Keeping a close eye on costs is one of the main factors of business. This is especially true for small business owners since keeping costs down is something they can control when profits aren’t yet rolling in. As your business grows and succeeds, always look at new ways to implement cost saving measures. Here are 5 cost savings ideas that are worth exploring:
Consider a car sharing service
The age of the sharing economy is here! Owning a number of business vehicles can be a huge expense, so if you have multiple vehicles you should do cost benefit analysis. Can you have employees share a vehicle? Is it possible to streamline deliveries or meetings? Perhaps a car sharing service like Zipcar or Enterprise Car Share for business might be a new source of cost savings.
Find free services
Today there is an incredible amount of free services available that are nearly as good as paid versions. From e-mail to computer software to smartphone apps, there are multiple options on every platform. Instead of using an expensive suite of typical office software, you can always try Google’s home & office web-based applications that are free. Likewise, you can use something free like Skype, instead of purchasing office phones and conferencing solutions.
Pay down debts
Financing your small business through loans is how many entrepreneurs get their start, but it should be a goal to pay off debt as soon you’ve got a steady stream of revenue. With interest rates at all-time lows, paying down your debts now will bring savings in the future. You don’t want to wait until interest rates rise. If you can’t make some large payments against your loans, then now is the time to speak with the bank to renegotiate the interest rate on your debts.
Hire an intern
Interns usually end up working for larger companies that are partnered with a university or college, but you should be taking advantage of this too! Millennials are hungry for the chance to showcase their talents and gain experience. Many are interested in small business and entrepreneurship rather than working for a large corporation. Bringing in a new employee at a lower cost while providing valuable experience is a win/win!
Bundle your services
Bundling your services through a single provider is a good way to save money. If your small business is home-based for instance, you could combine your personal phone, internet and data with your business needs. The same is true of your insurance. You should speak to your broker about bundling your home, auto and business insurance to see if there are any discounts available.
Stay tuned to our blog for more helpful advice and tips on how to make your small business a success.