Three Awesome Tips For Cutting Costs in Your Small Business
Even when the economy or your business is going strong, cutting costs in your small business is never a bad idea. In fact, here are three awesome tips for cutting cost.
The economy is hit or miss — one minute it’s up, the next it’s down. So, if you’re looking for a reliable way to protect your finances, make sure you cut costs all year round.– Forbes
As we come to the back-half of the year, it’s a good time to look at your expenses and see where you might be able to make some changes. These are the three tips that we use for cutting cost, and we believe they can help you in cutting costs in your small business.
Cut out time-wasting activities
Activities that waste time are one of the biggest strains on business resources. Small business owners often wish they had more hours in the day. The truth is however, that we and our employees probably spend too much time on unproductive activities. If we could remove them, we’d be able to get more accomplished. We find making a list of what you are doing throughout the day helps. Take a look at all the activities and see what is least value-added. Try to remove it one day. See what happens. If everything is fine, then eliminate it.
Leverage Technology, cutting costs in your small business
Travel is a killer. It not only costs time but also money. With technology today, it is so easy to conduct meetings virtually, saving both time and money. Some people will want face-to-face meetings, but others may not. However, it doesn’t hurt to ask.
Cutting costs in your small business by Saving Resources
In cities like New York, space is a premium. The same is true in any major city. But, this just isn’t office spaces, it’s server space, storage space, etc. An e-mail or a file retention policy can help with cutting cost in your small business . A semi-annual file clean-up can cut down on unnecessary storage. Also, smart use of shared space can be more cost-effective than renting or owning office space.
Even in our electronic world, we still use a lot of paper and ink. While these aren’t the most expensive items, wasting them can add up. Ask yourself, do you really need to print that presentation, letter, etc.? If so, can you print it more efficiently, side view or double-sided for example? It’s a simple step to cutting cost in your small business
Let’s face it. Most businesses waste electricity, gas, etc. Therefore, to cut costs in your small business, think about where you might be able to reduce your energy usage. First, how can you make the most of natural lighting? Second, could you switch to a more energy-efficient option like LED lighting, for instance? Third, could you use window shading to reduce AC costs? Finally, could you install a smart thermostat or smart appliances? In fact, some electricity companies provide discounts for use or for purchase. Either way, it’s a great way to cut costs.
In summary, these are just a few ideas for cutting cost in your small business. There are others that we explore in our post “4 Ways to Avoid Wasting Money as a Small Business”. You’ll probably come up with even more. A consistent effort is what’s key.
If you need help with any small business issue, please contact us. We’d be happy to help.