As a business owner, you know how quickly costs add up. From digital marketing to the latest internet plans, you want to ensure you are getting the best offer for your money and cutting out unnecessary expenses. Reducing your personal costs can also result in higher cash flow for your business whilst waiting for returns. Increasing your efficiency can better your business’ financial health, especially if you are in the early stages, or experiencing a slow period. Here are our top tips on saving money that can benefit your business’ financial flow.
Working in busy areas such as the city, or traveling to see clients often can quickly rise parking expenses. Using a service such as Parkhound allows you to secure an exact parking spot and fee over a specified period of time. This way you can avoid the overpriced parking garages or countless minutes of searching for a spot. You could also avoid parking altogether if you catch public transport to work, which is more environmentally conscious. If you have a parking spot already, but often catch public transport to work, you could also consider renting out your spot to someone who needs it and earning extra cash flow for the business.
Cross Train Team Members
Instead of looking to hire someone new, always consider who in the office can be cross-trained or upskilled. This improves employee satisfaction as there is more variety in their job, and flexibility is beneficial in case another team member becomes sick or leaves. Whether it is administrative or technical, ask your employees about the training possibilities available in your office. Additionally, hiring interns for smaller tasks and assistant roles can be helpful to the business when trying to meet deadlines.
Best Internet and Plans
It can be overwhelming to shop around and change plans on things like the internet and insurance. But, ensuring you are getting value for what you pay creates greater office efficiency and can save you large costs over time. One way to tackle this is to check your internet speed using
BroadbandSearch is at least meeting the average, and what the internet provider says it will be at. You will quickly have an incentive to shop around if it is lagging behind, not only for the costs but also because it slows down business operations in a technologically reliant marketspace.
Similarly, comparing loans of the business is essential, such as a car loan on a company car. By estimating repayments and finding a loan plan that works for you, you will have greater peace of mind, and also be able to limit yourself on what type of car is realistically affordable.
Spending money on traditional advertising mediums where your target market is not present is a waste of resources. As an example, for many marketers, free television is out of the question when targeting Millenials and Gen Z as they all use streaming. Social media is free for the most part, but also allows sponsored ads targeted by location and interests. This is likely to be more effective, as the target market will actually come into contact with the marketing message. A traditional medium that still has resonance is radio, as many still listen on their commute to and from work. Look into paid advertisements on podcasts and other trending spaces additionally that are topic relevant. You could also try to have less reliance on paid advertising to reduce costs and instead opt for
Be Green, Save Green
Most people associate being better for the environment as something that is extremely costly. But in actuality, there are many ways you can save money by being eco-friendly. For example, having your appliances on a powerboard and switching it off from there when not in use. It is also more efficient to turn off computers, not just keep them on standby. If a fan or window can be opened instead of the airconditioning, try to do so.
Overall, there are many ways to reduce your business costs and free up cash flow. Even if they are little steps, it can make huge changes over time. Find ways to be greener, leaner and cut out unnecessary costs immediately. Put your business back on the right path, and spend money on more important things that actually work towards your goals.
piggy bank -DepositPhotos