5 Money Saving Tips for Business Owners
Major holidays are coming up once again. As a small business owner you are bound to be spending a lot too. Special bonuses and company-wide celebrations will cut deep into the budget. Fortunately, it is the last quarter of the year, so this will be the last of the bigger expenses you will need to prepare for.
Just thinking about the expenses your company is about to make must make you cringe mentally, but of course you want the chance to give back to the people who are helping you grow your business. You want to be able to make them feel special and valued, and this holiday season is the perfect time for that.
The best solution for countering the expenses for the last quarter’s holidays is making sure you have made a lot of savings in the months prior. Look for ways that can lower expenditures while increasing savings for the company. This practice will not only help balance out what you will be spending for company events, but it will also generally improve your financial situation. Whether you are having problems financially or if you’re stable as a rock, a good savings plan is always a sound tactic in business.
Here are some tips on how you can incur more savings for your business:
1. Find Free Online Solutions
Want to build a website? Look for free website development solutions while still on the planning stage. Also, if it is possible to do so, combine your website and your online store too. There are a lot of these offerings floating around in the web.
Free online softwares like an Antivirus for your computers are also a good idea in lowering overhead expenses. Take advantage of trial packages and free versions of softwares or apps.
2. Use Bundled Services
What exactly do you need for your business? Do you need an office space, communication tools, or security? Why not get them in a bundle? It will definitely save your money and lower your expenses.
When setting up a headquarters or office for your business look for services that you might need that are bundled together. This way you save some money from your budget and keep yourself from wasting on unnecessary expenses. Like when you rent an office space, find a building that has its own security detail and measures. You will not need to hire a guard of your own, since it will be included in your perks as a tenant. Or when the building management already has security cameras strategically scattered all over the place, you will only need to install one inside your own office space, no need to do so for the areas outside of it, which will be the case if you have a building of your own.
Another good bundle would be your telephone line and your internet, find out which network in your area offers a phone line and an internet connection in a single plan. This makes it very convenient for you because not only will you only need to pay one bill for two services, you also considerably cut the cost of your communication budget.
3. Hire Virtual Assistants
Renting an office space means that you are limited by the square footage that is allowable in your particular lease agreement. This means that you are probably limited in the employee department as well. You can’t hire as much people as you want or need because there is nowhere for you to settle them in.
The best solution for you is to hire a virtual assistants or a team of VAs who can take care of some of the tasks that you need to get done. They will even cost you less than hiring someone who will work in your office. For one, you need not pay for their equipment – they already have their own. You also don’t need to provide them with supplies and utilities because they take care of that themselves.
4. Be Wise in Purchasing Equipment
If you think the equipment is not something you need for your everyday transaction, forgo buying it. Instead lease it whenever it is needed, this way you save a lot on maintenance. Anyway, if there are long periods in between its use, it can even malfunction or get defective. But leasing it from a trusted provider will keep you from those kinds of unnecessary stress.
Do all your employees need a desktop? Think about their day to day tasks. For those people who handle light computer-related tasks, provide them with laptops instead. Desktop computers are not very energy efficient, they have high power consumptions, while laptops eat up a considerable lesser percentage of energy. Also, make it a point to put off any equipment that is not in constant use, just turn it on when it is actually needed.
5. Don’t Be Lazy, Learn a few Skills
Life is a constant learning process. Why not make learning new skills that can benefit your business be your new motto? If you can do it yourself, then you don’t need to hire anyone to do it for you. Not only do you save money from this kind of practice, you save yourself from the trouble of actually looking for an expert who can do that task, and you can be proud of your new accomplishments as well. Being hungry for more knowledge is a trait that can help you become a better person, and a more capable business owner in the process.
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