Small business owners represent nearly 70 percent of businesses nationwide. To continue turning a profit annually, you need to find ways to save money without compromising sales. Thankfully, there are many ways to do it.
Renting Versus Owning Equipment
There are several advantages to renting office equipment versus outright buying. For one, most companies that lease equipment also service it for either a nominal fee or as part of the contract. The second reason is that you can upgrade every few years without dipping into your business profits.
Buying in Bulk
Buying office supplies such as paper, files, and ink in bulk can reduce the cost of your provided services. Just make sure to allocate a place for storing your supplies ahead of the purchase. Many businesses are seeing the benefits of providing employees with company cell phones. While cell phones can run upwards of $500.00 per unit, purchasing wholesale cell phones in bulk can reduce the cost significantly. Additionally, use the same service provider to lower the monthly service fees.
Depending on the time of business, you may benefit from having remote workers on staff. First, it does away with the need for additional space to accommodate additional employees. Second, hiring remote employees on a part-time basis, such as for company development, human resources, and payroll, eliminates the need for a benefits package. With Covid-19 still present in many busy cities across the states, remote workers are growing in numbers and the savings you can enjoy as a business owner are many.
Acquire Sponsors to Help Fund Events
Local events in your community help to brand your company by putting a face to the business. However, for a small business owner, these types of galas can put a strain on a tight budget. One way to reduce the costs is to have sponsors help pay for the event. The people you buy supplies from will, in most cases, opt-in for free advertising. It’s a win across the board for you and your suppliers.
Effective Advertising for Less
Marketing is a critical component of every successful business. However, you don’t have to spend a lot of money. Bulk emails reach tens of thousands of people in your community for a nominal fee. Advertising on social media is also a cost-effective method used by most businesses to draw traffic to their website. Just make sure that you identify your target audience ahead of time so that your ads pop up at times when they are on the sites.
The Loyal Base
Keeping your loyal base satisfied allows you to attract new customers for free. People are eager to offer information about the service they receive and from whom. A family member tells a neighbor and co-workers on their job and suddenly the phones ring more often. Remaining in touch through quarterly newsletters that give them information concerning upcoming new services, products or promotions will make them feel important, resulting in loyalty.
Employees who enjoy their job and the company they work for tend to work harder. Keeping productivity up will allow you to reduce worker waste. Having 15-minute breaks every 3 to 4 hours will allow employees to restore stamina and clear their minds. Unlimited sick time may sound like a bad idea. However, companies that now have it, find that most employees take less time off. Incentives such as monthly bonuses for sales is another tool used by successful small businesses to keep their employees motivated.
Small business owners don’t have the financial resources available that fortune 500 companies have. However, there are many ways to reduce your business costs and allow you to sustain growth annually.