Every business wants to save money – it’s a universal goal.
From small start-ups to multinational corporations, managers are working hard to cut costs and stabilize their finances. After all, these are tough times for businesses, which means most of them can’t afford to be operating at a loss – as that will lead to major problems.
Naturally, as a business owner, you will want to save money, too. Fortunately, there are lots of different ways you can do this that don’t involve you reducing your staff or downgrading your products.
If you want to learn more, here are 8 super easy ways your business can save money.
1. Use Accounting Software
Accounting is often a nightmare for business owners – particularly ones that don’t like dealing with numbers.
Usually, business owners will hire accountants to take care of all money-related matters as a solution to this. After all, that’s what accountants are for, right?
However, accountants (as you might know) can be expensive to hire, whether it’s on a full-time or part-time basis. This is why it’s a smart idea to use accounting software, instead. This way, you can save money without having to hire any in-house employees.
Accounting software is becoming increasingly popular in business, as it allows a lot of tiresome tasks to be automated. Plus, it boosts your branding and professionalism when sending invoices out, which is a nice little bonus.
2. Allow Employees to Work from Home
Since 2020, the world has changed a lot.
Perhaps the biggest change of all has been the introduction of work-from-home business models. Essentially, organizations have allowed their employees to work from home rather than come into the office, benefiting both parties.
Of course, this has only been possible thanks to the amazing technology available to people now, from video communication apps to file-sharing platforms.
So, if you want to save some big bucks, you should consider allowing your employees to work from home. This way, you can cut down on office space and resources, which are likely a big part of your monthly outgoings.
Also, by having a remote working model, you’ll also be able to hire remote employees from other locations. In some cases, you might be able to hire employees from completely different countries (providing the time zones align!). This is great, as it means you can access a wider pool of talent that you wouldn’t have been able to get before.
However, it’s worth mentioning that Joe Biden wants employees to return to the office. This doesn’t mean that the remote working trend will slow down – but office work certainly isn’t over.
Outsourcing is a scary prospect for many business owners. Essentially, it’s a bit like hiring someone to clean your house – if you’re someone who is possessive about your belongings, this might make you a little anxious.
However, you have nothing to worry about when you outsource to the right people.
For example, many companies are now outsourcing their social media accounts to marketing agencies. The reasons for this are simple:
- They don’t have to hire their own in-house social media managers
- It saves time and effort
Of course, you can outsource a variety of other different roles, from customer service to content writing.
4. Switch to Video Meetings
Over the years, you’ve probably spent hundreds of hours on the road driving to meet customers and clients, right? These meetings have likely cost you thousands of dollars (if not more) when you put it into context.
Luckily, you no longer have to drive around like you used to. Instead, you can change your company policy to video meetings only.
This will mean that rather than constantly being out on the road, you will hold video meetings with clients. This way, you can still get deals done, only you won’t have to worry about the hassle of leaving your office anymore.
When holding video meetings, it’s highly recommended that you use a reliable platform, such as Zoom or Microsoft Teams.
5. Use Free Advertising Channels
Most businesses make the fatal mistake of pumping tons of money into expensive marketing strategies. If you’ve done this recently, don’t worry – there’s a solution.
The solution is this: use free advertising channels. Some of the best examples include:
- Social media platforms
- Case studies on your website
In particular, social media platforms should be your primary focus – as they are ultimately the best tools for communicating with customers and getting new ones onboard.
6. Provide Work Experience Placements
Hiring new employees is usually an expensive process, especially when choosing experienced industry pros.
Therefore, if you want to cut down on your hiring costs, you should provide people with work experience placements. Ideally, these placements should be given to university and colleague graduates.
Work experience placements are great for both parties: the company doesn’t have to spend tons of money on hiring, while the employee gets some much-needed experience to boost their CV.
For example, let’s say you’ve just recently created some business profiles on social media. One of the work experience placements you offer could be a ‘Social Media Content Creator’. This role can then be given to an undergraduate or graduate that has been studying marketing.
7. Sell Products Online
Since 2020, many businesses have shut down their physical stores. The main reason for this is that online shopping has taken over. With this in mind, it doesn’t make sense to continue spending tons of money on renting premises when you can simply sell products online instead.
To do this, you can sell through your own website or through third-party online retailers, whether it’s Amazon or eBay.
8. Use Free Collaboration Apps
The 8th and final strategy is another easy one: use free collaboration apps.
Collaboration apps are essential if you want your employees to form strong relationships and produce high-quality content and projects.
Microsoft Teams, Google Cloud Platform, and Slack are all excellent examples of these types of platforms.
For example, Microsoft Teams enables employees to video call with each other, share files, brainstorm ideas, and so much more. Although you will have to pay a monthly subscription fee to access it, the short-term costs are more than worth it.