I wanna talking about cost control & cost efficiency. How we controlling cost? How to be more efficient?
img credit:www.ramco.com I experienced this kind of situation. While struggling with my 9-5 job and growing my business, I met with this problems. My boss always ask me to doing cost control, looking for some business processes and how to cutting some activities with non value added without affecting the whole business process for cost efficiency. As well as in my current company, my business faces this problem, why delivery cost rising? how to promoting my business without costing me so much in advertising fees? How to finding fund and make use of it with the wisest way so it'll not gone without we're never known where it flown away?.
In term of business, maintain cost is a must. I read some books about business and finance, some books about entrepreneurship and they always talk about cost efficiency and cost control especially in start-up year. I, too, read on www.under30ceo.com and www.under30finance.com, their articles help me so much in practical way to opening my biz, financing my biz and to controlling cost and make some efficiency.
So I'm doing these things to minimize cost and doing some cost efficiency:
1. Advertising can costing me millions while social media marketing cost me just my little time to advertise my biz
2. Better to advertise my product to people who close to me such as my colleagues, my best friends, my family (cousin, aunties, uncles), junior in high school because they believe in me and my web store
3. Being a dropshipper cost me less on efforts to packing, delivering packages and packing cost :D
4. My internet service packaged with cable tv also and it cost me just IDR 104.500 every month with 1 Mbps unlimited speed internet and I-forget-how-many-channel my cable tv was since it also contain HBO family, HBO signature, AXN HD, Disney Channel, TLC, Nickelodeon, KBS, NatGeo, Animal Planet, Local TV, and many more. (Thanks God I have this complete packages, about the service provider pm me :D it's secret hahaha!!!)
5. I paid for web design service incld hosting and domain name just under IDR 500rb, but I'm doing okay with it and very satisfied :) (Thank you paketonlinestore.com!)
6. I just use the "BB Gaul package" with 3 as the provider for IDR 40k/month while I have my Samsung Galaxy Gio got the 1GB unlimited internet just for IDR 50k and can doing anything from smartphone to hotspot tethering device (So I can use my tab without paid any service provider,just use my android phone as tethering device, sharing time everyone!)
7. I using KlikBCA to do all banking matters from paying supplier, buying 3 Prabayar, receiving money from customers, checking my credit card account, and etc, all with just 1 keyBCA. It helps me a a lot and save my time not to going to atm or to the bank for doing my banking routines.
8. I download free entrepreneur books, finance accounting books, novel *grinning, and all of it saved on my tab/my BB/my Samsung Galaxy Gio so I can read it everytime and anywhere (Hey, I buying paper books too, every month I spend IDR 100k for a very great & usefull books like books for internet marketing and seo optimization, customer loyalty playbook - a great book about Net Promoter Score or NPS, fantastic cosmetics, comics *grinning again, and some novel collections)
9. Giving discounts or free shipping for my customers with xxx purchase, will cost me a much as discount or shipping fee but remember that's the way we treat good and loyal customer, cheaper than advertising cost but more powerful effects and I called it investment for future, hohoho!
10. Save your coins! Everytime you have coins from exchange put it on a box for a while, after the box full with coins, bring it to traditional shop and change it with paper money then store it to yoi bank account (save...save...save...!!!)
11. While doing these efficiency things, I do finding fund too for my biz. Hmmmm, the easiest way is to borrow from my office with 0% interest, but....I'm not doing this!!! (Okay, it's a bit humiliating to borrow from office anyway!), what I do is to save my money from salary, then invest it in my biz. I start with small amount of IDR 1.5 Mio, then use it on my biz and that money start generating (wow!!!) so it become IDR 2-3 Mio, When my capital deficit I adding some sum of capital. And that's the way I keeping my fund on PLUS :D!
That's it, hope it helps everyone! I like controlling cost but I do want to still getting the best from what I want with some efficiency. Happy Day!
XoXo
Tifani
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