Owning a small business can be an expensive endeavor. Not only are there the fixed costs of your office rental, your internet bill, your website domain, and more, but there are also the costs associated with making your product or providing your service. And if you have business growth in the forecast, those costs are only going to grow.
It’s no wonder that over half of business owners report stress associated with finances keeps them up at night.
If you’re looking for ways to save on your business, read on for our top tips for saving your small business money.
Consider Going Remote
Office spaces were once necessary for conducting business. Without them, team members were unable to tackle projects together, communicate with one another, or carry out the tasks necessary to complete their everyday duties.
These days, that’s no longer the case. For many small businesses, work can be easily completed online from just about anywhere with an internet connection. With the help of project management tools and team communication software, teammates can easily tackle projects together without needing to be in the same place.
Not only can going remote dramatically cut down on office expenses like rent, furniture, electricity, and more, but it can also open your company up to talent from all around the nation. That could mean stronger candidates and cheaper costs. It’s a win-win!
Explore Free Marketing Opportunities
Marketing is a huge expense for any business. According to a CMO survey, small businesses spend an average of 11% of their yearly budget on marketing. That’s a big portion!
What if we told you that you have tons of free marketing opportunities at your fingertips. It just takes a little creativity and effort to utilize them!
Of course, social media is an enormous opportunity for free marketing. While people once spent their time reading magazines and watching cable television, they now spend a lot of that time on social media. While you once had to pay to get your place in the media people consumed, social media gives you the opportunity to get right in front of your customers—for free!
In addition, your existing customer base is a huge and effective marketing opportunity. By simply asking existing customers to refer you to a friend who may need your services, you open your doors to a world of new customers. Not only will they discover your business, but they’ll learn about it from a source they trust: their good friend!
Re-evaluate Your Tools
It probably takes a lot of tools to run your business effectively, and those all cost money. There are the costs of your website management tools, human resources software, accounting software, project management software, and payroll software. There are hiring costs, like the cost of job listings, the background check cost, and the cost of setting up a new user on your tools. All the small monthly expenses of these businesses add up to a big monthly bill.
For this reason, it’s important to regularly survey your tools. Which ones do you use regularly? Which could you go without? Do you need your subscription level, or could you switch to a lighter subscription that costs less? Is there a free alternative you could use instead? These simple questions can lead to big monthly savings.
Build Out a Template Library
You know that saying, “Time is money”? When it comes to your small business, that’s certainly true. One of the most effective ways to save your small business money is by freeing up your time.
There are plenty of tasks you and your employees do each day that eat up a significant amount of time. That includes things like building proposals, designing presentations, creating invoices, and more. While each of these tasks only take a few minutes, they’re done over and over again every single day. In total, they take up a lot of time!
Rather than starting each new deliverable from scratch, build out a template library for your team to use. Input all the information that remains consistent. When it comes time to use the template, your team simply needs to duplicate it and enter client-specific information. In just a few minutes, it can be on its way into your clients’ hands!