If you’re like most business owners, you’re probably aiming to keep business expenses low this year as we wait to see how the economy will handle the new administration.
For those hoping to save money on their business this year, here are some of the best ways to keep your cash in your pocket:
Find a mentor
Sure, you could spend a ton of money on accounting, legal, funding, or other business advice, or you could find a mentor or advisor who has already been in your shoes, and knows this stuff like the back of their hand. Once you have a trusted mentor, you can go to them with questions and for feedback, advice, and networking. Keep in mind that this relationship is a two-way street though, so be sure to ask how they’re doing and look for ways that you can help them in return.
There’s a reason why outsourcing has become an industry worth billions of dollars. You’ll find people who you can outsource almost any product or service, and since this would be a fixed cost if you had someone in your business supplying you with this service, you’ll be turning it into a variable cost that you’ll only use when you need.
Technology has changed how we work, and it’s now possible to work from almost anywhere. By working remotely- and encouraging your employees to do the same, you’ll be saving on office space and expenses, which can be a huge outgoing expense when you’re first launching your business. Not to mention that studies have shown that employees actually work better when they’re away from the distractions of the office, so you’ll be getting more productivity for your buck.
When your business is relatively new, it can be tricky to figure out exactly what you need, and what you can afford to pass over. It’s important to not cheap out if you need things like power supplies or office tech, since these are things that will greatly affect how your business runs.
Technology makes it possible for businesses to avoid paper overload, and handle all your important documents digitally. Since an average office worker will use approximately 10,000 pieces of paper every single year, this is a huge expense that you can avoid by encouraging staff to go paperless. Offer your customers electronic invoices, encourage staff to collaborate with Google Docs, use resources that are already online, and move from mail marketing into email- this is likely to give you a much greater ROI as you’ll be reaching potential customers in their inboxes.
Time is money, and it can also make you more money if you’re using it effectively. invest in automation tools and software that can help your employees save this time, increasing productivity and giving them more time to work on important tasks that can help you grow your business.
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