6 recommendations to reduce small business costs today
3 advices to reduce small business expenses today? Make sure the solution you choose is available on mobile (like Jotform and Connecteam) as well so you can access it anywhere and at any time. This will save you and your employees a lot of time as well and you can avoid the hassle of lugging around binders full of paper forms. Network: Manifest reported that “People trust what they see on social media, and as a result, 67% have made a purchase after seeing an advertisement on social media.” Therefore, engage with your audience online, talk with them, and build up connections to gain more sales while boosting your online reputation.
Renegotiate with suppliers: Everyone understands that times are tough for businesses. If you’re struggling and thinking that you might not be able to continue working with a supplier, consider talking to them and renegotiating. It’s a much better idea to negotiate a lower price or a lower level of purchase rather than leaving that supplier altogether. This results in the supplier still getting your business, and you do so at a price you can afford.
Relay to your employees that staying in business is the most important thing. Without the business, everyone would be out of a job, so you need to decrease salary or make them part-time. If your business has an excellent culture, they will understand. Explain that this can and hopefully will all be temporary. Also, see what fixed costs can be delayed and audit your variable costs. – David Fabi M.D., FABMVMNT During a time of economic strain, it’s imperative that you trim as much wasteful spending as possible. I’ve found that by conducting an expense audit, areas of wasteful spending can be easily identified and curbed. Whether that’s overspending on shipping for an e-commerce business or allocating too much spend to PPC for an online services provider, there are ways to reduce costs. – Chris Cashin, Parcel Consulting, LLC
Cloud computing is very popular, and it isn’t hard to see why. This fairly new technology can be used in various ways; for instance, you could host a virtual phone system from your house as a customer service line. This means you can provide your clients and customers with a reliable, affordable form of customer service – even if you don’t have an office or any employees. Discretionary expenses are costs that you want but don’t need. For instance, you may be spending money on weekly snacks for the office, or you may want to buy a water cooler. We suggest holding off on discretionary expenses if you want to save money; after all, you can always buy these items later, when your business is booming! Discover more information on Reduce business costs.
A great idea to help save money for your small business is to rent a shared space instead of a separate office. It’s no doubt that every business in its embryonic stage will be small in size; meaning fewer staff members are required. Therefore, there isn’t a need to rent a large office. You can easily find a vacancy in a lot of shared workplaces as they are quite common these days. This will help you save money on the rent since the rent will be divided between your business and the other business renting the same shared space.