Saving money as a private citizen can be hard enough but figuring out how to cut costs in your business without sacrificing your business’s integrity is another thing entirely! It’s not just about setting money aside it’s about finding services or products that cost you money that your business can do without. Of course the kind of costs a business can cut will vary greatly depending on what kind of business it is but there are some rules that apply to all. Simple things like using less office supplies over a long period of time can really make a big difference. Not all cost cuts have to be dramatic to amount to big savings!
First take a look at how you staff your business. If you haven’t hired any interns in the past you may want to think about doing so in the future. Interns are a low cost solution in lean times. They may require more training but if time is more readily available than money, interns are a great investment. Independent contractors or freelancers are also a great way to staff your business and cut costs. With independent contractors you’ll save money because they get paid a flat fee and aren’t eligible for employee benefits! With traditional employees an employer (depending on state law) has to pay for the equipment the employee needs to do their job, health insurance, worker’s compensation insurance, and so much more. When you hire independent contractors you’re able to cut all of the costs associated with traditional employees. Of course independent contractors aren’t ideal for every business. In fact there is a lot of legalese that needs to be navigated when taking advantage of contractors. Keep this in mind when making your decision.
Steps like buying used equipment and cutting down on waste may seem like simple steps but over time they really add up and can make a big difference. Purchasing used but functioning equipment is a super easy way to cut costs and virtually has no downside! Cutting down waste, stamp usage, and printing is really a business wide effort. You’ll need to motivate the office to cut back on using supplies. Sending emails instead of letters is one of the easiest and most earth friendly ways to cut costs! Purchasing stamps can get expensive fast so save money by going electronic.
Here’s a tip! If you’re looking to make a little money on the side (aside from cutting all these business costs) check out this CardCash coupon. With CardCash you can turn unused gift cards into cash and get amazing deals on discount gift cards so that you can save money the next time you shop!
Another way to cut business costs is by paying invoices earlier than when they’re due. In some cases suppliers will offer awesome discounts to clients that pay their invoices in advance. If you’ve got the money to do this, do it! It’s a great way to save money on something you already have to do.
When you’re cutting business costs it all comes down to common sense. Reduce waste, cut down on the use of office supplies, consider hiring independent contractors, and take advantage of deals offered by your suppliers!