Many business owners have been affected since the pandemic began and although we are making strides and slowly gaining momentum in the business world, it’s still valuable to exercise a little frugality. Are you looking for ways to hang on to those hard-earned dollars your startup is starting to make? Here are some cost-saving tips to reduce the expenses of running a small business.
Technology is key to financial efficiency, and these days there are many options for making technology do the heavy lifting for your business. Here are some a few examples of platforms and software that will benefit your business:
- Online meeting spaces like Zoom or Google save time and travel.
- Digital Payment systems like Zelle or Cashapp manage income from clients, as well as paying contractors.
- Cloud storage systems like Google Suite retain documents and more, making them accessible and easy to share.
- Apps like Connecteam help with employee management and daily operations.
- Free open source platforms make shopping for software more budget friendly.
At the end of the day, technology reduces wasted paper, clutter, and devices in addition to expanding your reach.
Marketing
A strong social media presence can greatly reduce marketing costs while generating a constant stream of interest and new customers. A consistent directed strategy will get your message across clearly, and a wide network will gain you familiarity within your local community. Offer referral incentives to expand your base and price specials maintain engagement and customer loyalty.
Energy Saving Solutions
Look for ways to reduce utilities and production costs wherever possible.
- Turn off the lights and devices when not in use, invest in LED.
- Ditch the landline by switching to online phone services.
- Change your air filters and check for leaks.
- Ask your utility provider to conduct an audit to pinpoint any waste.
Keeping Equipment Costs Down
Buying refurbished equipment can save a ton of money in the short-term while your startup is still establishing reserve capital. You can get the expensive top of the line gear later down the line, and set that as a goal. For now use what’s most cost effective to ensure you make it to reach those goals. Try to sell unused equipment instead of just recycling, or make it a tax-deductible donation.
Benefits of Investing in Your Community
Buy goods and services locally when possible. Not only will this increase your network, which is invaluable, other small businesses are more likely to work with you to customize your needs and possibly negotiate a better deal. They may even be willing to trade for your services, which can again boost your name within the communityThis can also apply to hiring local freelancers. Using freelancers is generally more cost efficient, especially if you may not need a permanent full-time hire for minor tasks.
Consistency is Key
All these efforts will help to keep your overhead costs lower, but they need to be evaluated regularly. Start by creating a working budget that you can work off of and modify over time. This will help keep a real-time perspective on what needs to be invested in, what can wait, and what can be cut.
Thinking of Starting a New Business?
Now is the time! With our society ready to get back in action (safely), new business concepts are quickly emerging with creative flows for serving the public without the high risk of spreading the virus. Put your innovative business concepts into play, and connect with us to get the funding you need to start your newest venture!
Financial restraints have been a complaint for many of the dreamers, limiting themselves to their immediate funds. There is an alternative. If you have the dreams and decent credit, Small Business Loans and No Doc Loans are available to you. Our goal is to provide you with the knowledge you need and the resources available to make your dream a reality. Give us a call – we have the education and the perspective to help you obtain the loans you need for your small business. Visit our website or give us a call to find out what financial backing is available to make your business soar!
Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
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