4 Simple Money-Saving Tips For Your Small Business

Recent global happenings have triggered a rising cost of doing business. According to a Fed study, 90% of businesses say that they face significant cost increases. Consequently, 80% intend to pass costs to consumers. While this may be practical, high price increments can cost your business in the current competitive climate. So it is vital to find ways to cut costs and save some cash. Here are four simple money-saving tips to keep your business going. 

Cut traditional advertising 

Cutting traditional advertising has become a popular money-saving approach by small businesses in the light of several advertising and marketing alternatives online. Today it is possible to reduce your budget for traditional advertising and still reach your clients. Many options include social media growth marketing, customer reviews, email marketing, and influencer marketing. These are considerably more cost-effective than traditional advertising. Some businesses swapped traditional advertising for inbound marketing; others ditched paid internet advertising for SEO and YouTube Advertising to reach thousands of customers. 

Renegotiate

You don’t always have to pay your vendors how much you did previously. Like everybody else, vendors also want to stay in business in the present challenging economy. Most vendors will rather negotiate cheaper pricing rather than lose a loyal customer. Experts advise negotiating a lower price for everything, including your phone, office supplies, etc. For example, you can revisit software contracts and renegotiate. This can save your business hundreds of dollars on monthly running expenses. 

Embrace remote working 

According to reports, it can cost you between $8-$23 on average per square foot of office space. While this may sound reasonable, the costs vary depending on your employee numbers and office location. You may also have to deal with the cost of getting the space business-ready. Unfortunately, this could lead to paying more than you budgeted for. So unless it’s necessary, consider running your business from home. Remote working can be effective when done correctly. Additionally, address services can enable you to create the impression of basing in a prominent area while remote working. Consider moving to a less expensive location or one with a shorter commute if you can’t work from home.

Go green 

It is easy to perceive going green as a PR move, but it is a smart decision that can save your business’s bottom line. Turning off your lighting when not in use, printing on both sides of the paper, or going paperless can save you some cash. According to research, average businesses can spend up to $8000 annually on paper alone and around $8,500 on filing storage. Finding a few eco-friendly ways to reduce your utility bills is always a good idea. For instance, you can install rainwater tanks to harvest water and cut your spending on water. 

It pays to cut costs and save money, but it isn’t one of the easiest things to do. However, saving money can benefit your bottom line and keep your business running. Adding these tips to your money-saving strategy can see your savings bundle quickly.

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