For most small and medium size businesses, cash flow occurs within very tight constrictions. Any money saved, without compromising service or product quality, goes a long way in enabling more robust business growth. This is because the saved money can be put into business growth strategies. You will also enjoy more profit by cutting expenses. Here are a few cost saving ideas you might find useful.
Trying to do everything in-house can end up being quite expensive. Employing fulltime employees means that you not only cater for their salaries, but also other associated administrative costs. This is without even considering vacations, sick leaves and unexpected emergencies; all which cost your business time and money.
You can hire freelancers and other companies to handle some of your business activities. This is called outsourcing and can result in significant savings without affecting the work quality.
Some of the activities usually outsourced include accounting, human resources, marketing,transcription and translation.
The most important thing when outsourcing is to find a reputable company or freelancer with experience. Once you find a good company to outsource to, develop a long-term business relationship with them. The more work you outsource the deeper the discounts you stand to enjoy.
2. Go green
If you are still using incandescent lighting in your business premises, you are wasting a good opportunity to save money. Going green is not just good for the environment; it is also great for your bottom line.
For example, switching to energy saving LED lighting can drastically reduce your power bill. To further cut energy expenses, consider the energy saving of appliances you buy such as printers, refrigerators and computers.
3. Form a purchasing pool with other businesses
A great way to save money when purchasing applies is to join forces with your competitors. By buying in huge bulks, you can save much more than you would have had by buying just the few supplies you need for your business.
Find other businesses, ideally in your location, and agree on how you can pool your money to buy supplies in larger bulks.
4. Do extensive comparisons
Too often, business owners buy the first product or service they come across. This is especially the case in areas like insurance, car leasing and outsourcing. Whenever you need a specific service or product, carry out some research first. Check out what other businesses are charging for the same service. In some cases, you will be surprised at just how much you save by choosing a cheaper service provider. Of course, never compromise service quality for low prices. It will only hurt you in the long run.
5. Try online marketing
Advertising on TV, Billboards and newspaper is very expensive. Why don’t you focus on online marketing (Social media, blogging, email and so on) and see if it still brings in customers?
Outsourcing Your Transcription
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