Small businesses and entrepreneurial startups are always a challenge to set up and run. Due to the low budget and less skilled workforce, investment and savings become a menace. To promote small-scale businesses globally, I have compiled an elaborative small business cost-cutting guide that focuses on some universal business development strategies and office-related tips. Let’s gear up.
Tip#1 Go green- an eco-friendly small business cost-cutting guide initiative
Always go for recycling and go green methods. Whether you are running a home-based office, a warehouse, a store, or a proper executive office, use energy-efficient methods to save utility bills burden. Green your space by using LED lights, inverter air conditioners, and inverter-based gadgets as this will reduce your annual bill by one-third.
Tip#2 Go for cloud computing
Eliminate paper working as buying papers for recording on a monthly bases is another expense. Then, you will be needing space to save those records and later discard them. Store your data on open source like Google Cloud computing. You can make your presentations and keep your accounts saved easily. Switching to cloud computing only requires an account. You don’t need to buy any software.
Tip#3 Sponsor events
Arranging a mass event at your own expense can be quite high-end. It is better to collaborate as a sponsor with other businesses to share the resources. This way you will be able to make contacts in the market, large scale branding, and more exposure to press.
Tip#4 Devoid unnecessary meetings and meetups
Weekly meetings with your employees can steal worth of your time and effort. Instead of discussing the progress regularly, it’s better to focus on work and discuss things on an important basis. You can easily communicate and ask for feedback on emails.
Tip#5 Always ask for the discounts
Whenever you purchase anything from the vendor, ask for a discount. You need to convince them by saying that you will be often buying stuff from them. Promotional deals are always worthwhile because they reduce the total sum by a substantial amount. And as a recent research by ClothingRIC suggests, up to 90% consumers use coupon codes and other methods of cutting the price. This goes to show that seeking discount opportunities is all the rage these days.
Tip#6 Hiring smart people
Smart people with innovative and creative mindsets can lead the business to the peak of success. Instead of searching for highly experienced staff, go for smart and capable people. Enthusiastic people with little or no experience can work more efficiently in a learning environment at low salary packages. You will be needing to provide the relevant training for the workplace experience so that they can have a good command of knowledge and expertise. Hiring entry-level employees are the common small business cost-cutting guide strategy used by businesses.
Tip#7 Outsourcing is the new cost-cutting trend
You will face situations where you will be needing some tasks that your team might not be perfect. You will be needing to look in the market for any outsourcing agency or freelancer. Hiring an employee especially for the one-time minor task can be anti of small business cost-cutting guide. This process is also called as micro-contracting.
Tip#8 Revise your operating expenses
Make a list of all your expenses like merchandise, office-haul, and other services. Calculate the total expense and evaluate if you’re purchasing things at fair market value. If not, look around other shops which can offer you discounts or promotional offers.
Tip#9 Spend wisely on domain names
If you are willing to set up a website for your business, the prior thing is to buy a domain name. Domain names are highly expensive and need a yearly subscription. I recommend you to try Godaddy domain services as they offer multiple incentives and discount codes. You can concession on the name and try to avail of the Godaddy domain discount club so that you can enjoy GoDaddy SSL discount codes, car parking premiums, and domain broker services.
Tip#10 DIY marketing
As a crucial small business cost-cutting guide, you need to learn all the aspects of marketing by yourself and then implement them. As the owner of a small business, you might lack funds to hire a core team for marketing. You should be good enough to make the necessary PR in the market that can be your brand ambassador. Be confident enough to promote your business in a well-mannered way. Lori Cheek of Cheek’d advised on self-marketing by quoting that “My number one marketing tip is ‘Don’t just think outside the box; Get rid of the box!’ Be creative. Think guerrilla.”
Make your business pages on social media channels and run campaigns. You can do it easily without any guidance. Run sponsored ads and catch clients. Soon, you will realize that you can handle the marketing of your business.
Tip#11 Office infrastructure
Buy second-hand office furniture like sofa, cupboards, desks, and chairs. It is the most effective small business cost-cutting guide and is being adopted by several small-scale retails.
If you are a team of fewer than 10 people, you can ask any for the business to rent their room to you. You can share the space with them as well. It is a risk but it might go well if you have a good relationship with the landlord. Do look for local and reasonable co-working spaces in your area.
Tip#13 Tax write-offs obligations
As a home business owner or a sole proprietor, you are obliged to pay taxes. If you are new to business culture, consult an attorney to let you know the tax rates and paying dates. You need to do it as soon as you launch your business to avoid late dues and avail maximum write-offs.
Tip#14 Break your telephones lines
Telephones or post-paid services are always a high-end expense. It better to ditch it and use a reasonable good connection internet. You can use Skype and other voice over protocol apps to communicate at low rates.
Last but not least, make plans beforehand and analyses their outcomes as it is a core part of a small business cost-cutting guide. You will have to take risks and see what works and what doesn’t. A business is an entity of profits and losses. Do you agree?