Last Updated on Apr 8, 2020 by James W
Every entrepreneur understands the concept and extreme challenges of operating on a shoestring budget. From reducing monthly operating expenses to less capital intensive ways to draw in new customers, below are five ways to save your business money every month, whether you need to pinch pennies or not.
Reduce Energy Consumption
Many business owners don’t realize the amount of energy their company uses in relative to the work that you perform. This is especially true when your business operates long hours on a regular basis. Even if your company operates round the clock, you can cut energy costs by having an energy audit done, and then adopt energy-saving practices throughout the office. Contact the best commercial electrician you can find for advice on updating your energy plan to save the most money. It’s also a healthy environmental choice that will have an impact on reducing your ecological footprint.
Take advantage of the things you already do like sending out invoices and bagging customers’ purchases to give out flyers, newsletters, and other promotional materials. Tuck ads, coupons, and important news in invoice envelopes to save postage, or place them in customer bags when they buy something for big marketing savings. Existing customers are already engaged with your brand and upselling them, or ensuring repeat visits is a simple and cost-effective way of growing your sales.
Ask Your Happy Customers to Spread the Word
Word of mouth is the fastest and cheapest way to reach the masses. If you have happy customers, don’t be afraid to ask them to spread the word to others about their experience with your business. Find out if they know of anyone specific that might be interested in what you have to offer. As your list of referrals grows, so does the customer base that can further increase your referrals.
Work from Home or Allow Employees to Work Remotely
Many businesses are jumping on the bandwagon and allowing their employees to work remotely, at least part of the time. This saves the company a lot of money in overheads, as electricity, water, and other monthly costs can drastically reduce. In some cases, companies can also eliminate things like health insurance costs because their workers are no longer employees, and instead, are considered freelancers. Remote working is fast becoming the norm in many corporations and studies have shown that productivity can in fact increase.
Consider Buying Recycled and Used Equipment Instead of New
You can save your business a ton of money each month by opting to purchase recycled or used office supplies and equipment. For instance, some companies recycle ink cartridges for printers, which lowers the price you pay to replace yours each month. Also, refurbished office equipment offers the same functionality as new, and often comes with a warranty, without costing you money you can’t spare.
Discount & Free Software
Chances are, your business runs using a host of professional software programs. These programs can be expensive. The good news is, many of the best-known programs have free trials or limited use versions available for free. Visit Downloads.com to see hundreds of software programs you might be able to use for your company.
Owning a business isn’t easy, and it’s definitely not cheap. Even if you don’t have to watch every penny that goes out, it’s important to save money where you can to increase your bottom line. There are many ways to lower your costs, but you must be willing to implement them consistently. Use the hacks above to help save your business money every month.