Here are some simple ways to save money on business expenses, some you may not even have thought of - so go, go, go and get saving!
Go Digital
If you haven’t already, get your business into the digital realm. A website is imperative today. There are simple ways to create a website these days and if you get stuck using YouTube to watch tutorials is helpful.
Social media is powerful too and it’s much cheaper than print media advertising. You can also target your customers very specifically through something like Facebook advertising. Newsletters are also worth considering – just remember to keep them brief and don’t forget to focus on the visuals. We are more visually literate than ever before, so strong visuals are a must.
Go Paperless
In some cases, it may cost to use cloud services to store documentation but this is worth it and will save you a lot of printing costs further down the line. Make sure employees are not unnecessarily printing. Document archival is very important in business these days and professional data archivists will say that this is a key part of your business. Make sure everyone on your team is on board with archival practices and if not put them through training. It’s worth the investment and you’ll probably still be saving costs compared to print expenses.
Go Virtual
Harness the power of technology and make use of virtual services to conduct business. Arrange Skype calls and consider creating a mobile office where people can work from home. Not only will you be saving the business money but you will be helping your employees too. That means less time commuting and stuck in traffic and more time to be productive.
Go Cheaper
Cutting operational costs is another way you can save costs especially by outsourcing certain services. According to Quickbooks, “while it might seem that hiring an outside vendor will result in spending more money, the truth is, in the long run, delegating certain tasks to subject matter experts will save you money and should generate even better results”.
If some tasks are taking you longer than you’d like it may be worth getting in someone who has expert knowledge of a subject to help you with the parts of your business where you are hitting a snag. They may have some simple advice for you that will transform the way you do business. Other people’s insight is exceptionally valuable and a fresh eye may help you to see problems from a different perspective.
Go Negotiate
If you are renting space try to speak to your landlords or agent about getting the best deal you can. Negotiate as much as you can and explain your circumstances to them so they can get a better idea of your needs and where they can help you save. If your landlords aren’t negotiable try to look elsewhere.
This is probably one of your largest monthly expenses but if you can’t find affordable space why not consider hot desking or using shared spaces? That way you can book when you need a meeting room on an ad hoc basis and allow employees to work from home the rest of the time. It does depend on the nature of your business but try to be flexible about your working environment – you may find a solution that works for everyone on the team.
Go For Good Insurance
Regularly assess your insurance needs. Things change in businesses all the time and your insurance cover needs to reflect that. Sit down with your insurance broker and discuss the needs of your business at least once a year or even more regularly if you are dealing with expensive equipment that you upgrade often. If you are running a fleet of cars shop around for a car insurance quote that best matches your needs.
Now that we’ve gone through some of the basics we hope that this has inspired you to think of other ways to save money in your business. Every little bit counts so get saving and see the results.
I hope you enjoyed this blog post about how your small business can save more money on monthly expenses to stay on budget.
Interested in more articles about running a business on a budget?
Read Related Resources:
• Why Negotiating Can Help Lower Your Business Debt
• How To Affordably Furnish A Home Office Or Shared Space
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