Running a business is expensive, especially for small businesses or those just starting out. Finding ways to save money can be daunting, but it’s essential, and there are plenty of simple, but often overlooked ways to save in just about every aspect of your business. We’ve compiled a few of them here:
1. Go paperless.
There are plenty of businesses that have a hard time letting go of paper, but the cost of that choice is staggering. There are so many incredible tools available now—even apps on your smartphone—that make printing obsolete.
Some of our favorites:
- CamScanner: A digital scanner for your mobile devices. Scan documents, turn them into PDFs and email directly from the app.
- DocuSign:No more meetings just to get documents signed. Safely send out items for signatures without a single tree being harmed.
- Google Drive: A no-brainer at this point. Work on the same document with a remote team at the same time, or make comments for them to see later.
- Issuu: An online publisher that takes your eBooks and other marketing materials and turns them into an impressive online version that can easily be shared on social media, email or with a link.
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2. Go remote.
Consider the costs of renting out a space for your business—how important is it, really? Could what you’re accomplishing in there happen from home or a local co-working space? Also, hiring remote workers gives you a bigger talent pool to choose from, and saves everyone time and money they’d otherwise spend commuting, which also happens to be good for the environment!
3. Hire freelancers.
Full-time employees are expensive and while a small team can be mighty, they may not be able to get to everything that’s piling up. Instead of hiring another salaried employee, outsource tasks as needed. There are talented freelancers all around the country looking for work, and paying them for a few jobs every now and then is cheaper than hiring full-time and will likely yield a better result than trying to do it yourself.
4. Keep your meetings brief.
Meetings are expensive and it’s not just because of the technology it takes to run one. The billable hours and salaries of everyone involved all have to be considered, even for virtual meetings. Keep your meetings on task and invite only the most essential people.
5. Hire interns.
Start an internship program and take on one or two a year. They can handle tasks that salaried employees can’t get to or take on new initiatives, and for a fraction of the cost. Not to mention, a younger person’s perspective might help you branch out into new channels, like social media.
6. Create partnerships.
Know of a successful business with a customer base that aligns with yours? A partnership is mutually beneficial and can really boost the recognition of your business. Some organizations choose to eliminate their advertising spend to focus only on alliances.
7. Regularly audit your expenses
If you aren’t an accountant, this probably sounds horribly dull. However, it’s a great way to keep up with where money is going out and coming in. When you put your spending under a microscope, you can identify errors, inconsistencies, and find ways to streamline and improve. Consider a profit-first approach to maximize your profit and force you to get ruthless with expenses.
8. Buy supplies in bulk
One area that can save you big is buying in bulk. Whether you run through a lot of printer ink or a pack of six pencils per week, buying these items in bulk can shave off costs that seem negligible, but will add up year-over-year.
We hope this helps! Staying on top of your finances while running your business can seem hopeless at times, but it’s entirely possible—maybe even easier than you think!
Julian de Sevilla is the Marketing Specialist at Tresta, a cloud-based telecommunications company in Tallahassee, Florida. He manages social media accounts, blogs, and whatever else happens to land on his desk.
The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.