Running a business is no walk in the park, especially on a tight budget, and let’s be honest – who isn’t on a tight budget these days? Every small or medium-sized business owner is on the constant lookout for ways to save a couple bucks here and there without cutting the customer experience or paring down on employees or their needs. Here are some straightforward and simple ways to cut superfluous spending and reduce your costs to help increase your bottom line.
Hire freelancers instead of permanent staff
If you’re trying to complete a project or are bringing on a new client that doesn’t require too much bandwidth, consider hiring an independent contractor instead of staffing a full-time employee. Not only will you save on costs, but also contractors tend to be more productive as there is naturally more freedom in the role. More often than not, freelancers are able to set their own hours, so when they go to work, they’re focused and want to be there. This leads to less wasted time and more productivity, and if you abide by the “time is money” principle, count this as another way to save money and another benefit of hiring a contractor.
Make sure your customers are safe
The last thing you want is a lawsuit from a personal injury attorney claiming their client hurt themselves at your business. Conduct regular checks of the premises to make sure everything is in good working order, and nothing is a safety hazard. During winter months, for example, make sure to shovel the snow and throw salt down in front of your businesses and on any pathways where customers and employees walk to avoid anyone slipping on ice and hurting themselves.
Negotiate with vendors often
Make sure you’re getting the best deal from your vendors. Shop around, compare prices often, and chat with your current vendors to see if they can offer you price matching or even a better price for being a loyal customer. Over time, your day-to-day business operations can accumulate extra costs as well, much like a junk drawer continues to accumulate random junk. Make sure you give your suppliers for your operational expenses a call as well and see if you can renegotiate on those rates or pare down on expenses for services you no longer need.
Give the go-ahead for remote work
A lot of offices are offering employees the opportunity to work from home, or telecommute, regularly. Some offices have made the move to work as fully remote organizations, so they operate without an office at all and have everyone working remotely and checking in over Skype or Slack every day. Telecommuting saves businesses money on things like equipment, utilities, office space, and other little expenses you may not consider, like stocking snack cupboards. If your business would do well lending itself to remote workers and telecommuting, why not reorganize and go for it?
You can certainly save on costs for your business without cutting employee services, salaries, or your employee headcount – you just have to be vigilant about your expenses. Business owners who don’t stay on top of their expenses and budget way more likely to overspend without realizing it, so keep an eye on your cash flow and trim down the waste whenever you can.
