The success in small business greatly and directly depends on the efficiency in minimizing the business-expenditure. One should be creative and smart to save money and at the same not to compromise the business-exposure and other basics. So, to help you out with cost-saving in your small business – here are seven ideas:
The most important aspect in this category is to cut-down the amount of printing. Try assessing the purpose and necessity every time you press the print command. Even if you are forced by necessity, define some other purpose for the printouts after their first use, like a scrap notebook etc. In case, you run out of the ink, don’t fall for a new cartridge but refill the old one. The money for paper and ink is not small for a small business, so saving it would mean a lot to you in practice.
Be On Top Of The Cost-List:
A manual cost book or a more formal bank statement, whatever way you manage the cost log – be on top of it always. Check and review every line of the cost statement and find out any bit of unnecessary expenditure. Look for any unknown or needless purchases. The purpose behind this review of the cost-list is to make sure that you have proper justification for every single penny you spent, and this is a great way to reduce the overall expenditure in your business.
Add Extra-Purpose To The Advertisement:
You will be serving customers with receipts, invoices or other forms of communications. However, these usual communications can be easily turned to your advertisement, which can help you save a lot from printing separate pieces of handbills or leaflets. Just put a new section on your invoices or receipts mentioning the new product or services you are launching or already doing. You can do the same in your email signature by mentioning your product or simply by putting a link to the blog-post or website for your product.
Purchase Second-Hand Computer And Furniture:
Buying computers be it desktop or laptop is a big cost for any start-up. Consider buying second-hand computer equipment from reputed sources and many a time they come with warranty and support services. Also, besides the digital reconditioned units, you may try second-hand furniture. This will inevitably save you a lot of money altogether, just be picky – you will deal handily.
Avoid Late Payments:
This is for both of yourself and your customers. By avoiding late payments, you will avoid any hassle and extra fees involved with any of your purchases. As well as, revise and rewrite your terms and conditions to allow a strict time plan on payments. Communicate well to your customers, do let them know of any invoice falling into the category of late payment, and ensure you have a strict late payment fee.
Decide The Meetings Smartly:
Having a lot of meetings doesn’t mean a profitable business, rather each meeting has its cost in money and time. So, choose your meetings very wisely, avoid any unnecessary or unproductive get together that would only increase the business-cost. Also, prepare for the meeting well, so that there is no lack or gap to be covered up in a next round. Talk to the other members of your team too and ask the same as for the preparation. Be choosy with the venue and menu, smartly manage with least cost.
Handle Manpower Wisely:
In a small business, each individual can be a cost factor if not planned well. So, at start-up try to be as limited as possible in terms of employee recruitment and always the best is to be hands on deck. Meaning everybody involved shares the entrepreneurship and excel in opportunity building for the naïve business. Don’t add extra heads to the payroll rather try outsourcing tasks that demand outer input. If you really feel for someone to help your business, look for any fresh intern who is enthusiastic as well as doesn’t have a high salary demand. Do clearly define the job responsibilities for all involved in your business and regularly assess the goals and achievements.
Do Smart Packaging:
If your business is in a manufacturing industry, packaging involves one of the major costs and you must be smart about packaging. Use of stand up pouch printing has enables businesses to brand their products in best possible ways as well as save big as flexible packaging is lightweight, easy to carry and store as well. Flexible packages are perfect for wide range of products. But the food industry is taking the best advantage from it. If your business is in the food industry, flexible packaging can be a perfect packaging solution for your business. Coffee bean packaging is a perfect example of flexible packaging for food items.
These are some useful ways to save money from operations of your business. So, apply these tips and start making more money from your business.