Cash flow remains one of the biggest challenges that affect the growth of small businesses. Saving money can be tricky, especially if you do not have a large amount of income tucked away. Most small business owners work on a shoestring budget. Any cost-saving opportunity is a welcome idea.
If you are a small business owner looking to save more pennies, below are some ways to lower your overhead and still maintain your business’s quality of service.
Switch to Virtual Phone Systems
Save more on calls by switching from traditional phone systems to a virtual one. Call charges with virtual phone numbers are generally more affordable compared to traditionally-based carriers on mobile, local and international calls.
As long as you have a stable internet connection, you have immediate access to affordable rates you have agreed to with your local provider. When you use Virtual Landline abroad, the expensive roaming charges overseas will not apply to you. Plus, your number is hosted in the cloud so there’s no need to spend money on line rentals and system maintenance.
Negotiate with Suppliers
Here, the term suppliers represent distributors, manufacturers, or wholesalers. During negotiations, ask for a discount. Suppliers want to stay in business as much as you do. You’d be surprised to see many suppliers are willing to negotiate for lower (but reasonable) prices or offer discounts instead of losing customers.
Some suppliers may offer bulk discounts, depending on their terms. Once you meet their requirements, you qualify for lower prices or a good discount.
Refrain from focusing on direct mail and print ads campaigns. Save a ton of money on marketing by directly connecting with your target market. Try to do one (or more of the following):
- Attend business networking referral events
- Sponsor community fundraisers
- Run a contest on social media
- Connect with your local Chamber of Commerce
- Co-host an event with another business owner whose customers will be interested in your products and services.
Another great way to connect with customers is networking at industry events and trade shows. During these events, you can meet potential customers and partners without breaking the bank on expensive advertising fees.
Save Time with Technology
Initially, the idea of investing in technology might sound pricey. But a majority of these tech investments will benefit you in the long run. For example, cloud-based software improves operational efficiency. Consider Google Drive: instead of printing and using paper, all of your documents are stored in the cloud.
Virtual meeting technology can also save you more money on travel costs. It’s also a plus when meeting and connecting with clients in different time zones. Check the internet for accounting software companies that offer a free trial to see how you can automate routine tasks, such as payroll and invoice.
In terms of DIY marketing, you’ll need your own equipment. Fortunately, when you search for ‘best budget laptop for video editing’ online, you’ll find a list of equipment that can suit your budget.
Take Advantage of Non-Traditional Marketing
As mentioned, advertising and marketing are pricey endeavors that do not always pay off. When you’re trying to spread the word about your businesses, creativity can spare you from additional expenses. Instead of pursuing ads on billboards and television, go for something simple: guest blogs, YouTube corporate videos, partnerships with other local businesses, and more.
Social media is another great way to drive business growth. Create a social media strategy. Start by making an account on your preferred social media account, customize your ads, and put them up on your social profiles. You could also seek help from a professional social media marketer. ;
Making your space more energy-efficient hits two goals with one action: save Mother Earth and low your utility costs. Adopting a few greener initiatives could save you a lot of money. Consider the following:
- Try to become a paperless business. Refrain from printing something unless you have to.
- Switch off lights, computers, and appliances when not in use.
- When buying office equipment or furniture
Introduce Remote Working
The current pandemic has encouraged the concept of remote working for businesses. Apart from keeping your team safe, a work-from-home set-up also offers more flexibility for your employees while helping you save more. Since there are fewer employees on-site, you spend less on electricity and food. Plus, since they are safe at home, your business sees fewer sick days.
Before you pursue any of these cost-saving measures, review your business expense regularly to track rising costs and to find ways to reduce unnecessary spending. If you need more help with the finances, get in touch with a trusted financial expert.