For any small business, there will be a big focus on keeping costs as low as possible. You will have the money that you want or have been loaned, budgeted right down to the last pennies. So until things are up and running, it can be hard to spend more than you have. Which is why you may be looking for ways to reduce the projected costs on things, so that you have more profit. Because, at the end of the day, what you spend your money on does have an impact on the bottom line of your business.
But you need to make sure that you are looking to cut costs, but not cut corners. Don’t compromise on quality just because you are making some savings. Easier said than done, though, right? So here are some tips to help. You can have a successful business and stick to your budget!
Rethink Staff Numbers
One of the biggest expenses for businesses is staff. If you have a full-time team, then they will need to be paid for each day that they are there, regardless of what work gets done. You may have to provide insurance for them, sickness pay or other benefits like pension payments. So if you want cut costs, then looking at how many people you recruit can deal with that. Instead, you could look to hire freelance employees that you only employ when you have a job for them. It means you cut costs as you don’t have to pay them all the time, and you don’t cut corners as they are experts in the field that you’re hiring them for.
You are likely to be using emails and other digital media forms. But if you provide things to customers that will need to be printed out, then it can cost time and money to get things printed for them. Opt for things like paperless billing or email receipts. Don’t print things unless you really have to. And of course, for the things that need to be printed, look for the best deals on HP ink or other ink that your printers need. Then you can save money that way. Any essentials for the office should try to be bought at reduced prices to save as much as you can.
With that said, if printing is still a vital part of your business, buying from original cartridge manufacturers is more important than buying the cheapest version. While they may be cheaper for a one-off deal, original cartridges, such as HP 5530 Ink, beat out generic versions every time. So, while any essentials for the office should ideally be bought at a reduced price to save as much as you can, don’t cut quality corners if it’ll cost you more in the long run.
Taking time to travel to and from meetings not only wastes time, but it can waste money on the travel. So would online meetings work for your business? We have the technology now to make it happen, so why not use it? Phone meetings, as well as Skype meetings can all be beneficial to the business, but can mean a reduction in cost, especially if you have planned to travel quite a bit normally. Going digital in the workforce is a good way to keep costs low but still help your business to boom and grow.
Have you had experience in any of these? It would be interesting to hear what you think.