In times of economic crisis many small business entrepreneurs find themselves on the edge of survival. First rule to survive tough times is to carefully evaluate your company’s budget and get rid of unnecessary spending. Every dollar should be spent wisely. And here are few simple yet efficient ideas for saving money:
Why paying monthly salary and taxes for accountant if you need his/her services only few times a month? Why hiring an IT specialist if you need his/her services from time to time only. Same is with secretary, marketing specialists and other staff. Take pity on your budget and use outsourcing company’s services: work will be done and you’ll only have to pay for what is accomplished, leavening all the unnecessary expenses aside.
Mind the bills
Expenses for telephone, internet etc. might seem too small to bother, yet if you sum them up and multiply to 12 months a year the sum get much more significant. Contact your local telephone and internet providers or go to their homepages and check all tariff systems, choosing the one that would be most suitable for your business (less phone minutes, better internet speed or vice versa). Cheap 0800 numbers is also a good option to save up on telephone bills.
Carefully plan your advertising campaign, this is one of the most important steps in cost reduction strategy. Try out different means of advertising, choose those, which give better feedback and focus on them. Don’t forget about the opportunities of social media advertising – yes, it takes time, but you can do it yourself, so it’s free. And efficient. Focus your efforts on quality of services you provide and 100% free advertising through word of mouth will bring your company to new level.
Work from home
That sure is the best way to reduce expenses. Even if your company employs several people, they can work from home as well. Modern technologies allow to keep the business going even if you and your colleagues are separated by hundreds of kilometres: Skype, video conferences, chats and other communication methods will make you forget about the distance. If you need to meet with partners or clients in person, then opt for offices to rent per hour. You’ll be provided with all necessary equipment and even with secretary service, if needed, without having to pay monthly rental, public utilities etc.
The list of cost cutting ideas for small business can be continued. You can use less electricity, drink less coffee and cancel subscription to the newspapers. Of course, if your employees won’t revolt.