Friday, March 13, 2020

Simple Ways to Save Your Business Money

Without being able to balance the books and keep your business in the black, your business is likely to fail. Of course, getting more customers and boosting your business in that way is going to be the main aim of the business. However, there are still plenty of things that you can do to cut costs and curb your spending, which can be more immediate and quicker than building up more sales. So as they say, when a penny is saved, a penny is earned. So here are some of the things that you can do to save money in business. 

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Set an example: one of the things that can help to save money is for you to be on top of your spending, and setting an example to others when it comes to things like expenses. When you do something and show others what you’re doing, the rest of the team are much more likely as well. 

Hold less meetings: meetings can be something that can hinder productivity for a business, as well as take up a lot of money. How many times have you had a meeting with a client and you buy lunch or put on a spread of food and drinks? How many times have you had to travel to a meeting, all of which have associated costs that add up? Have less people attend meetings, and really limit face-to-face meetings in order to save some money.

Move away from traditional marketing: running things like magazine ads and TV adverts are expensive, and really, you can’t measure the impact that those things will have. But in comparison, more modern ways to market your business can cost less, and can be more effective. So think about how you market your business, and look for the most cost-effective methods.

Change small daily costs: there are a lot of small costs that can occur daily that can be a problem as they do add up to be quite a lot. Think about the credit card payment processing that you currently use, for example. Something that sounds like it is a small fee can add up and actually lead to be quite a lot, especially over time. So something as simple and changing provider can make a difference. You could also think about costs to things like coffee machines and disposable cups in an office; these costs can add up, but aren’t necessary.

Consider remote working: one of the biggest costs that a workforce will experience is the cost of rent on an office space. So think about remote working, if you are in a position to do so. A small team, all working from home, meeting up from time to time, could be what you need to do if you are in a financial bind. 

Buy supplies in bulk: As a rule, things are going to be cheaper when you buy them in bulk. It can be hard to buy in bulk as a cash-strapped startup, but if you are in a position to pay for more things up-front, then it can make a big difference to your cash flow long term.


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