Ah, those pesky expenses. When you’re looking at your sales figures and counting all the revenue generated, it’s easy to become a little starry-eyed. Then you’re brought crashing back down to Earth once your bills are deducted from the money you’ve brought in.
Running a small business is difficult. Money is often tight, and this issue can be exacerbated if you have too many outgoings. All it takes is for a slow month of sales to plunge your business into trouble.
This is why you have to get savvy with your expenditure list. Fortunately, there are various ways to save money for your business – here are five of the best methods.
Use cloud technology
Cloud computing is an excellent way for your business to save money on costly IT expenses. By venturing onto the cloud, you don’t have to worry about putting together expensive IT infrastructures, purchasing expensive hardware, and dealing with ongoing maintenance costs.
When you utilize a platform like Citrix Cloud, you simply pay based on usage. If your virtual desktops are not in use, you don’t pay for them – simple as that. Another advantage of going with a virtual desktop is you don’t have to fork out on expensive desktops or laptops. As processes are handled via the cloud rather than the physical computer itself, you can stick with budget devices and not suffer any drop in performance.
Outsource
In-house employees are expensive, and the cost of hiring a permanent worker goes beyond their base salary. This is the reason why you should consider outsourcing as many tasks as possible.
Digital marketing, website design, IT services, accounting, customer service – there’s a long list of business-related tasks that can be outsourced. You save money as you can pay per project or over a set period of time, and you’re not having to cover bonuses, training expenses, and other costs associated with internal employees.
Aside from that, by outsourcing, you also gain expert help from industry specialists.
Negotiate with providers
When possible, you should attempt to renegotiate your bills with providers. Energy, water, rent – these expenses take a massive chunk out of your budget. Even if you’re not optimistic about getting anywhere by negotiating, it doesn’t hurt to ask. Plus, it could result in you accessing better deals and discounts for your business.
Get creative with marketing
There’s no need for you to throw loads of money at your marketing efforts. It’s possible to get the word out about your business with minimal expenditure. Rather than splashing out on pay-per-click ads, for instance, get creative with your social media posts. A single viral post can do more for brand visibility than an expensive ad campaign.
Turn it off
Simply taking control of your energy costs can go a long way to saving money. There are various ways your business can reduce its energy usage. Only switching the printer on when it’s in use, keeping computers off overnight, using energy-saving lightbulbs – there are many ways you can lower those energy consumption numbers.
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