Running a small business is no cheap undertaking. With less established funding and revenue than large-scale companies, a small business must often make do with very little.
If you are looking for a few ways to cut back and save money for your small business, here are five tips to get you started.
1. Start Social Media Marketing
Social media is a goldmine for those looking to save big on marketing and advertising. With 3.5 billion active users spending an average of three hours each day logged on, social media platforms have infinite potential when it comes to reaching new clients and building relationships with customers. Using social media for your marketing needs gives you the ability to design marketing campaigns to fit your specific needs and budget.
2. Use a Utility Broker
Some of your heftier monthly costs will come from your business’s utility usages. Things like water, gas and electricity are used every day, and if you don’t have the best contacts with the right companies, you could be overpaying unnecessarily.
Using a utility broker like Utility Bidder can help you find the best prices for your utilities so that you can avoid paying too much for those necessary services without losing the benefit of them.
3. Keep Things Virtual
Sometimes, it’s not possible to sustain a small business right off the bat while at the same time paying to lease and run an office space. One way to cut back on those costs and on time-wasting in the office is to consider employing the practice of telecommuting in a part-time or full-time capacity. By using telecommuting practices, employees can work from home, which cuts back on much of the time-wasting aspects of working in a traditional office.
Furthermore, employees that are given the option to utilize a more flexible work schedule tend to be happier on average, thus reducing the possibility of turnover at your company.
4. Hire Interns
Paying full-time employees will be the reason behind one of your biggest recurring expenses. That being the case, it would be a waste to have those workers focusing on the more mundane tasks that don’t require much expertise to perform.
Consider finding and hiring interns to do the jobs that tend to take valuable time away from your more valuable employees. This will save money as well as have the bonus of saving your employees’ time; it also gives people valuable experience of what it is like to work in your business.
5. Constantly Re-evaluate Things
The most important thing to bear in mind is that, for the most part, most of your day-to-day expenses and practices won’t be set in stone. Make it a point to regularly go over your more frequent expenditures to see where waste is occurring and where you might be able to scale back.
This is particularly important to do as your business grows. Keeping a vigilant eye on things will help you to detect when money is being spent unnecessarily.