As a business owner, you would appreciate if your business was able to save some money. The most important goal is to cut costs while raising profit margin. You have a few obvious ways you can save money and probably you have heard about many of these ideas. But how many of those solutions are ideal for the modern business environment? To excel in 2018, you need creative ways to save money for your business, so we compiled a few of these tips to help you take your business to the next step.
1. Shared workspaces
For a business just starting out, you could take advantage of the availability of shared workspaces. Many cities now have such spaces where you can share office space with other businesses as you gradually work on scaling your business. Many businesses are today run by a laptop or smartphone, so you would not need to establish a physical office at your own location as this would amount to heavy costs. Shared workspaces also give you access to conference rooms in the event you might need to hold meetings.
2. Outsource front desk tasks
Instead of hiring full time employees to handle emails and answer calls, you could take a cheaper option which includes outsourcing such tasks. Hire freelance virtual assistants who you can pay on hourly basis instead of keeping employees who will be paid on monthly basis even when they work for fewer days.
3. Use online accounting and management software
Technology has advanced and you now no longer need to hire human accountants to take care of your accounting needs. There is a wide array of accounting software that you could subscribe to through online platforms that gives you all the important features you need to manage the accounting needs of your business. Most of these software options even allow you to automatically fill your 1099 form for submission to the IRS to avoid tax issues. Overall, using online accounting software is a cheaper option and allows you to have more control over your expenses and performance of your business.
4. Go for cheaper phone options
If your business involves a lot of inquiries and calls, you could incur a lot of expenses in the form
of cell phone bills. If you are paying for more than two lines, this bill could balloon and you end up with a huge expenditure at the end of the month. Instead of using the usual cell phone services, you could go for alternatives like Viber which uses your data instead of your minutes.
5. DIY PR and marketing
PR and marketing are among things that could be taking a lot of your budget as a business. If you have been hiring for these services, you might want to review your plans to ensure you spend less by trying DIY solutions. Hiring a PR expert could be costly especially for a small business, so if you are creative you could act as your own spokesperson and PR assistant. Learn the ropes and get as much information about this as possible.
Running a business requires money and sometimes this budget is too heavy that one cannot effectively achieve the goals expected of the business. If your business is still young and you would like to cut costs, it is advisable you review areas where you could replace conventional services with technology.