What is one thing that every small business has in common? They need and want to save more money. Costs appearing out of nowhere is a part of life for small businesses, which is why every pound saved is a pound earned.
So, what can a small business do to cut down costs? There are a number of strategies you can employ to your advantage, and below we’ve covered some of the most effective members.
Here are 5 things your small business can do to cut costs:
1. Go Digital
Taking advantage of digital services can help you cut down costs in several areas. For starters, going paperless can be a great place to start. Paper and printing expenses add up easily, so removing them can save you money and make tracking your documents more streamlined.
Another tip is to transition onto the cloud. Data centres and servers are expensive to maintain and run, whereas operating on the cloud can be much more cost-effective.
In a similar fashion, moving from traditional software to open source services can save you money. Take Google Docs for example. It offers you more collaboration than conventional software without the expense.
2. Outsource Tasks
Outsourcing tasks can help you cut down on expenses whilst still achieving the things that you need to. For example, if you were to hire a London facilities management company, they would be able to handle design, cleaning, and security services more efficiently and affordably than if you were to run them yourself.
Other tasks you could outsource include accounting and administration. There are services that you use for these tasks, and even software solutions too.
3. Create a budget… and stick to it
Some of us fall into the camp of creating a budget without sticking to it. Many more don’t create a budget, to begin with.
So, to cut costs for your small business, create a budget and stick to it. If you’re struggling to budget for your entire business, try setting budgets for different areas instead. For example, setting a marketing budget and an expenses budget.
4. Streamline your Marketing
Without a proper marketing plan, and budget, it’s very easy for the costs to add up without you noticing. To help cut down costs, why outsource your marketing activity?
There are countless independent marketing agencies that can look after some or all of your marketing activity for a very affordable price. Imagine not having to come up with 4 or Instagram posts every week and track their performance? Letting someone else do this for you will free up your time to focus on other parts of your business.
5. Buy refurbished furniture/office equipment
Pre-owned goods allow you to get the equipment you need without paying top dollar for them. You can buy high-quality desks, chairs, and other furniture second hand that works just as well as buying something new.
You can also buy refurbished tech, such as laptops and printers, that work as if they’re new. Buying second-hand equipment allows you to save money and help the planet too!