Saturday, December 7, 2013, AM | Leave Comment
Operating a small business on a tight budget is no easy task. As your business continues to grow, so do your expenses. Luckily, there are a few things you can do to ensure that you are making the most of your money.
Here are 5 smart moves that will save your business money:
Cut Back on Office Supplies
You would be amazed at how much of your budget is wasted on office supplies that may not be necessary. Something as simple as going paperless can save you printer paper, ink, and even postage. Not to mention the amount of time you can save by making fewer trips to the printer.
These days, so many companies are using technology, and don’t have much need for paper anyways. By updating your office, you could save on supplies in the end.
Re-vamp your Accounts Payable Department
Take a moment to imagine how much time, money it takes to get all of your company bills paid. Not only can processing invoices manually be time consuming, but it also leaves room for costly errors.
If your business is still dealing with manual invoices, you should consider e invoicing. This system can allow you to ensure timely payment of your company’s bills, which can save money in late fees. It will also improve your ability to swiftly initiate billing disputes when necessary.
Update your Technology
Modernizing the technology in your office can save you time, money and energy. For example, video conferencing software can eliminate travel expenses. Electronic timekeeping systems and reduce the burden on your payroll department by automating some of the payroll process.
Not only will you be more organized, but by allowing yourself to do a lot of work online, you can cut costs. Use the resources available to you in this day in age, and you’ll find your business will run much more smoothly.
Reconsider your Software
Using some form of business management software can help you manage your business expenses more effectively. By allowing you to see all of your processes, from expense reports to workflows, you will be able to more quickly identify areas that need improvement.
As was discussed before, having your information organized will really help you to get more work done. Also, keeping all of your data in one place will eliminate the need to divvy out money to several accounts, or use several programs—you can have it all in one place and pay one price.
Ramp up your Advertising Efforts
If your advertising efforts do not include SEO content and web design, you could be losing money. These targeted marketing strategies can help you drive prospective customers to your website. Regardless of what type of business you have, these powerful marketing tools can help you land qualified leads.
There are a wide variety of ways that you can look to save your business money. As you begin to update your technology, implement new software and initiate paper-free systems, the savings will really begin to add up.
Best of all, you can use the money that you save from these tips to increase your marketing efforts. Follow these 5 tips and you will be well on your way to spending your business capital more effectively.
This article was written by Dixie, a freelance writer who loves writing for business, finance, women’s interests, or home and family. She lives in Arizona with her husband and three beautiful daughters who are the inspiration for her writing.
According to the Domo BI Blog, investing in software that allows you to both collect and analyze data will pay for itself because of how much it will improve your ability to connect with your customers and give them what they need.