4 Pain-Free Ways To Cut Costs In Business

Running a business can be a very expensive business indeed! Not only that, but it can be stressful - and these two things are natural bedfellows. The higher your expenses, the higher your stress levels. A business that survives is going to ensure that those expenses don't outweigh the income. 

If you're a bootstrapping business owner, you're always going to be looking for ways to cut a loss, or boost profits - and that's great. These small business sensibilities should be utilized by big businesses as well. However, cutting costs can mean some really tough and painful decisions have to be made. This isn't always the case - and when costs are high, people do look at making redundancies or downsizing. Now, these moves are necessary if it's unproductive payroll that is crushing a business due to inefficient hiring processes, but there are plenty pain-free ways to cut costs. 

Remove Your Overheads 

If your office spaces are too expensive - change your office. High overheads can cripple a business, so if you can find cheaper surroundings, you must act on that and get that change done. Rent, bills and utilities are things that can damage a business's profitability, so you need to always be on the lookout for a better deal. Many websites now showcases the idea of a virtual office - which means you can get the benefits of a city location without the big overheads. If you can cut those costs, it can be pain-free, at the cost of a simple move. 

Change Your Suppliers 

You sell to customers right? You try to be competitive in a market because you want to be the best option for your customers, don't you? Well if this is the case, you'll know that to a supplier, you're a customer and they might have a market to obey. If your supplier costs are high - change your supplier to a cheaper option to cut costs. You could also negotiate, and you absolutely should if you want to save costs. A supplier would rather keep you than lose you, so a deal could work! 

Educate Yourself & Your Team 

If you want to save costs - stop hiring for every little need that your business has - this will lead to sackings in the long run. Focus on building a small, dedicated and productive team. What do you do if a need emerges in your business? You learn how to do this yourself to fill the gap - and you tutor and develop your employees to do it themselves and you promote from within. Make small changes over time and ensure that you don't act rashly and hire to fill temporary needs. Teach yourself and do your best to develop your employees. 

Use Social Media 

There's a lot of benefits in employing an agency to handle your marketing - but you might not be at a level where you can afford this. Down the road - maybe, but if you want to market on the cheap, use Facebook, Snapchat, Twitter and YouTube - use social media as an effective way to market.

I hope you enjoyed this article about pain-free ways to cut costs in your bootstrapping business.

Interested in more articles about business budgeting?

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Published by Michael J Schiemer
Owner of Bootstrap Business
Money - Marketing - Motivation
Digital Marketing | SEO | Social Media
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