Don’t Miss Out on These 9 Simple Ways to Save Big Money on Your Business
WED | Don’t Miss Out on These 9 Simple Ways to Save Big Money on Your Business
As a business owner, you’re always looking for ways to cut costs and save money. Sometimes you may overcomplicate the process. The good thing is that there are simple ways to ensure that you are wise with your business finances. Here are some tips on how to save big without sacrificing time or productivity:
Negotiate Lower Rates With Vendors
Negotiating a lower rate with vendors is one of the easiest ways to save money. If your current vendor won’t lower their rates, you may be able to find better rates with a competitor. Don’t be afraid to renegotiate contracts, and to even make changes when you realize that the service you’re getting no longer meets your needs.
Ask for Discounts on Bulk Purchases
Sometimes you receive not, because you ask not. The same goes for businesses. Many companies are willing to offer discounts on bulk purchases if you ask. You can get great rates on multiple tech licenses, office supplies, and so much more when you simply ask the question.
Use Gas Cards for Business Travel
Gas cards are a great way to save money on business travel. They’re easy to use, and you can track your spending as well as earn rewards points that can be redeemed for cash or prizes. Gas cards can be used at select gas stations, so they’re convenient when traveling across town or across state lines. When you operate business vehicles, including fleet cars and trucks, using a gas card for business travel can also cut down on the number of non-work related expenses that accidentally get charged to a regular credit card.
Consider a Remote Only Team
The overhead of an office building is a huge expense. Remote working is becoming more popular, and more and more businesses are needing to rethink their large workspaces. There are numerous benefits for companies that hire remote workers, including being able to hire talent that lives far from your office, not needing to pay a huge electric bill, and getting more flexibility to grow your teams when the time comes.
Buy Refurbished Equipment When Possible
Everyone loves shiny and new things. But your business can save a lot of money by purchasing factory-refurbished items, especially if they have a warranty on them. A few dents here and there is nothing compared to the money you can save on business equipment when you buy it refurbished. Sometimes you’ll pay 25-50% less on items that are perfectly fine and are still backed by the company warranty.
Hold Fewer Meetings
Did you know that meetings cost you money? In fact, they are one of the most expensive things you can do as a company. If you want to save money, stop holding unnecessary meetings. If you do host a meeting, make sure there is a clear goal with an agenda, and that everyone in the room has a reason to be there. And always follow the rule of, “if you can say it in an email, then send an email.”
Evaluate Your Marketing ROI
The best marketing plans have measurable outcomes. They start with a goal in mind that can get measured. And when it’s measured, it can be improved. If you are dumping a lot of money into your marketing plans, you need to know if they are bringing in the expected return. This process can feel overwhelming at first, but when you want to cut money, you can get more out of your marketing budget when you are watching the numbers closely.
Create Budgets and Stick to Them
Your business needs a budget, and you need to stick to it. The first step in saving money in your business is to create a budget. Break down your monthly expenses into categories like rent, utilities, equipment, payroll, benefits, and so on. This can help you see where exactly your money is going each month and how much space there might be for improvement in certain areas. Once you’ve created this breakdown of expenses, make sure that all future spending fits within these categories. Think ahead to your yearly goals and make sure you set aside enough money to reach them.
Use Freelance Help When Possible
Freelancers are a valuable part of many businesses. While you may pay higher rates than you would an employee, you are not paying for things like benefits and equipment. This can save you a lot of money. Consider using freelance talent to supplement your teams during busy seasons, and to augment heavy workloads without adding a full-time staff member