Four Ways to Save Money on Business Expenses
As a small business owner, it can be easy to focus on increasing sales and making money rather than reducing costs. However, keeping business costs low will help your company grow and allow you to have a greater net income. Cutting costs may seem difficult, but there are ways to do so without making too many sacrifices.
If going 100% paperless isn’t an option, look for ways to reduce paper use. If your business is just starting out, purchase laptops instead of desktop computers and encourage employees to type their meeting notes. Print any necessary documents two-sided and send company updates via email. If you send coupons or announcements to customers, start sending emails instead of snail mail.
Reducing the amount of paper your business uses will also reduce the money you spend on reams of paper, ink cartridges and repairs to your printer.
Utilize Social Media
Advertising is only expensive if you want it to be. Hop on Facebook, Twitter or Instagram and spend some time organically interacting with your followers and potential customers. Think of it as online networking if that makes you feel better about spending so much time on social media!
You can also run ads on social media for a fraction of the cost as traditional media. Digital ads are also hyper-targeted, which means you can rest easy knowing your ads (and money) are reaching the right demographic.
Be More Energy Efficient
Between lights, multiple computers, phones and possibly kitchen appliances, an office space can use a lot of energy. Reduce your energy bill each month by making a conscious effort to be more energy efficient. Lower the thermostat at night, use power strips, and turn computers off at the end of the day. The environment will thank you too!
Choose the Right Office Space
Leasing an office space that’s too big for the current size of your company is a sure-fire way to drain your bank account. There’s no need to pay for space that you don’t foresee using within the next 6 months. Assess your businesses needs before researching a property that will work for you!