Money Saving Tips for Small Businesses to Try in the New Year
If you’re a small business owner, you know that finding new and creative ways to save money whenever possible is just as vital to the success of your business as driving sales. Luckily, finding ways to cut costs is easier than you think, and the changes can be surprisingly painless. Here are some easy ways you can save money for your small business.
Outsource as Much as You Can
Employees are essential, but employee costs like salaries, office space, and insurance can be the biggest expense of your budget. In a small business, you need to get things done with as few employees as possible. Outsourcing tasks to trained professionals allows you to stick to smaller budgets and only pay for what you need.
Many businesses are outsourcing IT as a way to gain highly skilled workers at a fraction of the labor costs. Grand Technology Solutions offers an affordable, one-stop solution to your business IT needs. From 24/7 remote monitoring to system upgrades, we’re ready to help.
In the work from home world we have been living in, more businesses are seeing just how cost-effective it can be to have employees telecommute. An employee who telecommutes doesn’t need to utilize a company’s office space, facilities, and other costly amenities. You can save on all of this by using a virtual workspace to meet and work collaboratively. If you’re not able to convert your entire staff to a telecommuting situation, you can always find a way to convert at least some of them.
For more information on transitioning to a virtual routine check out our guide on working from home!
Start Operating “In The Cloud”
Avoid the cost of expensive hardware and use cloud-based services to host data instead. Along with cutting purchase costs, off-site hardware can also cut internal power costs. Cloud solutions can lead to a decrease in labor and maintenance costs and an increase in workforce productivity. Most cloud-based services work on a pay-per-use basis, which means businesses can rent exactly what they need and guarantee a return on investment.
If you have any questions about how to effectively adopt the cloud for your business, or how to optimize your cloud performance and reduce costs, Grand Technology Solutions can help.
Go Green to Save Green
Whether you have a home business, office space, or a storefront, the more energy-efficient your space is, the lower utility costs you’re going to have. Simple things like using LED bulbs and keeping equipment on a power strip to easily turn off when not in use can drastically reduce your energy costs. Using paperless methods to pay bills, receive invoices, and check bank statements will also help save you both money and time.
Read our previous blog for more ways your small business can go green.
Buy Used Equipment
When you need office materials, there’s no shame in buying gently used equipment. Second-hand office furniture used computers, and refurbished copiers can cost 50 to 75 percent less than brand new items but are still as good as new. Check your local newspaper or neighborhood Facebook pages for going out of business sales and save some money.
Hire Interns for Free Help
Reach out to local high schools, career centers, and colleges for students who are looking to gain experience through an internship. Using interns rather than hiring full-time employees cuts way back on expenses, from salaries to benefits. (Just be sure to read up on your local labor laws before you offer an internship – many states have rules on which internships can be offered for college credit, work experience, or monthly stipends, and there are often specific requirements your intern program must meet in order to qualify as an “unpaid” internship.)
Regularly Revisit Your Budget
Your budget shouldn’t be a stagnant thing. Instead of just an annual or quarterly budget review, look into managing and tweaking your budget in real time. When you stay on top of it, you reduce the risk of falling behind. Are you ready to start saving money? Let Grand Technology Solutions help! Give us a call at (904) 606-6011 or email email@example.com to see how we can boost your business’s efficiency – and save you some serious dough – in 2021.