How to cut costs without affecting your profits.
Business owners are always on the lookout for smart money tips that can help them generate more profits while keeping their costs at a minimum. So, aside from the more obvious ways of saving money such as looking for the best prices and cutting back on employee expenses, here are some creative ways that can help you accomplish your goals.
Go paperless. A paperless office allows you to save on printing and storage costs, improve the efficiency of your operations, and provide better customer service. Thus, you may want to use online sites such as Moo, GotPrint and VistaPrint for printing high quality yet affordable business cards, catalogues, flyers, and brochures for your business needs, store and share internal files with your team using Google Docs, Microsoft Office 365 or Dropbox, and send and receive fax messages using apps and online services such as TurboScan and eFax. You should also think about paying your bills online to further save on postage and time.
Try shared workspaces. Startups and small businesses operating on limited budgets should seriously consider renting shared workspaces. This can help you save money while providing all the amenities and services you need in running your business.
Adopt a debit card payroll system. You can significantly reduce your administrative costs and the risk of fraud by using payroll debit cards. According to the Association of Certified Fraud Examiners, a leading anti-fraud organization based in Austin, Texas, majority (about 60%) of all fraud incidents committed in business settings involve employees.
Consider outsourcing. Outsourcing some of your administrative tasks and specialized business needs such as accounting, data entry, web development, content creation and social media management to freelancers and independent contractors can be more cost-effective as compared to hiring someone full time.
Use apps to save on phone bills. Apps such as Viber and WhatsApp can help you keep your communication costs at a minimum. You can also use Skype for your video conferencing needs and GoToMeeting for making conference calls.
Hire interns. Aside from having some extra pairs of hands to help you get things done without breaking the bank, hiring interns can help bring fresh ideas to the company. It can also help you gain loyal brand advocates and discover talents you would love to hire later on.
Pay attention to small expense items. You might be taking all those relatively small expenses for granted but they can quickly add up over time. Check your monthly budget to see where the company money leaks and do the necessary changes to reduce your monthly spending.