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5 Most Effective Money Saving Tips & Trick For Small Business Owners

Discussion in 'General Business' started by Olugbenga, Nov 13, 2018.

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  1. Olugbenga

    Olugbenga New Member

    5 Most Effective Money Saving Tips & Trick For Small Business Owners

    Every expanded company was once a beginner - a small business. Although small businesses have a lot to take care of as they start the journey, observing and making a few amendments can bring a good fortune to the company. According to a reliable survey, 8 out of 10 companies fail within the period of the first 18 to 36 months.

    While most of the business personalities focus on getting more sales, decreasing expenses is also as essential as sales for a new business. Oh, wait! You do not need to break your bank again in order to consult some financial adviser.

    If you need to know how to cut some expenses and save for your new business growth; you would have to follow some simple saving ideas that matter the most. Not instantly, but, you would definitely notice the difference it makes in a long run. Go through the following tips and experiment with those tricks to see how it proves to be beneficial for your new venture:

    1. Switch off unnecessary electric appliances like lights, AC, and machinery

    One of the simplest and straightforward ways to cut down the cost is turning off the electrical items or electronics when they are not needed. It might seem arduous when you and your employees keep busy and always on the go of getting something done. But, once everyone gets used to it, its fairly easy too.

    Whether it is 9 to 5 office or a restaurant, power down of any device or instrument like personal computers, over-desk lights, printers, ACs or storage lights can add up to savings. If you cannot do that, you can at least leave instruction or notes for cleaning/closing crew of the office to do so. Try it and you would be happy to pay the bill next time.

    2. Cut Down the Paper Cost

    You might ask how is it possible, but, you can surely cut down paper cost by reducing paper use. Just like decreasing energy and water usage, cutting down the paper use is important. There are some convenient ways of doing it and it is super easy to implement. Note the following points:

    Keep default setting in your printer to print and copy the double-side

    You can reuse the waste paper for scratches or notes

    Get the margins tightened and shrink font size on printed reports

    Inform the sources of postal mails and vendors for the employees who no longer work for your organization

    3. Analyze Your Bills

    Well, along with taking care of the above two points, it is essential to examine all the bills you receive for all the services you are availing. Have you ever looked at how much you spend on utilities, phones, internet services, and delivery cost and other monthly packages you use?

    Are the landline phones really needed? If you are handling your business alone or have a handful of employees working for you or your company, a lot of things can get done on cellphones or Skype or Google Talk. If you have company mobile phones, have you ever compared the cost to minute plans? Do it as soon as possible.

    Go through your credit card statements and expenses, make sure you are paying for the things you use frequently. If landline phones or webinar subscription are used rarely or once in a couple of months, get rid of them.

    4. Hire Freelancers

    If your business is taking baby steps and going in the right direction, do not rush for hiring full-time staff. If you are uncertain about that, get the work done by freelancers or independent contractors. They are much inexpensive than those working for you full time.

    The advantage of getting things done with the help of freelancers is, you can start working on something for a short period of time and can stop it whenever you want. Thus, it saves your cost because you do not have to pay for a full month. You might find them less trustworthy but, it’s the right option for your non-core activities and for one-off tasks. It keeps the labor cost of the company at its minimal.

    5. Buy Things in Bulk

    You know you would need specific things and services for your business for a long time. Paying monthly or weekly for such things can cost you much more than longer subscriptions. Many service providers offer huge discounts if you pay for six months in advance or if you take in yearly benefits.

    Even the office appliances or any other things that you buy often can be bought at great discount prices if you use coupons sites like Couponobox.com. Such sites always have appealing discount deals for customers for better marketing. Avail these benefits which would definitely work in your favor.

    Along with above-given tips, you can also evaluate many other things like employee perks, connecting with small businesses, cutting marketing cost with the digital SEO marketing instead of a conventional way of doing it. Also, use free business resources and software to enhance overall productivity. Take care of small things and see how it works magic for you and your business in the long run.

    You might also be interested in the following digital marketing articles. Pros And Cons Of Coupons For Business, Fast Business Expansion Strategies, Quick Cost Cutting Measures For Startups, Crusial Benefits Of Hiring Remote Workers,
     

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