Many business owners have been groomed on the old “you have to spend money to make money” adage, but there’s a difference between investing wisely in your business and throwing cash at products and services you may not need. With that in mind, here are some cost-saving ideas that will help boost your company’s bottom line.
5 ways to give your bottom line a boost
Here’s a not-so-fun fact: The Bureau of Labor Statistics states that 70% of small businesses go bankrupt within 10 years…often because funds weren’t properly managed. And it’s easy to understand how this can happen. Many business owners have been groomed on the old “you have to spend money to make money” adage, but there’s a difference between investing wisely in your business and foolishly throwing cash at products and services you may not need. With that in mind, here are some cost-saving ideas that will help boost your company’s bottom line.
Find online alternatives to traditional advertising.
Thanks to the digital age, you no longer have to unbalance your budget on big media spends. Instead of overspending on print ads, direct mail pieces and billboards, you can reach a wide (and more targeted) audience through banner ads, pay-per-click (PPC) advertising and blast email campaigns. Engaging with your customers through your social media accounts and adding blogs to your website are also great (and free) marketing tools.
Encourage working remotely.
Telecommuting isn’t possible for every business, but if you can do it, it can be a huge money-saver. Not only will you avoid the expense of an office space and the operating costs that come with it, you’ll also reduce commuting and travel costs for you and your employees, not to mention time lost.
Reduce paper use.
Finding paperless methods to pay bills, receive invoices and review bank statements isn’t just good for the environment, it’s good for your company’s bottom line. Reuse waste paper for scratch or notes. Set your printer default to black and white, double-sided printing. Check with your bank and utility companies to see if they provide financial incentives for going paperless. Little savings on the cost of paper, stamps, ink and printer use can really add up over time.
Buy used office equipment.
If your office equipment is beyond repair and in need of replacement, go second-hand if possible. Gently used printers, desks and even everyday office supplies can be found on Craigslist, eBay, neighborhood Facebook pages or at local yard sales. Keep an eye out for “going out of business” sales or commercial auctions in your area, where quality office furniture can be found at substantial discounts.
Make the move to cloud-based services.
How are you hosting your data? What kind of communications system do you use? Legacy hardware and technologies like on-site servers, landline phones and fax machines can be expensive to maintain, are vulnerable to unplanned downtimes and aren’t nearly as efficient as cloud-based storage options and hosted voice services. A little investment now to upgrade your office to cloud-based services will reduce costs and boost productivity in the long run.
If you’re looking for cost-saving ways to update your company’s communications systems, contact us today to learn more about how we can help your small business operate more efficiently and productively.