Operating a small to medium-sized business does not always allow for a large budget. Overheads can quickly inflate and leave the remaining profits rather meager. In order to increase income, here are some tips for saving money with smaller businesses.
Hire An External Meeting Room
Allocating a portion of the budget for an internal meeting room is not essential. Reducing costs can begin with reducing property rates, and simply renting an external meeting room when it is needed can reduce overheads drastically.
Laptops Are Cheaper To Run
While office workers generally require easy access to computers, desktop PCs are not the only option. Laptops are becoming increasingly cheaper, and they require less electricity to operate than larger machines.
Evaluate Phone Line Usage
Phone lines are not the life-blood of a modern company, as they once were to businesses. It is often possible to limit the number of phone lines in a workplace without adversely affecting workers. Internet services are also an inexpensive option, with each computer generally being online already.
Printing costs can soar exponentially when left unmonitored, so many businesses are “going green” by seeking paperless alternatives. If hard copies are required, ensure that ink and paper is purchased in bulk or at a discount. Refilling ink cartridges or buying second-hand goods reduces costs further.
Save Electricity To Save Money
Educating staff about the importance of saving electricity is a cheap and effective way to reduce costs. Simply turning off lights when they are not needed can cause a hefty change.
The Internet Is Ready To Help Reduce Costs
Since the Internet is already required by most modern businesses, utilize it as much as possible. Simply emailing documents instead of using regular mail and holding meetings via online video-conferencing technology will save time and money.
Ensure You Have The Right Amount Of Insurance
Make sure to have adequate insurance, but no more than is required. Failing to be covered for a fire or theft is terrible, but paying too much for unnecessary benefits is also costly.
Reduce Theft With Vigilance
Be cautious of theft by employees and visitors. Simply keeping valuables guarded and properly checked can prevent goods and cash from disappearing.
Choose The Appropriate Employee For Each Task
Are you paying employees to perform tasks that they are over-qualified for? If a well-paid member of staff is wasting time creating forms or cleaning, consider sourcing the work to a college student or part-time worker.
Maintain Mailing Lists
Maintain mailing lists to avoid paying to send items to inactive members and changed addresses.
Word-Of-Mouth Is Free
If a client is particularly happy with your business, ask them to write a referral or allow the use of a testimonial in your online marketing material. This is an effective and free form of advertising.
Advertise On The Internet
Advertising on the Internet can be free or inexpensive. It is a great way to capture a wider audience without bloating costs.
Cross-Promotion Is Efficient And Effective
While advertising one product or service, use it as an opportunity to promote another.
Book Ahead To Save Money
If travel or accommodation is required, research to find competitive prices. Book in advance to allow plenty of time for this.
Buy In Bulk
Purchase supplies in bulk whenever possible. Why purchase only a handful of pens when more will be required soon? Do not buy a week's worth of coffee when a larger supply costs less per unit.
Sublet Unused Space
If you have unused office space, consider subletting to recoup rental fees.
Outsource To Freelancers And Part-time Workers
Consider hiring freelancers or part-time workers for short-term tasks, rather than paying for a permanent worker who is not needed. Be sure that they are aware of the circumstances to avoid inconveniencing anyone.
Why Do Work That Is Already Done?
Rather than pay employees to format new documents, look online for pre-made, free templates.
Saving money is not complicated, and it certainly should not cost anything to implement. This list is extensive but using even a few of these tips can help to revive a struggling business.