5 Easy Ways to Cut Costs at Your Small Business

5 Easy Ways to Cut Costs at Your Small Business

Budget

Although the economy is recovering, small business owners are still searching in every nook and cranny to save money. When managing the bottom line and keeping expenses down, small business owners need to consider a variety of questions such as: “Are suppliers offering the lowest price on the market? Are utility providers charging unnecessary fees? Is it possible to hire remote workers?” These are only a few of the questions to consider when looking to cut costs and improve small business sales.

So, how exactly is your company going to take action on these thoughts and save money? Let’s take a look at five cost-cutting strategies that small businesses and start-ups can take advantage of:

Hire Remote Workers: As technology has advanced, workers are now able to stay connected while working remotely. Hiring a “mobile workforce” offers opportunities for small businesses to save money—nearly six out of 10 employers report cost savings as a major benefit of telecommuting, according to a report by Global Workplace Analytics. Furthermore, finding and hiring new employees is a lengthy and expensive process, but 46% of companies that allow telecommuting report it has reduced attrition rates.

Limit Business Travel: Traveling across the country to meet with a client can deeply impact your company’s bottom line. Limit these expensive trips by investing in technology that can bring the meeting into your office. For example, video conferencing is a way to have “face-to-face” interactions with clients thousands of miles away. Instead of flying from New York to Los Angeles, your company can utilize video conferencing to discuss business just as if you were in the same room together.

Analyze Vendors and Utility Providers: It’s possible that some of your suppliers are not offering the best prices or you have reached thresholds in the last six months that make you eligible for fewer costs. Small business owners should closely analyze these vendors. Moreover, utility providers may be charging unnecessary monthly charges. Thoroughly review your phone, Internet, electricity and gas bills. You might even want to choose a green energy plan.

Implement Digital Advertising: As prospects continue to move online, the effectiveness of advertising in print and on TV is dropping. What’s more, these ads cost a lot more than implementing a digital media campaign. Small businesses and start-ups can slice exorbitant costs through online marketing. By creating free Facebook and Twitter accounts, you can start attracting dozens of followers without spending a dime. These pages should include links to your website to find out more about your products, as well as daily updates on any promotions and company news. Furthermore, entice your social media followers to subscribe to daily emails.

Stop Procrastinating: Time is money for all business professionals. When a small business owner wastes valuable hours each week, sales can plummet. Stop procrastinating and look into time management techniques. For instance, end every Friday by outlining a schedule for the following week—write down what tasks need to be completed each day and by what time. If necessary, write down which hour of the day you should complete the specific work. In addition, reduce interruptions throughout the day.

Small business owners cannot wait any longer to employ cost-cutting strategies. Starting today, how will your company keep expenses down?

Budget

Although the economy is recovering, small business owners are still searching in every nook and cranny to save money. When managing the bottom line and keeping expenses down, small business owners need to consider a variety of questions such as: “Are suppliers offering the lowest price on the market? Are utility providers charging unnecessary fees? Is it possible to hire remote workers?” These are only a few of the questions to consider when looking to cut costs and improve small business sales.

So, how exactly is your company going to take action on these thoughts and save money? Let’s take a look at five cost-cutting strategies that small businesses and start-ups can take advantage of:

Hire Remote Workers: As technology has advanced, workers are now able to stay connected while working remotely. Hiring a “mobile workforce” offers opportunities for small businesses to save money—nearly six out of 10 employers report cost savings as a major benefit of telecommuting, according to a report by Global Workplace Analytics. Furthermore, finding and hiring new employees is a lengthy and expensive process, but 46% of companies that allow telecommuting report it has reduced attrition rates.

Limit Business Travel: Traveling across the country to meet with a client can deeply impact your company’s bottom line. Limit these expensive trips by investing in technology that can bring the meeting into your office. For example, video conferencing is a way to have “face-to-face” interactions with clients thousands of miles away. Instead of flying from New York to Los Angeles, your company can utilize video conferencing to discuss business just as if you were in the same room together.

Analyze Vendors and Utility Providers: It’s possible that some of your suppliers are not offering the best prices or you have reached thresholds in the last six months that make you eligible for fewer costs. Small business owners should closely analyze these vendors. Moreover, utility providers may be charging unnecessary monthly charges. Thoroughly review your phone, Internet, electricity and gas bills. You might even want to choose a green energy plan.

Implement Digital Advertising: As prospects continue to move online, the effectiveness of advertising in print and on TV is dropping. What’s more, these ads cost a lot more than implementing a digital media campaign. Small businesses and start-ups can slice exorbitant costs through online marketing. By creating free Facebook and Twitter accounts, you can start attracting dozens of followers without spending a dime. These pages should include links to your website to find out more about your products, as well as daily updates on any promotions and company news. Furthermore, entice your social media followers to subscribe to daily emails.

Stop Procrastinating: Time is money for all business professionals. When a small business owner wastes valuable hours each week, sales can plummet. Stop procrastinating and look into time management techniques. For instance, end every Friday by outlining a schedule for the following week—write down what tasks need to be completed each day and by what time. If necessary, write down which hour of the day you should complete the specific work. In addition, reduce interruptions throughout the day.

Small business owners cannot wait any longer to employ cost-cutting strategies. Starting today, how will your company keep expenses down?

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