Ten Cost-Saving Ideas for Small Businesses
If you are a small business, you may be operating on razor-thin margins and looking to increase profits, or you may need cash to grow your business. Either way, your business can take easy, small steps to save on current and future costs in multiple arenas. From sharing office space to asking for discounts, here are ten cost-saving ideas for small businesses:
Hiring a Virtual Assistant
Saving your small business time and money, a virtual assistant can perform a range of tasks for your business. If you need versatile and flexible assistance, a virtual assistant can help. Enhancing your business’ productivity, a virtual assistant can help manage social media, answer emails, schedule appointments, and can successfully perform these tasks remotely.
In-House Marketing & Public Relations
Skip the cost of hiring a PR firm and learn all you can about your industry’s marketing and public relations. Bring your passion for your business and knowledge of your industry to your role as a spokesperson for your business.
Leverage trade associations’ industry research to help your business make smart financial decisions. Take advantage of bulk discounts and lower insurance rates you can access via membership to a trade association.
Coworking or Shared Office
Coworking spaces offer a discount on shared resources like copy machines and printers. Although your business is sharing the office space, you still have access to meeting rooms, as well as to an official business address.
If sharing an office space is not an option, lower your utility costs by investing in LED bulbs, which can save your business 75% of your annual lighting cost alone. Without spending too much money, make your office space as energy-efficient as possible.
While going green, you can also go paperless. Not only will your business save directly on paper, ink, and the upkeep of printers, but more importantly, your business will save on time handling, storing, and securing paper files.
Rather than hiring new staff, outsource small tasks or projects to contract staff. Delegating temporary or short-term work can save your business money in the long run.
Accounts Payable & Receivable
While outsourcing work, consider outsourcing your accounts payable and accounts receivable if you have been handling bills and invoices in addition to running your business. Helping your business save on late fees, as well as keeping your cash flow healthy, focusing on A/P & A/R saves your business time and money.
Manage Inventory & Supply Chain
You may need to thread the needle when it comes to inventory. Having too much or too little inventory can cost you. Reduce your supply chain costs by planning your inventory forecasting and ordering.
If you need a better deal on goods and supplies, you may not need to change vendors. Rather, inquire about discounts with your current vendors. Take advantage of discounts that vendors offer businesses in exchange for quick payments of invoices. Your vendors may offer other discounts to their best customers.
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