Any business owner or CEO needs to keep looking for ways to reduce costs and to remain competitive. Your goal is to cut costs in the right places and make sure your company keeps getting more competitive year after year, and ready to survive in the toughest economic periods.
Here are some ways you can save money, cut costs and still boost your business at the same time, turning your company into a much more competitive and efficient organization:
#1: Buy wisely
When you need to buy anything for your company, you can easily compare the prices online for multiple retailers. But what you might not know is that some of these retailers offer discounts for small business owners. If you’re buying expensive technology or furniture, the savings between different retailers can quickly get in the thousands of dollars. But if you’re able to get even a small discount, you can even get a better deal and save some money that you can invest elsewhere to grow your business.
#2: Compare and shop around for insurance
There are multiple ways to lower your insurance costs, but one of the most effective ways of reducing your insurance price is in comparing insurance companies. Ask for quotes in as many insurance companies as you can, and try to negotiate the policies to try to get the most coverage for the lower price possible.
#3: Stop getting financial charges
Many small business owners spend too much money on unnecessary expenses like loans, credit cards fees, or late payment loans. Manage your financial obligations wisely and avoid any kind of late charges.
#4: Going green might save you some more money
If you reduce or cut your use of paper you might save more money. Electronic file storage can save you thousands of dollars a year and since the technology keeps getting cheaper, it has never been as easier as it is today to reduce the paper consumption or to go paperless.
But going green is not just reducing the paper use. You can save on electricity too by using more energetic efficient computers and appliances. You need to check and consider each office upgrade to see if it really is the smart choice for you, but usually the more modern and energetic efficient is your office, the lower your electricity bill will be.
#5: Rethink your marketing strategy
For many companies, the marketing takes a big chunk of your budget. You need to invest in marketing to get customers, so some small business owners are afraid to save some money on marketing or advertising.
But it’s possible to save some money and even grow your business at the same time if you think outside the box and go with the marketing strategies your competitors are not using.
Nowadays most small business owners target the exact same advertising channels. They all go online to Google AdWords for example. And if that’s what you’re doing today, you’re competing for each and every keyword, so you’re all making it more and more expensive to get a single click or a single customer.
If you think outside the box you’ll move away from that competition and you explore the marketing channels where your competitors are not looking at. A great example of such a strategy is something as simple as flyers advertising.
Handing out flyers can be highly targeted advertising too and highly effective for growing your business. And considering online advertising is getting more and more expensive by the day, this kind of advertising solutions might be the best solution for you to cut some expenses on the marketing and still keep growing your company.