Small businesses cannot afford to be profligate in the best of times.
When economic pressures are increasing across the board, frugality is even more important.
To that end, here are some money-saving solutions which will give up and coming companies the breathing room they need to survive.
Office space is expensive, and if you can instead enable employees to work remotely, you could make significant savings.
You could of course relocate to a region with cheaper commercial leasing costs, but this is more of a long term solution, rather than a move that will ease short term pain.
Another costly aspect of keeping a business afloat is gaining access to all of the IT resources you need from day to day.
Rather than having on-site hardware that’s pricey to procure and maintain, moving infrastructure, storage and software over to the cloud is an affordable alternative.
Cloud computing remains one of the major trends in digital transformation, and it’s arguably most impactful for smaller firms that have tighter margins to work with.
Choosing office phone systems which are cost-effective and cutting edge is better than sticking with a legacy solution which is a burden in terms of paying for maintenance and when it comes to its limited functionality.
There are plenty of setups to consider, whether you’ve got an office with fewer than ten people, or a call center with over 100.
Going green is a good move from a marketing perspective, because modern consumers are looking for businesses to be more sustainable. It’s also wise when it comes to making savings, since reducing the amount of energy you use will leave you with smaller utility bills to pay.
Turning off lights in unused parts of the premises, re-thinking delivery routes so that they are as efficient as possible, and powering down computer hardware overnight when the office is closed can all contribute to a more eco-friendly workplace.
If you need to recruit new team members, salary costs will be weighing on your mind if times are hard. One way around this is to change how you approach sourcing prospective candidates, and open up the field to more people rather than only looking for those with years of experience under their belt.
Recruiting a recent college graduate who has an excellent educational record will mean you don’t need to pay a sky high salary, but can still access an intelligent, adaptable individual who could be an asset to your organization for years to come.
Outsourcing certain duties to third party contractors and agencies is cost-effective so long as your needs are time-limited. In this instance, it makes financial sense to pay for temporary assistance until the project has run its course.
However, if you are outsourcing certain elements on a permanent basis, whether that’s HR, marketing or anything else, you could save by putting these facets on pause until stability returns to the market.
Winning over new customers costs a lot of cash, and so making your marketing more efficient is a cost-cutting move worth pursuing.
Focusing on organic search optimization, rather than paid online advertising, is an example of this. You can also turn your attention to social media as a means of connecting with your audience.
Ultimately it’s about small businesses taking ownership of their budgetary challenges, rather than feeling like they are the victim of circumstances that are out of their control.