Cost Cutting Hacks for Small Businesses
When you're running a small business, you may find that your purse strings are being squeezed and you're trying to make your business work while on a small budget. You'll find that the faster you get to grips with the costs, the more money you'll be able to save.
Most businesses look at working with flexible expenses and cut these first, such as the marketing budget. Marketing should be treated like the lifeblood of your business, they are the things that make you money. If you cut them, you could lose money.
Instead, look at the other major expenses in your business. Consider taking any cuts that won't affect your bottom line or productivity. You may even find you're paying for things that you don't need in your business, or alternatives that are better suited.
Only get the digital storage you need - when you need it
Digital storage is something that a lot of businesses pay for even without knowing how much they'll need or how much they should be paying for it. Most business solutions are targeted at larger companies and contain a lot of features that smaller companies won't need. You may find that you're better off looking at solutions that aren't geared towards businesses.
Finding a solution for a small group of people may be better than finding a solution for a business. It may mean that you don't get as much space, but you may find that you weren't using all the space anyway.
Opt out of a phone line - opt into VoIP
You may find that your phone line is eating into your monthly budget even though you're not getting many calls coming into your business. VoIP works by cutting out the need for a phone package as all calls are taken over the internet. This can help your business to save money by eliminating the need for a phone package.
You may find that a phone package is the best option for your business, but when you're a small business, it's unlikely that you're making enough use of your phone line for this to be the case.
Hold off on buying big-ticket items
While there are certain items you'll need to have to keep your business ticking over, chances are, there are a few items you can hold off buying for a few months. After all, there's going to be a sale soon.
If you can hold off and wait until the Black Friday sales or After Christmas Sales, or even New Year Sales, you could find that you're paying less for the item than you would in the middle of summer. You used to find that these sales were reserved for household items, but in recent years, B2B suppliers have also started getting in on the act.
There are other times for sales of course, so try tracking the price over a few months and see if you notice any fluctuations.
Use templates and tools rather than hiring professionals
When you start writing your business plan, it's likely that you'll want to have input from several different sources. You may want to hear from accountants, lawyers, graphic designers, and many more professionals. But you won't need to have access to these professionals all the time, so having them on an as and when" basis can be much more cost-effective.
When you first hire these professionals, look at getting them to set up templates for your business, which you then use time and time again. You may find that you only need their services when a large, or unique, job comes your way.
You can also use software such as QuickFile for your accounting needs and then only hire your accountant when the time comes to submit your annual accounts. This can be much more cost-effective than hiring your accountant to go through every detail of your accounts on a monthly basis.
There are cost-cutting measures you can use in any aspect of your business, it may take you a little time to find them. But once they're set up you can start to see where you're saving money while keeping your high standards of finished product and without cutting back on aspects such as marketing.
- 12 Nov 2019 - Warning Signs Your Partnership May Not Work
- 28 Oct 2019 - Cost Cutting Hacks for Small Businesses
- 11 Oct 2019 - Tips for Developing a Mission Statement
- 08 Oct 2019 - Tips to Open a Business Bank Account in the U.K. for your Limited Company
- 27 Sep 2019 - What Happens When a Small Business Owner Dies?