[This article was written by Samantha Higgins.]
Saving your business money is always a good thing, regardless of how much the savings are. But how you save money is important to consider. Relentless cost-cutting and untested budgeting methods can lead to counterproductive results, such as operational inefficiencies and subpar products/services.
Be Intentional With Company Meetings
It feels good to earn profit from your business. But what you do with it spells the difference between your company’s success or failure. Though meetings are helpful when there are issues to discuss, they can be a financial sinkhole for most businesses. You must be intentional when you set up your company meetings, so you don’t impact team effort and individual work momentum. When meetings are done right, they will help your company grow.
However, poorly set meetings with no specific agenda can just drain the money of your business. On top of conducting fewer meetings, you may also consider reducing the size of the participants. The more heads are in your sessions, the more you have to feed, and the less people are manning your daily operations. Cutting down on meetings means fewer expenses and more time to focus on attending to clients.
Install Solar Panels
If you are unable to balance your books and manage your cash flow, no matter how good your products or services are, your company will still take a nosedive. Reduce your business operating costs by saving on your energy bills. Maintaining a climate-controlled office is very expensive. Make the smart move to improve your energy consumption by installing solar panels so that you can harness the power coming from the sun. Interview solar installers and go with a certified, legitimate company.
A good company will help assess your needs to see what solar equipment your company requires, so you can start saving on your expensive energy costs as soon as possible. With the aid of a reputable solar installation company, you can determine if you are qualified to make the big switch. This is crucial because as the wise adage goes, a penny saved will always be a penny earned. When you rely on solar power, apart from making your fixed cost smaller, your business becomes more environmentally-friendly.
Veer Away From Traditional Ads
It’s not enough that you have a lot of clients. You must be able to take care of your business’ backend, especially the financial aspect. One way to get that done is to cut down on your marketing expenses. Traditional ads like radio, TV, and print are costly. With the advent of technology, you now have access to lower-cost forms of digital marketing. When you leverage social media, you don’t have to spend so much on campaigns. Some are even free.
The best part is, with almost four billion people owning a mobile phone that has multiple social media apps installed, you can quickly expand the reach of your brand. For every like, share, comment, and reaction, you are building loyal followers. There are even geo-targeted methods that will help you reach your buyer persona.
Buy Supplies In Bulk
As a general rule, things become so much cheaper when you buy them in bulk. If you are looking to save money, consider getting reams of papers, boxes of toilet papers, and the like. It would help if you considered everything from something as simple as pens to more significant ticket items like computers or business development software.
You must make it a point to purchase all your frequently used office items in bulk. Just make sure you have sufficient space to store your items. When you buy a lot of things, you can even negotiate the price and ask your suppliers for additional discounts. You can also try doing a deferred payment scheme. It is important to note that businesses also give priority to clients who buy many items.
These four tips can help you save money while retaining if not improving your current operations and growth trajectory. By buying office supplies in bulk, using cost-effective modern advertisement channels, converting to sustainable energy, and reformatting your company meetings, you’ll be able to conserve capital for bigger moves, such as expansion to new territories or creating a new product line.
Samantha Higgins is a professional writer with a passion for research, observation, and innovation. She is nurturing a growing family of twin boys in Portland, Oregon with her husband. She loves kayaking and reading creative non-fiction.