10 Ways To Cut Down Business Costs
If you’re struggling to make ends meet as you run your business, taking a long hard look at where you can cut costs is a sensible course of action.
While you may think that you are already operating in as lean a manner as possible, casting a more critical eye over your everyday actions will most likely reveal a number of areas where you can trim wasted spend.
To help get you started, try these suggestions for lowering your overheads and reducing unnecessary expenditure.
1. Go green
This is an obvious answer but one that can still save you money.
Instead of printing, send an email or a PDF.
Instead of buying note pads, use waste paper.
Instead of buying bottled water, invest in a water filter instead.
When you start to adopt a green mindset, you’ll see savings quickly mount up and unnecessary costs such as printer paper, envelopes and postage go down.
2. Hire an intern
It’s true that your people are your biggest asset but if you can’t afford a full-time hire or need some temporary help, consider hiring an intern such as a local college or university graduate rather than appointing a permanent member of staff.
It’s sometimes cheaper to outsource than do everything yourself.
Look at where you might save money on time and resources by having a third party supplier do it for you.
4. Use accounting software
Using a program such as Xero can help save your business money.
It can perform tasks such as payroll and automate jobs such as sending payment reminders for customers who owe you money.
5. Change your business mobile contract
If you’re paying expensive monthly contracts for your business mobile phones, shop around for a better plan with more free minutes, better data bundles and a lower monthly cost.
6. Change your broadband provider
It’s often cheaper to bundle your phone line and internet provider.
If you’ve been with the same service awhile, shop around for a better deal.
Most providers have great incentives and offers for new customers, meaning switching could save you a hefty amount each month.
7. Negotiate better credit card APRs
If you use a credit card to finance your business purchases, check what APR you’re paying.
It might cost you less to do a balance transfer with a generous 0% interest term.
8. Get free software
Before you invest in a costly license for software, shop around and see if there’s a free or cheaper program that does the same job.
You can use Google Docs for word processing and spreadsheets for example rather than pay for Microsoft Office.
9. Be clever with your marketing
Look for any and all opportunities where you can advertise your services for free, rather than paying for marketing.
10. Work remotely
If you’re struggling to pay your office rent or find that it’s just too expensive to maintain your own property, make use of technology and work remotely or consider a serviced office building instead as the monthly fee for hot desking or a room will include all bills.