Businesses can haemorrhage money. A small blip here and there can soon add up, resulting in funds leaving your bank account and cash flow issues starting to come into play. But it doesn’t have to be that way. What can you do to stop the monetary bleed? Check out some of these economically savvy ways to reduce your business costs.
1. Don’t let the prices for international calls fly high
If you have to make regular phone calls worldwide, then you’re likely aware of the price tag that accompanies your conversation. Instead of spending a small fortune on your landline or mobile bills, how about considering looking for a third-party company to help cut the prices?
Companies such as Planet Numbers were designed to save you money on your business calls and allow you to purchase credit, so you always know where you are. As long as you have an active PayPal account, you can top up your account and make as many international calls as you desire.
It doesn’t matter if you often make worldwide calls or rarely do, as the credit doesn’t have a time restraint. The bonus? International calls start from as little as 1p a minute, making it a far cheaper option than the more mainstream competitors, such as BT. This is an easy way to make drastic savings within your business, without having to compromise on quality or convenience. You get to take control of your international calls and help out your bank account in the process.
2. Lessen your carbon footprint and spend by going paperless
Imagine being able to help the environment and save money in the process? Those are just two of the main advantages of going paperless. Although the individual costs of paper, ink, and packaging may not seem extreme, when you add them all together it can start to leave a big dent in your bank account.
With many computers now offering more memory than they ever have before, for a much more reasonable price, there’s no excuse not to save important documents and files onto the system. Utilising the technology that is available has numerous benefits, and not only with regards to spending. Along with saving space in your office, digitalising your document handling means you’ll find important files easily – without needing to go through your entire inventory to find an important business document. You’re making a positive change with regards to the environment and saving a pretty penny… just make sure that you store a backup of your files away from your main machine.
3. Shiny and new vs. working and used
Buying something new often feels more professional. You’re able to know exactly where it sourced from, if you’re getting a good deal, and there’s a guarantee that your items will have no wear and tear. However, what if you could get the same thing for a fraction of the price? The downside: it could have the odd small scratch or have been on display in the past. Inevitably, this is the individual’s decision, but for a small swallow of shiny pride, you could be having the newest equipment for a much better deal.
Companies such as Argos offer an outlet store, where you can purchase leftover stock that has been previously put on display, or those that have been refurbished. You receive the exact same item and get to give it a loving home… and you don’t even have to let anyone know it isn’t brand new. A simple solution to spending more than you have to, with the quality being the same.
4. Create a business budget
This is a simple idea that can truly save you a lot of money. If you know that money is often leaving and in higher qualities than you find ideal, then you need to find the source. Maybe you’re paying over the odds for your electricity supply?
The easy solution? Make sure you only power up the technology that you’ll need to get to work, have the heating on a timer and have all lights switched off at the end of your working day. You may discover that too much of your money is going on an expense that isn’t necessary… and a business budget is the way to see where all of it is going.
To make money, you need to know exactly where you’ll have to spend it. If you’re spending too much, you need to know where to cut it. By comparing your takings to your business expenditure, you can find out precisely where your money is going and make the changes you need. By utilising a business budget, and sitting down and working out the exact figures, you can pinpoint what it is, if anything, that is going wrong.
5. Let’s get social
Finally, you could boost your business’s profile for a fraction of the marketing costs that you may have already been spending. As we quickly speed into a digital world, make sure you’re not behind and keep up to date with the latest and best ways to market your company. With LinkedIn, Facebook, Twitter and a variety of other social media websites being available at your fingertips for free, it seems mad to not dabble and see where it could take you. Cutting costs of advertising can leave you free to focus on other aspects of your business.
Compare the costs that you’re spending on outbound marketing and see what you can do to increase your business for a lower price. In some examples, you may decide to go with investing in a marketing firm to boost your business’s online identity, and in others, you may choose to hire someone to look solely after your business’s image. Either way, by looking further into the digital platform that is readily available for your business, you can save money and gain an online presence in a few simple clicks.