Poor cash flow causes 82 percent of small business failures. Therefore, misusing your finances will only lead to the death of your business. You must adopt new and creative money-saving tactics to guarantee survival and success.
Unfortunately, saving money is tricky for small businesses. You’re probably operating on a tight budget. So, where will you get the extra money to save? Just use these doable and straightforward small business money saving ideas.
Use Digital Marketing
Marketing is vital for any business. It creates awareness, making your business visible. Regrettably, traditional marketing is expensive. Worse still, half of it goes to waste, as the 19th century Philadelphia retailer, John Wanamaker, supposedly said.
Don’t throw your money down the drain.
Focus on digital marketing instead, particularly social media. And you know what, you don’t have to do the marketing yourself. Let your customers do it for you.
Hire Contractors and Freelancers for Non-Core Work
Employees are a valuable human resource. But hiring and retaining them is expensive. You have to pay salaries, get insurance, and rent office space.
To cut costs, hire contractors and freelancers for non-core duties and avoid tax responsibilities, see https://taxfyle.com/tax-preparation-services/. Factoring all the employee benefits, you’ll save 20% to 30% annually by hiring a freelancer instead. And the cost isn’t the only benefit.
With freelancers, companies enjoy:
- greater flexibility in selecting professionals with multiple skills
- fast hiring processes, unlike traditional bureaucratic traditional hiring
- reliable and streamlined hiring processes through established freelancing platforms
- more rapid job delivery
That’s what Medpricer experienced after turning to Upwork for freelance talent rather than hiring permanent workers. The automated processes in Upwork helped in rapidly finding top talent.
Consider telecommuting for employees who can’t be replaced with freelancers. Do you know your business can save as much as $11,000 per employee every year if you allowed them to telecommute part-time (according to GlobalWorkplaceAnalytics.com)?
Many costs related to in-office workers will reduce.
Telecommuting cuts down costs associated with rent, utilities, and equipment required in a traditional office. Instead, allow your employees to telecommute and use a virtual workspace for meetings. If possible, operate fully online and completely avoid the costs of a physical office.
You’ll also save time. It reduces the time lost commuting and lessens travel expenses for employees. If you need to meet a client, you can rent out an office space temporarily.
Besides, employees love it too.
Many employees cherish the advantages of telecommuting, including flexible schedules, spending time with family, and just having a relaxing environment to work from.
Get Used Office Equipment
You don’t have to purchase shiny new office equipment. Why not get gently used ones? Many large corporations upgrade their equipment regularly and sell the old stuff to used equipment stores. Most are still in good shape and can be re-used. They’ll serve you just as well as the new, expensive ones.
Why not also buy a certified used car instead of a new one?
New cars are costly yet depreciate as much as 11% the very moment you buy them. Within the first year, depreciation can be 30%. By the fifth year, it will lose more than half its value.
These small business money saving ideas are relatively painless and hassle-free to implement, yet they have the potential of producing massive savings. Save more money by calculating your taxes at affordable prices; https://taxfyle.com/tax-preparation-fees-pricing/.
However, some tips may have better results than others.
You may also prefer using specific strategies or be incapable of utilizing others. Fortunately, anyone of these strategies can produce a significant impact on your bottom line. Happy saving!