How small businesses can curb daily expenses

MANILA, Philippines — Apart from the music they listen to and their taste in clothes, the Millennial generation continues to prove itself a completely different species from its predecessor, Generation X. The generational gap can be observed with regard especially to work preferences or how they would define a ‘job’.  

Traditional career goals often had to do with becoming a doctor, a lawyer, or any occupation that involved a title, considerable income, stability, and some prestige. But while personal economy was the priority of past generations, it seems Millennials have other things in mind. ‘Do what you love, love what you do’is the mantra of this wily younger generation, and quite a few are finding their vocation in starting their own business. 

A popular choice is selling products or services. Locally crafted beers and spirits, handmade leather-bound journals, organic soaps and massage oils abound, as well as start-up food ventures such as bento boxes for kids and gourmet food trucks. A job isn’t just a job for a Millennial. It can be an advocacy or a source of fulfillment. But no matter the generation, it seems that one thing is certain: profit and success is always a welcome outcome. 

Going down your own path as an entrepreneur will always involve capital and investments. Not to mention the dread of failure looming. But with the help of ever-advancing technology, these businesses need not just be passion projects, but also lucrative ventures. In following a passion or an advocacy, or whatever it is that keeps the business running, here are a few tips on how to cut initial costs and how to make any small enterprise more profitable without being a penny pincher.  

1. Advertise smart 

Small businesses rarely need to employ the big guns of traditional media. Smart advertising in this day and age usually means utilizing the Internet. In the words of Kate Monster from Avenue Q, “The Internet is really, really great”. Social media platforms like Facebook, Twitter, and Instagram can put your brand, products, and services on the radar, for free. With the right advertising strategies, that’s all you’ll need. 

2. Use technology

Try to minimize the amount of waste you produce by going digital. Have a company cellphone you can use for business transactions. The ubiquity of the cellphone and all the awesome postpaid deals available is an added advantage to business owners. Invest in a laptop to keep track of expenses, inventory and transactions. Not only does it make your life better, it also minimizes paper clutter. And if you’re worried about memory malfunctions, save all your info in a virtual cloud like Dropbox. Print only when necessary. 

3. Hire interns 

Do not underestimate the power of an eager intern. Most internships will just provide an allowance, but most do not require the company to give monetary compensation to interns at all. On-the-job training is a valuable opportunity for interns to get their feet wet in an actual work environment. While interns can fill the potholes of the everyday work process, and help with efficiency of workflow, you will also find their enthusiasm and eagerness infectious.  

4. Offer more payment channels and options 

In the Philippines, cash is king. But not everyone always has cash on hand and you can bet that some buyers will be interested in using credit or debit. While it might not make sense for a vendor to accept card payments, the potential amount of cash you could earn is too good to be passed on. Especially now that there are payment platforms like Globe Charge that needs no minimum amount of purchase for transactions, and offer lower Merchant Discount Rates (MDR) as compared to banks. 

5. Collaborate 

“Two heads are better than one”, as the popular saying goes. Small enterprises can better manage their clout when they work together. Instead of joining fairs or bazaars individually, join forces to capture an even broader audience.— Rappler.com 

Maximize your income potential with Globe Charge. Globe Charge allows your customers to make card transactions with no minimum amount of purchase. Application is easy. The card-swiping device is available for a P999 one-time purchase, or bundled with your Post Paid Plan starting at P499. The application can be downloaded from the Play Store or Apple Store for free. The Globe Charge Mobile Card Reader is available in select Globe stores and online. This is the perfect companion for small enterprises looking to broaden their income opportunities as well as cut costs. Want to learn more about it? Visit http://globecharge.com.ph