Cut Those Costs Today!
By As a small business, you likely don’t have the same resources as bigger companies. As research shows, 70% of new businesses fail. Sad, right?
Regardless of how creative, hard-working, and intelligent a business owner is, a business will fail if there isn’t the proper amount of capital available. Thus, many small business owners behave in the same ways: chasing after investors, believing that’s the only way they can get extra money for business essentials.
Having said that, one of the biggest mistakes a business owner can make in the beginning is not using the right money-saving strategies. Let’s examine five ways businesses can cut costs and save money.
Use Open Source Software
Many businesses invest in expensive software that can be easily replaced by free alternatives. Consider Microsoft Office Suite that starts at $499 for professional use and is only available for one computer. When you multiply this by 10, you can see that’s a lot of money.
On the other hand, you can opt for Google Docs which has many similar features comparable to Microsoft Office. Plus, it’s entirely free. What could be better?
Downsize Your Office Space
Sure, while downsizing is rarely fun, it can really free up some space in your office by storing documents or furniture in a business storage unit. Another alternative is to use flying shelves instead of chunky cabinets.
Hire Freelancers Remotely
Hiring freelancers remotely may be one of the most effective and popular money-savers out there. If workers can do the same job from the comfort of their own homes, why would you pay rent, buy furniture and pay for utilities?
Keep Your Workers Accountable
There is a significant difference between being busy and being productive. Maintaining focus on one thing for eight hours each day is no easy feat.
Rather than requiring your employees to work eight hours per day, have them track their productivity and figure out how many hours they can actually concentrate on one task. You’ll actually find that many employees can stay focused and accomplish the same amount of work in less time.
Re-think Your Marketing Strategies
Small businesses can’t do what larger companies do when it comes to digital marketing and promoting their products/services. Investing in branding and outbound marketing tactics may seem very difficult when you have bills to pay.
Rather than investing in advertising, take an easier approach: advertise your services on websites like Craigslist. Ask friends and family if they need your help or if they know someone who needs it.
