Running a business can be exciting, liberating and the chance for you to follow your dream. However, balancing the books can be a pretty stressful activity if you dread your expenses each month. Today’s post should give you just five easy ideas on how to cut your monthly business expenditure, so that this task is far less painful…
- Can you split the bill?
If you’re a small premise adjoining another, this is the perfect opportunity for you to build a relationship with that business, as well as save money. Come up with a mutually beneficial arrangement about what you can each offer the other, and share the advertising bills, promotional costs and so on. This works particularly well if you’re an upstairs business, with no window space.
- Lighten the load
Whether you’re a product business or the majority of your mail consists of important contracts and other documents, consider ditching the unreliable, standard postal service, opting for a professional courier service instead. You’ll be able to send everything from small sample parcels to customers, to large pallets full of product to your warehouses across the UK, and for a much better rate.
- Opt for online marketing
The printing of marketing collateral, unless it’s for an important presentation, isn’t worth your time any more. It’s very expensive to print and will most likely end up in the bin. Instead, go for social media marketing, Google ads and other such services that cost pence by comparison. If you were to put the same budget into these areas, you would see your client base expand much quicker, and you can tailor it to a specific audience, so your call to actions are more effective.
- Switch to mobile working
You waste a huge amount in the office by using a wired phone system, standing computers and so on. A much more economical alternative is to switch your staff over to mobile working. For one, the amount you’ll spend on electricity massively decreases when using a laptop instead of the traditional monitor, and you won’t have the need for a phone system if everyone is supplied with lower-cost company mobiles. Plus, your staff have the option to work from home, boosting their morale. It is very important to save on electricity costs as it is an essential utility to your business. One of the best ways to properly manage your utility expense is through the use of utility bill management system. If your business uses an expensive energy plan, you should switch to a cheaper and more convenient provider within your locality. It is therefore important to research the rates that local providers around you can offer. For instance, if you are based in Massachusetts, consider visiting credible platforms that let you compare the best electric rates in Massachusetts.
- Buy things in bulk
If you want a better deal on office supplies, look online for either wholesalers or providers who only sell those specific products. The higher the quantity of the item you buy, the more likely you are to get the sale figure closer to cost price. This will save you a huge amount of money, but also diversify your list of suppliers; never stay with just one company though if you can get a better deal elsewhere – always shop around. However, remember not to buy more than you need; if you’re buying things you’ll never use it’s a waste of money, so remain sensible and be realistic with your amounts.
If you have any more ideas, please leave them in the section below.