Money Saving Tips
Owning a business is a dream that many want to achieve, but it is one that comes with a lot of challenges. Among the worst is money worries. While passion and will-power are key elements in keeping a company up and running, they’re completely useless without funds too. This lack of money, combined with other factors, is the reason why so many small businesses fail each year. To keep yours from going down the same path, here are six simple money-saving tips to try.
1. Rethink Your Marketing Strategy
Though marketing can quickly become expensive, there are some tactics that are much cheaper than others. Marketing using social media is just one example. The largest social media platforms, Facebook, Instagram, Twitter, and LinkedIn, are all completely free to use. The only investment you need make is your time by interacting with followers and posting regularly.
2. Allow Working From Home
Some industries, like construction, require it’s businesses to have permanent workspaces. To save money here, you could downsize and switch to smaller quantities of supplies, like a Gas Oil Fuelbox instead of a drum, to make up for the limited space. Other businesses, however, can be conducted from anywhere, in which case you could allow your employees to work from home.
3. Use Freelancers When Possible
Having permanent members of staff on the payroll certainly has its perks, but recruiting and retaining these individuals is far from a cheap process. For this reason, you should outsource work to freelancers and agencies whenever possible. This cuts the cost of hiring and benefits. There are many tasks that you could outsource, including marketing, accounting, and HR.
4. Buy Generic Brand Goods
Most businesses have goods that they stock in the office, such as bathroom products, office supplies, and coffee, tea, and snacks for the kitchen. Splashing out on named brands for these goods can be a waste of money. After all, the quality between name brand and generic products is usually about the same. The only real difference is the packaging, which isn’t important.
5. Switch To Online Banking
Opening a business bank account online is often cheaper and more convenient than doing so in a branch. Not only do you eliminate the time and money you spend traveling to the branch, but you also avoid the many fees that often come with opening accounts this way. Because of this, you should try switching all business banking online.
6. Negotiate With Your Vendors
You may have been paying a certain figure to your vendors for as long as you’ve done business with them, but that doesn’t mean that it needs to stay that way. Vendors need you a lot more than you need them, which means that they’re often happy to offer you a discount if it means that you continue to buy from them. Even if they won’t do this, you’re not going to lose anything by asking.
Cutting costs in business is always tricky, but, hopefully, with these simple tips, you’ll find it easier to save some money.