it now, and focus on the one or two marketing and advertising routes that are showing real business results. Shoot for the cloud If you haven’t already, look at cloud computing (Sage 200 Extra Online) (http://uniqsystems.co.uk/ Automate your payments Guaranteeing a steady stream of income is crucial for small and medium-sized businesses, but simply chasing customer payments (http://uniqsystems.co.uk/ Go cashless Cash and cheques may be tried and tested, but relying on analogue payment methods like these can be time-consuming and expensive. Handling cash costs an average of more than £3,600 per retailer, per year – once security, fraud, and theft are accounted for – according to Sage Pay’s Payments Landscape Report. Make sure you’re able to take card or phone payments (Sage Pay) (http://uniqsystems.co.uk/ Reproduced with the kind permission of Sage. (http://blog.sage.co.uk/ End
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