5 Smart Spending Ideas to Cut Costs for Your Business

As a small business owner, you’re likely already aware of the crucial role effective resource management plays in the success of your venture. Every day, you face the challenge of making smart decisions in financial operations, marketing strategies, and customer engagement. It's a balancing act that requires more than just dedication and hard work. To truly thrive, you’ll need a strategic approach and the right tools to execute it to perfection.

This is where the role of a reliable business solutions provider becomes invaluable. Maya Business is renowned for equipping businesses of all sizes with pyaments and banking solutions at an affordable cost. We aim to do more for you than simply provide basic services and instead position ourselves as your partner in growth, offering cutting-edge tools designed to help you optimize your spending and manage business costs effectively. Our top offerings include online business banking solutions, in-store and online payment tools, and a disbursement solution.

Naturally, alongside providing you with top-notch tech solutions, we also want to ensure that you’re well equipped with the knowledge you need to thrive well into the future. Let’s delve into five smart spending strategies you can leverage to enhance your business's cost-efficiency:

Choose the Right Bank

The foundation of financial stability in any business begins with the right banking partner. After all, a bank isn’t just a place to store your money. The best bank will serve as a valuable partner that understands your business's needs and growth trajectory. For small businesses and startups, this means looking for options that offer flexibility, low fees, and additional benefits that cater to the unique challenges of managing a small enterprise's finances. Taking your business banking online is a particularly viable option, especially given the rise of fully digital business banking institutions, which promise greater availability of services and more manageable fee structures than most traditional banks.

Maya Business Deposit is one prime example of such a small business banking solution. Powered by Maya Bank, Inc., it offers a suite of features tailor-made for the dynamic needs of modern businesses. What sets Maya Business Deposit apart is its fully digital nature, which allows entrepreneurs to manage their finances easily and immediately. Imagine being able to receive sales revenues, transfer funds seamlessly across various banks and e-wallets, and disburse salaries and benefits to employees, all from a single account.

The convenience Maya Business Deposit Offers is further enhanced by its competitive interest rate of 2.5% per annum, significantly higher than the average offered by traditional banks in the Philippines. Such features not only simplify financial management but also empower businesses to maximize their earnings. In addition, the assurance that deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) up to PHP 500,000 positions Maya Business Deposit as a highly secure and trustworthy SME business banking solution.

Optimize Cash Flow Management

Effective cash flow management is vital for the health and growth of any small business. By understanding when and how your money comes in and goes out, you can take steps to manage it as efficiently as possible. The key here is to ensure that your business always has enough cash on hand to cover day-to-day operations while also planning for future growth and investments. Strategies like timely invoicing, prudent expense tracking, and maintaining a cash reserve can significantly improve your financial stability.

Maya Business Deposit is designed to streamline these very aspects of cash flow management for businesses of any size. By taking your small business banking online with this solution, you can receive sales revenue directly into your account, enabling faster access to funds. The ability to transfer funds effortlessly and at no cost to any bank or e-wallet via PESONet or InstaPay further enhances your business's financial agility.

Moreover, the product simplifies the process of disbursing salaries and benefits to employees, a task that can often be time-consuming and prone to errors. With Maya Business Deposit, you can ensure that your employees are paid accurately and on time, which in turn will help keep both morale and productivity high. With this host of useful features in your arsenal, you won’t need much time at all to realize why, in the arena of business banking, Philippines’ leading businesses choose Maya Business Deposit.

Focus on Digital Marketing

These days, embracing digital marketing is not just a smart strategy—it's essential for the survival and growth of your small business. Digital marketing offers better cost-effectiveness and more measurable results than you can expect from traditional marketing methods. Begin by finding out what your target audience likes to do online and which platforms they’re most likely to spend their time on. Then, invest in building a strong online presence in those spheres. Regularly engaging with your audience with valuable content, for example, is one viable way to build a loyal customer base.

Different digital marketing channels offer unique ways to connect with potential customers. For instance, social media platforms allow you to interact with and even sell to customers directly in real time. Email marketing, known for its high return on investment, allows you to send your clients personalized messages and offers. Lastly, optimizing your website for search engines can make it easier for casual browsers to find you online. This helps you to draw more traffic on your website and online profiles without the need for expensive advertising. Some careful market research and examination of your options should soon reveal which approaches are most appropriate for your brand.

Focus on Retaining Existing Customers

It’s a well-established fact that retaining old customers is a less expensive business move than attracting new ones. This is especially true for small businesses where every customer relationship makes a significant impact on the bottom line. Start by understanding your customers' needs and expectations. You can gain this knowledge through regular feedback, surveys, and direct communication. Once you’ve collected the insight you need, use this information to improve your products and services.

Building a strong relationship with your customers is the surest way you can keep them over time. Personalized communication, loyalty programs, and exceptional customer service can make your customers feel valued and boost their chances of staying with your business. You might also consider leveraging technology to enhance the customer experience. Tools like CRM (Customer Relationship Management) software can help you keep track of customer interactions and preferences. You can then use this data to craft more personalized and effective communications.

Provide Employees with Training and Development Opportunities

Investing in training and upskilling your employees is a strategic move with long-term benefits for your small business. Effective training is designed to improve employees’ proficiency in their specific roles, which leads to increased productivity and, ultimately, profitability. This investment in human capital can manifest in various forms, from on-the-job training and mentoring to formal workshops and courses, tailored to keep your team up-to-date with industry trends and technologies.

Furthermore, the advantages of a well-trained workforce extend beyond improved efficiency. Well-trained teams also enjoy higher levels job satisfaction and morale, which are crucial in reducing turnover rates. In the long run, a skilled team enables your business to scale more effectively, manage growing responsibilities, and adapt to new challenges.

Make Cost Management a Breeze with Maya Business

With a partner like Maya Business in your corner, you’ll never have to worry about your expenses getting away from you again. Sign up for Maya Business today to get access to our full range of business banking and online payment solutions, as well as exclusive perks and deals to make your business venture soar.

Opening a Maya Business Manager account immediately enables you to unlock the benefits of the Maya 1-2-3 Grow bundle. This special offer lets you enjoy a merchant discount rate (MDR) discount of 1% on all QR Ph payments for 3 months upon onboarding. This translates to PHP 14,600 in savings for every PHP 1 million worth of QR Ph sales. With this bundle, you can also take advantage of opening a Maya Business Deposit account and using it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Free transfers via InstaPay and PESONET mean you’ll be able to pay your partners and suppliers easily without having to worry about transaction costs adding up. And if it’s more capital you need to take your business to the next level, signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. Just use Maya as your primary processor for all wallet and card payments. The more you use Maya, the better the loan offer. Complete your Maya Business application today to enjoy the benefits of Maya 1-2-3 Grow bundle.