If you’re the owner of a small business, you know the small-business life can be fragile. According to the data, only 50% of businesses survive their first five years. Even after those first five, staying under budget and managing to turn a profit can be rough. If you’re looking for ways to save money as a small business, here are some tips for keeping your cash. The less your business costs, the more likely it is that you’ll stay open for years to come.
Whenever possible, don’t get the work done in your office. Outsourcing is an excellent way to save on costs. IT professionals, graphic designers, accountants, and more can be hired on a by-project basis. Since you’re not paying for their cubicle space, health benefits, or daily cups of coffee, you’ll save quite a bit every year by outsourcing to freelancers. While this means you won’t meet in person, you can still consult regularly using a video conferencing program. That way, you can easily communicate with all your employees, but you don’t have to pay for their space. You can also use a call center outsourcing service for all your call center needs. Once you factor in the lower rent (since your space is smaller), lower utility costs, and even decreased janitorial costs, you’ll realize how much an outsourced staff can really save you.
Traditional marketing, while effective, is high in cost. As much as possible, track where your ads are working. If a particular advertising strategy isn’t bringing in results, you’re sinking dollars every day until you take it down. Depending on the age, gender, and lifestyle of your targeted customers, some methods will prove more effective than others. Use only a few strategies, the ones that have proven most effective for your business. As much as you can, try to rely on unusual and even free methods of advertising, like starting up a YouTube channel or blog.
Interns are free. Recent college-grads are full of passion, an eagerness to learn, and they come at a lower salary. Whenever you can, hire green employees to save your business. That passion and youth might be just what your company is missing.
While starting a business of your own is always tricky, with some of these tricks up your sleeve, you’ll save thousands every year. With that extra revenue, you can keep your business growing and thriving for years to come.