6 Ways Your Business Can Save Money This Year

Saturday, May 9, 2020, 6:00 AM | Leave Comment

As a business owner, you’re likely looking for ways to save as much money as possible while delivering quality goods and services to your customers.

When you have a surplus of cash, you can be better prepared for unexpected expenses.

You’ll also be able to pay for equipment and services that can promote the growth of your company.

Here are some tips for saving your business money this year.

6 Ways Your Business Can Save Money This Year

  1. Forego Conventional Marketing

    This is an effective strategy for small businesses. Due to the wealth of options in online marketing and advertising, you can significantly reduce advertising costs while still appealing to your customer base. Starting a YouTube channel to showcase your products and services and hiring a social media specialist to promptly respond to comments and questions from followers can boost your company’s reputation.

    According to Marissa K. Haynes of Wealth Management Group of NA, LLC also asserts that public relations are helpful for promoting your business. If your company is mentioned in credible media outlets and publications, you can grow your client base without traditional advertising.

  2. Outsourcing Services

    Your employees are crucial to your business and help you complete projects and tasks efficiently. However, employees can take up a huge chunk of your budget in terms of salaries, insurance, and office space. You can save money by ensuring that your full-time staff is as small as possible and hiring independent contractors for work that your staff members can’t cover.

    You may also want to consider hiring consultants. Often, you can negotiate a lower rate for consulting services than hiring a full-time employee and you’ll experience the benefits of the consultant’s expertise. For example, suppose your business is in Oklahoma City and you need IT services.

    Instead of going with a large corporation for your IT services, you can hire a company that offers small business IT services in Oklahoma City, OK to save money. If you hire a local company, the company’s technicians will be more accessible to you and you’ll get the repairs you need quickly.

  3. Negotiate Prices with Vendors

    You may have been paying more to your vendors than necessary. Negotiating the prices could result in a profitable compromise for you and your vendors. Keep in mind that vendors are navigating their business during a challenging financial time as well. Since they want to stay in business just like you do, vendors may be more likely to negotiate a lower price if it means that you’ll continue doing business with them. It never hurts to ask your vendors if you can discuss lowering the prices of essential supplies for your office so you can cut down on company expenses.

  4. Use the Cloud

    Using the cloud is a money-saver since your data will be stored without the use of costly software. Talk with your IT team to choose cloud-based software that allows you to pay yearly. The price is often lower and it will be easier to budget for this service since you’ll only make one payment per year.

  5. Reduce Your Expenses Without Cutting Employees

    As a business owner, it’s important that your staff knows how much you value them. However, in this economy, you may want to cut down on company lunches and dinners so you’ll have more money to retain your employees. For instance, instead of going to a local four-star restaurant with your team members, offer a bagel or donut breakfast in the breakroom. This frees up more of the budget so you can continue boosting company morale without being too extravagant.

    You can also save money by going green. Using services and products that are environmentally friendly is a wise financial move and can also boost the reputation of your business. You can do simple things that plugging up your equipment on a power strip and turning the power strip off when you’re not using it. Or, you can replace your printer with one that prints on both sides of the paper to reduce paper waste.

  6. Telecommute

    While telecommuting isn’t practical or possible for every company, you should utilize this option when you can. Telecommuting can save you a lot of money since you won’t have to use electricity or other utilities in your office space if your team is working from home. Think about which team members can complete their jobs from home at least a few days out of the week and give them the choice to work from home for their convenience and to save more money for your company this year.

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