Politics and Business
Painless Ways To Save Money In Your Small Business
Saving money in your business does not mean you have to make sacrifices. Not all of the time, anyway. There are some very easy ways to save money, without any risk to your business.
Consider the following, and implement any idea that will help you to make cutbacks on your spending, while still supporting the needs of your business.
#1: Outsource your irregular business tasks
Employees are sometimes essential, but for those tasks that are irregular, it would be a mistake to hire somebody in-house to take them on. Not only will you have to pay the employees a regular wage, but you would have to cover other costs too, including the expense of equipment for them to use and any benefits that they should be entitled to. So, cut back on your hires and outsource certain tasks to make savings within your business.
#2: Save money with the right supplier
If you regularly use a particular supplier, they might be more inclined to offer you discounts when you bulk buy what you need. Just like you, they are trying to stay open in business, so if they know you’re a valued customer, they might be more than willing to negotiate lower prices. This would guarantee your future custom, so you would both benefit.
Of course, if your supplier was resistant to negotiation, you have the freedom to shop elsewhere, especially if you can find cheaper prices. You should make the switch or threaten your regular supplier with your potential move, as they might then offer you a better deal to keep you as a customer.
You don’t need to stick to suppliers in your own country either, as you could source cheaper supplies from abroad. And with companies such as Airwallex, you can also save money when making an international money transfer. So, commit to research, and don’t assume you have to stay with the same supplier forever.
#3: Embrace telecommuting
At the time of writing (during the COVID-19 crisis), this might be something you have had to do anyway. And if it’s working for you and your employees, you might want to allow for the transition in the future. If you can all work from home or mobile office spaces, you wouldn’t have to pay the overheads of rented office space, and you wouldn’t have to pay for certain types of office equipment or travel expenses. Even if it’s not possible for every day of the week, you might still consider the possibility occasionally, as aside from saving money, there are other benefits, such as a better work-life balance for you and your staff.
#4: Go green in your business
This should be something you implement within your business anyway, as not only will you do your bit to save the world, but you will boost your reputation with your staff and customers if you go green. You can also save money, as by making the effort to turn off appliances that aren’t being used, and by switching to energy-efficient lightbulbs, you will reduce some of your costs. You might also transition to a paperless office, as by doing so, you would save money on paper and ink, and you would create less paper waste in the process.
So, don’t hold your head in your heads in anguish because of your decreasing profit margins. Implement these money-saving ideas in your business, and benefit from the extra money you will then have to spend within your business.