Alba International Shares Money Saving Tips For Small Businesses

    SYDNEY, AUSTRALIA, May 21, 2015 /24-7PressRelease/ -- Alba International understand the financial challenges that await small businesses and don't underestimate the need for an action plan to ensure the obstacles don't derail a business' long term plans. While some costs are expected, such as rent, utility bills and insurance, other expenses can creep in. A business may struggle with late payments from a big client, or have a succession of misjudged staff hires. Businesses need to have a contingency plan for times when cash flow may be sub expectant.

About Alba International: http://www.albainternational.com.au/#about

Alba International offers tips on money saving and other financial advice to benefit small businesses:

A cost-saving plan - A basic principle of keeping costs to a minimum is to write a financial plan and stick to it. Both David Nash, senior policy adviser at the Federation of Small Businesses (FSB), and Sophie Turton, from Crunch Online Accounting, suggested looking to local business groups for advice, support and the chance to share effective strategies. Meanwhile. Andrew Nicholson, owner of Nicholson Consultancy, offered some tips on pricing: "Far too many small businesses charge too little for their products and services," he said. "Even in a recession most customers want good value, not just the lowest price." He suggested the business owner raised the price of one or two products and watched the results. "Ensuring you have the best possible deals from your utility suppliers is a sure-fire way to reduce costs."

Low-cost incentives for talented staff - It's expensive to hire permanent staff and, as a small business, owners are reliant on the skills and commitment of each person. To win the top talent for the company, owners have to compete with large organisations who offer incentives such as private healthcare subsidies or chunky bonuses. The panel discussed thrifty ways to make a business stand out to prospective candidates.

Turton said: "Flexible working is a real perk and is becoming an expectation of those looking to work for SMEs, particularly in the digital sector." She added that workers are often more concerned with opportunities for career development than bonuses.

Dealing with late payments - A common concern for SMEs is getting clients to stick to their 30-day terms. They explained that while this was holding them back from growing, it's tough to resolve this without damaging client relationships. Turton conceded that late payments could cause SMEs to go out of business. "We would always advise having a solid contract with clients that contain a clause about overdue payments," she said. "Either you could charge interest on overdue payments or start asking for a deposit on larger jobs."

A number of the panellists advised small businesses to talk about it publicly and stand their ground. Turton added: "Luckily, late payment laws are part of almost all government manifestos, which will hopefully force larger companies to pay SMEs on time to avoid penalties."

In-house versus expert outside help - As a small business, with a limited number of staff, business owners might not have all the skills they need to grow their company. Sometimes they might look to outside help in areas such as marketing or business consultancy. Of course, they must weigh costs against the benefit to the business.

Alba International's services come with a policy that leaves clients with a guaranteed return on investment, meaning they will always deliver on their promises. Always going that extra mile to ensure their clients receive a high quality at a competitive cost.

Alba International is an outsourced sales and marketing firm based in Sydney. The firm specialises in a unique form of direct marketing which involves connecting with consumers on a face-to-face basis on behalf of their clients' brand. This one-to-one connection allows for long-lasting and personal relationships to be created between brand and consumer. This often leads to increased customer acquisition, brand awareness and brand loyalty for their clients.

Alba International strategically develops innovative direct marketing campaigns that are presented to consumers in engaging methods that are memorable.

For more information Follow @AlbaInterPty and 'Like' them on Facebook.

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