April 14, 2024

Business Bib

Business & Finance Blog

Save Some Cash For Your Small Business: 4 Cost-Cutting Strategies

3 min read

Business might be booming, but the bills have a way of piling up, don’t they? No matter how good things seem to be going, cost and overhead always seem to find a way to keep pace. The value of the dollar might have just gone up, but so too did your insurance premiums. Gas is at its lowest in a decade, but you’re still getting dinged by the airline for a fuel surcharge. This is the way of the business world. Here are a handful of techniques small businesses should consider in order to cut costs.

Cut Out Electronic Hardware

Our world is moving further and further from a physical one to a digital one. There are any number of ways you can cut down on spending too much money on electronics. For business calls, especially conference calls, and remote meetings, go with Skype instead of using your cell phone; there is no reason to accrue large data overage charges when free downloadable software will do the job just as well. Instead of storing everything on your computer, USBs, and portable hard drives, make use of the cloud; Dropbox and iCloud offer huge amounts of data storage for a fraction of the cost of physical storage.

Save Money On Your Vehicle

With environmental concerns dominating the headlines and electric/hybrid cars like Tesla Motors becoming ever more popular, the prestige afforded by a fancy, high-priced car has never been lower. So drive a more modest vehicle while saving your company – and yourself – money. Better yet, use public transit; no, it might not be fancy, but it will illustrate to your employees and clients that you are a concerned citizen with the confidence to commute however they want.

Save Money On Legal Fees

Thanks to the Internet, finding affordable legal help has never been easier. Avoid price gauging lawyers and powerful law firms who might wrangle you into ironclad legal contracts. Keeping lawyers on retainer, especially for smaller businesses, often costs more money than it is worth. Consider utilizing an LPO (legal process outsourcer) like LexLocom in order to cut down on legal fees. LPOs, firms that hire out lawyers temporarily for specific jobs, are a wallet-friendly alternative to full-time legal aid.

Cut Advertising Costs

 

It is 2018. Do not pay a large fee to an advertising agency to throw your ad up on the inside of a few buses, billboards, and late-night TV ads. Web advertising tools like Google Ads reach a much broader audience for a fraction of the cost of a traditional advertising agency. Not only that, but these ads are tailored specifically for people who might be interested in your business, not just anyone who glances past your ad.

Doing business in 2018 might be more complex than it has ever been, but savvy businesspeople will find that there are more resources out there than any other time in history. These are just a few strategies that you can employ to save company money. Do a little digging around online and you’ll be sure to find many more.