Save More in ’24

It’s budget time, which means you’re trying to figure out what next year will look like for your station or group. You know the basics: revenue minus expenses equals profit. In this post-pandemic, it’s challenging to accurately predict revenue for next year. But you know first-hand that expenses have gone up, and they will likely continue to do so, especially in the immediate future.

So how do you reconcile overhead and revenue and come up with a profitable projection? Here are some strategies to consider. When was the last time you checked your existing long-term contracts with vendors? Considering today’s economic climate, this may be the perfect time to renegotiate with all vendors that relate to station or company operations. That includes your telephone and internet services and your water cooler and coffee supplier. Deals can be made!

It can be frustrating when you are contracted with a vendor who is not fulfilling the kind of customer support you’re looking for, or the particular product or service you need doesn’t seamlessly integrate with systems already in place. With 2024 just a few months away, now can be the time to explore your options.

Technology is evolving at a breakneck pace. Are your systems up to date and do they interface well with each other? You’re probably thinking, ‘I am not spending money on upgrading.’  But what if it is affordable, especially if it saves you money in the long run? Taking a hit now could position you for greater rewards in 2024 and beyond.

If you’re airing network programming, are you getting the support and resources to fully monetize your network programming? This is a good time to check in with your sales team to see if they’re maximizing local sales opportunities within the network program. Are they pitching it to local advertisers? A network should provide you with the tools and materials that will help your team. Also, find out if your morning show uses all the morning prep services your station subscribes to. Maybe you only need one or two comprehensive prep services. These are areas where you can save money without compromising content.

Many radio stations are finding new ways to monetize their digital assets. How well is your team tapping into your digital presence and streaming opportunities? Like everything audio, it comes down to content, so strive for quality original content and repurpose your best on-air content on podcasts which could lead to alternative revenue streams.

Having a partner who understands your business makes daily operations easier and increases the prospect for profitability. When a product or service provider knows the ins and outs of the radio business, they can often help you identify new areas for growth, streamline operations, and provide input on decisions.

In just over a year since its launch, Radio Resources has already built a reputation for helping radio broadcasters not only save money but make money. We are keenly aware of the challenges you face in running your station or group profitably and truly are that one-stop shop for a multitude of their needs, from sales, promotions, and programming to imaging, texting, and technology.