Times are tough and your business’ coffers might be taking strain. Many business owners know that their expenses exceed their income or that they should be saving money at work but they’re not quite sure how to do this.
Get creative when it comes to advertising: Traditional advertising can be expensive and most small businesses simply can’t afford to compete in that arena. But that doesn’t mean you shouldn’t advertise – the truth is that it doesn’t matter how good you are at what you do if no one knows you exist. Work with a PR consultant to get your business noticed in the local media, use inbound marketing, send out a monthly newsletter, and learn how to use social media (much of which is free) to connect with your customer base.
Outsource resources and work: Permanent, on-site employees cost money – think about the office space, work resources, and insurances that are required to keep a large office functioning. Think about where you can outsource work to contract staff. They don’t require benefits like permanent staff members do and they have the advantage of bringing varied expertise and experience to the work. Or, if your type of work allows for it, use interns – they don’t cost much and tend to be eager to learn and therefore productive. You could also keep your permanent staff doing what they do but allow them to work from home on certain days – the ability to work online has made tele-commuting a cash-saving trend.
Go green: Practising environmentally-friendly work practices is not only good for your reputation, it can save your business money too. To reduce energy usage, make simple workplace changes such as removing strip lighting, turning off overhead lights when not in use, buying recycled print cartridges, printing on both sides of the paper (or not printing at all!), and you will be surprised by how you much you’ll cut short term expenses and how much money you’ll save in the long run.
Review and revise your expenses: When was the last time you took a good, long look at the expenses within your business? You might be surprised at what you are actually spending money on. Does the staff kitchen really need to offer three different types of speciality coffee? Does your cleaning bill seem excessive for what actually needs to get done? Cut down on unnecessary expenses and see an immediate saving, for example, use a Skype video call rather than your cell phone to conduct business meeting calls. This doesn’t mean you have to get rid of all the little extras that make work a pleasant place to be – sometimes, you just need to find a cheaper way to have them. For example, do you need a water cooler when a water filter will do?
Hire a professional accountant today: While it might seem like an extra expense when you are trying to avoid those, hiring a professional accountant can actually help you to save money in your business. While they focus on managing your books, you can focus on your business. A professional accountant can also add extra value to your business beyond financial matters – this includes tax and business advice. DATC offers a range of accounting services designed to streamline your business and make sure it stays compliant at all times.
Act on a combination of these and you could be saving more than you realise, sooner than you think!