Maximising resources and cutting costs whenever possible are important in keeping a business afloat. Whether you are a shop owner struggling to make ends meet, an entrepreneur who is just starting out or someone who has successfully been in business for decades, these tips can be helpful in cutting your company costs.
1. Hire interns.
Want to increase your efficiency without breaking the bank? Hire interns. Their services usually cost lower, if not free, than that of a regular employee. Make sure that your business can offer valuable on-the-job experience in order to attract interns to join your team.
2. Track your expenses.
This is mandatory. Have a proper record-keeping process in place to track your expenses not only for compliance purposes but also to get insights on your spending habits.
3. Go paperless.
The constant modernisation of technology has made it easy for businesses to conduct their business electronically. Instead of printing out forms, allow clients to fill out your forms online. If you are sharing business reports, analyses, press releases, or white papers, make these materials available in pdf. Go paperless. Both nature and your wallet will thank you for it.
Do you have a pile of papers you no longer need? Flip it over and use the opposite side for printing in-office materials or for taking down notes. Reduce the use of utilities or unnecessary office items. Empty printer cartridges can be reused by refilling them with ink. You can also opt to sell empty printer cartridges.
5. Attend networking events.
Everyone has something to offer—it could be a referral, a service, a discount, word-of-mouth promotion—there are many ways you can benefit by simply building genuine relationships. Invest in establishing and expanding your professional network. Attend events that are relevant to your industry. Offer help whenever you can. Represent your small business in the best light possible and you just might get free marketing of your business or a new client.
6. Take advantage of social media platforms in promoting your business.
Is your target market present on social media? Most likely, yes. Build your social media presence and interact with potential customers. Instead of paying for expensive traditional advertisement, you can promote your offerings on social media for free.
7. Ask for discounts from suppliers.
Remember, there is no harm in trying. Be bold enough to ask for discounts. Chances are you already have suppliers that you repeatedly conduct business with and they may be more willing to give you a markdown. Haggle a little if you are purchasing from new suppliers with the promise of doing business with them again in the future or recommending them to your connections.
8. Shop around and compare prices before committing.
Check out other stores, ask other suppliers, survey which has the best bang for the buck and compare before making any big purchases.
9. Conserve energy.
The simplest things like turning the lights off when not in use or taking advantage of natural lighting during the day can make a difference. Unplug office equipment when the work week ends. Invest in energy-efficient fixtures and equipment that will save you more bucks in the long-term.
10. Purchase only what you need as oppose to buying in bulk.
Make a detailed list of your office supplies needs and stick to just buying whatever is on the list. Buying in bulk may seem like a sound idea because of your discount but if the items just sit around your office untouched, you’re definitely not getting the most out of what you paid for.
11. Take advantage of free business tools.
Increase your efficiency and productivity by incorporating free tools in your business. For managing your social media accounts, you can use a content scheduling application that lets you schedule your content for the whole week. If you have a lot of e-files, you can use free data storage applications to backup your files.
12. Comply with statutory requirements.
Be a responsible small business owner. Keep track of all statutory requirements and comply accordingly to avoid penalties.
13. Outsource non-core aspects of your business.
Handling a small business is both time and energy consuming. Once the business starts picking up or during peak seasons, some aspects of your business may suffer. Avoid this by engaging a professional service provider to take care of non-core aspects of your business. Not only will you be able to focus on main business activities but also be assured of complete statutory compliance. Whatever task it is you are unable to attend to—be it bookkeeping, accounting, or tax requirements—make sure that everything runs smoothly by hiring a reliable professional service provider.
