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Five Ways for Small Businesses to Cut Costs

Brandon Uttley Financial Issues, Resources And Tools Leave a Comment

In times like these, every business is trying to make every little bit of their money count. For a small business, these goes doubly so. With smaller margins, more competition and a smaller market, small businesses and enterprises need every boost they can get. We’ve assembled our five best tips to help small businesses cut costs, save money and get the most bang for their buck.

Outsourcing

A small business can find a lot of benefits in outsourcing some areas of work to less expensive workers. Many time-consuming tasks can be done safely and reliably offsite, providing savings opportunities for the cost-conscious small business owner. Accounting is one of the most time-consuming and confusing processes facing a small business, but at the end of the day, they’re just numbers, right? So send those numbers to someone who does that stuff all the time!

Likewise, why hire a part-time social media expert or copyeditor when you can find a social media manager to work freelance for you for a fraction of the cost? Freelancer databases like Elance and Odesk are ideal places to find talent.

Unified Communication

Unified Communications software is a relatively new development, but it has huge implications for the efficiency and cost efficacy of small businesses. If executed properly, it can save time and energy for everyone in your office. There are many options to consider, from some pretty familiar names: Cisco Systems, Mittel MiVoice, Avaya and ShoreTel all offer very capable unified communications software systems. These suites of products allow your employees to send a message on one medium and have another employee receive the message on another medium entirely. This means that your employees can check their work voicemails from home, or vice versa, saving everyone time and increasing the amount of work they’re able to do.

Go Green

Did you know most office paper is thrown away within 24 hours of being printed? Hopefully it’s at least being recycled, but any way you hash it, that’s just plain wasteful! Likewise, energy efficient bulbs are orders of magnitude more cost-effective than traditional incandescent bulbs, and tax credits and other discounts can save you additional money down the line. Being a “green business” can also be a draw to like-minded customers.

Craigslist

They never said that starting a business was easy. And according to Bloomberg, 80% of new businesses fail within the first year and a half. Sure, it’s sad, but that is a LOT of office equipment probably going on sale for cheap! Their loss is your gain, and you can help these down-and-out owners a bit by buying their barely-used equipment—at a discount.

Interns

In the competitive job market of today, every bit of experience helps, and people are willing to work cheaply to get that edge. Head to college job fairs and your local Craigslist pages and put up ads for interns. It’s often easy to offer college credit for students in lieu of actual payment, increasing your savings.

Bottom line

Though the environment is more competitive than ever, the cost-saving opportunities to small businesses have never been more numerous. Now more than ever, you have options for automation and support for the government to cut your costs and increase your margins. These tips should help you stretch your dollars a bit farther.

Image Credit: TaxCredits.net

About This Post

This post was written by guest author Russel Cooke, a business consultant specializing in Customer Relationship Management. In his free time, he contributes predominantly business-related articles, something he enjoys doing tremendously. You can follow Russel on Twitter @RusselCooke2.

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