One of the toughest challenges that small business owners face is cutting costs. Right from slashing legal bills to find out inexpensive ways to bring in potential customers, financial challenges for any small business owner are grave. Saving money and generating revenue are important for extending your business’ life. So here are 5 habits that you should imbibe to go ahead towards victory.
- Do it All Yourself: Initially, this may sound unreasonable and intimidating, but it’s possible. The more ‘hats’ you wear, apart from yours as a small business owner, the more you save at the end of the day. Paying less for contractors or staff is logical if you can do the jobs on your own. For example, it doesn’t require hiring a full time receptionist or secretary if there are just a few calls to attend to or a handful of meetings to schedule in a day. You can do it on your own.
- Go Virtual: Rather than wasting money on papers, pencil, pens, erasers, and files, it’s better to work online and keep important documents in free cloud storages like Dropbox or Google Drive. According to the financial website Bundle, the average monthly cost of office desk supplies in the U.S. is $19. Your company’s expenses may be higher or lower based on the size of your business and rate of supply use. Using emails instead of sending letters to physical addresses can bring down costs drastically.
- Save on Communication: If your small business is heavily based on outbound phone calls, quitting traditional telephone systems and embracing newer technologies like VoIP can save you huge. Today it’s better to use VoIP services like Skype and Google Talk for business communications, as these are more reliable and cheap.
- Increase Energy Efficiency: You might find it cost effective to reuse the supplementary or existing lighting, heating, and air conditioning of your home in your office, as you don’t need to buy more. However, according to Ali Wing, founder of baby retail chain Giggle, buying new and energy efficient systems is far better, as they pay for themselves in just two years. It’s always better to buy an advanced system because that saves you a lot in the long run.
- Market for Free: If you have just started up, save the billboards and expensive direct mail campaigns for later. Rather, market vehemently through the best and cheapest medium available: social media. Make your brand’s official business pages on Facebook and Twitter. You can try LinkedIn, Google Plus, and Pinterest as well. Post fresh content daily and try to spread awareness about your brand among your target audience. Never make delays to respond to questions and comments on your pages. Also, offer expert advice on the products or services you deal with at local community centers, or through articles in local newspapers. Besides raising your stature as an expert on the particular field, this also brings you business.
Author Bio: I’m a 27 year old freelance journalist living in Oakland. I work for Oak View Law Group, a leading consumer and bankruptcy law firm based in CA and operational across the U.S. I’m a numbers geek who loves helping others to find the right balance between frugal finances and living life fully. You may find my writing samples at Familyshare, Comparecards, and Realmoneyanswers.