10 Simple Ideas To Save Your Business Money

Feb 3, 2020Lifestyle

Every business owner wants to see their company grow from strength to strength. You’ll likely have a business goal or two for this year, whether it’s improving your marketing strategy or becoming more environmentally responsible. To stay financially healthy, looking to save money where you can is never a bad idea. For a few thoughts on where to begin, these ten will get you off to a fantastic start.

1.  Use Free Tools

If you really want to maximize your money-saving opportunities, be sure to take advantage of the range of free software that’s available. One example is Hubspot CRM, designed to help you manage your customer relationships efficiently via a single platform. With each customer profile, you’ll have immediate access to all of their contact details plus all previous interactions with your company. You can link HubSpot to each location where your sales occur, from your calls to your social media and websites. The free package includes unlimited storage plus up to 1,000,000 contacts. Another example is G Suite, an application allowing your teams to collaborate on calendars, spreadsheets, documents and more all within the cloud. G Suite makes it easy to work as a team no matter where you are.

2.  Top Accounting Software

To have any chance of saving money, you’ll need to get your finances in order. You may not have a large accounting team, but thanks to modern accounting software, there are plenty of DIY options. Freshbooks is considered to be one of the best pieces of accounting software. With Freshbooks, you can automate tasks like expenses organization, time tracking and client follow-up. You can easily manage your budgets plus integrate with third-party apps such as G Suite, PayPal or Stripe. With a top budgeting method, it’s far easier to make savings. Another great thing about Freshbooks is that it’s simple to send invoices and log expenses from either desktop or mobile devices. To save your business time, you can also set recurring payments and automatic billing.

3.  Switch Your Energy Provider

Switching your energy provider can be a great choice to save your business money in the long run. Generally speaking, the most reasonably priced solutions are green-energy companies. Over the last few years, many more businesses and homeowners are opting for solar energy. After the initial investment of having the solar panels installed, you’ll benefit from lower monthly bills plus you’ll have achieved a greener solution.

4.  Review Appliance Usage

To save yourself money, you need to review the usage of your appliances. Firstly, make sure that all of your appliances and machines are energy star rated, which will reduce your bills and save you energy. Next, be sure to put policies in place that prioritize always switching off machines and appliances that are not in use. Simple efforts like this can really go a long way in helping your business to save money.

5.  Go Paperless

Operating in the cloud can help your company to go entirely paperless. With a huge range of digital software to collaborate on projects, there’s little need to print anything out. Utilize project management software to digitally store all project details and use interactive whiteboards within meetings. If there are some things that you need to print, simply limit printing per week. The elimination of paper and printing costs will make all the difference to both your expenses and efficiency.

6.  Outsource

Outsourcing is an excellent way to keep costs down because this way you’ll have less full-time staff salaries to pay. Some companies choose to outsource their IT services, for instance, as opposed to hiring a full-time IT manager. Outsourcing can be more cost-effective and flexible, being a particularly attractive option for start-ups and established businesses alike. Of course, it’s not to say that you can’t take on any full-time staff members, just that it’s preferable to keep these numbers to a minimum in the beginning. When you are hiring new staff, think about non compete agreements because it can be a good idea to include these in staff contracts. A non complete agreement prevents staff who leave the company from competing with the business for at least a year after their contract ends.

7.  Social Media Marketing

Making the most of social media can be an excellent way to save money on big marketing campaigns. With enough effort and consistently, you can market yourself effectively online without breaking the bank. Engage actively with your followers, promote your blog and share content that represents your audience’s values. Make use of tools like Buffer, to manage all of your social media accounts seamlessly via one platform.

8.  Remote Working

Allowing employees to work from home can save you money on both utilities and equipment. Many start-ups opt for running their business entirely remotely, to save on rental costs. If it’s viable to run your business from home, you too could be saving yourself a nice lump sum each month. Before you move your online start-up to a brick and mortar premises, it’s worth considering if this is an essential move, and what you will stand to gain from doing so.

9.  Productivity Software

When you’re running a business, saving money relies on the most efficient use of time possible. When you best utilize every moment that you have, you’ll have more chance of larger profits, and therefore, more to spare. RescueTime is an excellent piece of software which can help your employees with their time management skills. RescueTime can help to boost productivity levels by tracking computer use. The app will monitor programs used, and websites visited to assess how an individual has used their time during the day.

10.  Buy Used

When you are purchasing your business equipment, remember that not everything has to be new. Whether it’s furniture, appliances, computers or decorative items; go for used (but in good condition) items. Websites such as ‘Want don’t Want’ offer some great second-hand office furniture for some reasonable prices. Before you make new purchases, be sure to declutter and take an inventory of the items that you already have. Doing so will allow you to create less waste.

[a contributed post]
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