Business expenses are important to keep in check. Waste in not acceptable when you have a bottom line you are shooting for. Here are some cost saving tips your business can take to keep your organization from wasting money.
Take advantage of free software and cloud based applications
Software expense can rack up a hefty bill in a hurry. There are alternatives to many of the common business software packages that might be just fine for your application. Google Drive has a suite of apps that you may like better than the Microsoft counterpart, and is a free part of your Google account, however, the paid service can add features for a reasonable price as well. Take advantage of free open source software like OpenOffice and stay productive, but we recommend a team-wide change to ensure maximum compatibility. Teams can also take advantage of free versions of online services such as Hubspot CRM, or Hootsuite social media posting. Many small businesses can take advantage of great features if their output isn’t to the scale of a larger business. Free team collaboration tools like Slack and Glip can take your team to a whole new level.
Barter services with other businesses.
If you provide service another business might need, it’s a great idea to barter your service for theirs. Not only does it save you money, but that relationship can spur new references and accelerate growth. Can accountants or lawyers use your services? These alliances alone could pay off in a great cost saving win.
Wait for that upgrade.
New stuff is always fun. Who wouldn’t want a new iPhone every time a new one comes out? The truth is, you can probably get a lot more mileage out of your equipment than you think. This blog post is being written on an eight year old MacBook Pro that (other than a few minor quirks) is still able to do what needs to be done. With computers, adding memory and storage can add life at a smaller price than an upgrade. Often, we rush to replace things that could be easily repaired inexpensively. There is likely a Youtube video with a solution to your issue. Delay the upgrade, and save your money collecting interest instead of paying it.
Ask for discounts.
Make this question a regular part of your shopping experience… “Is there any discounts available?” There may be a quantity discount, or a AAA discount, or a Senior discount… you won’t know if you don’t ask. The seller might at most feel uncomfortable, but if you ask politely and in a friendly matter, they shouldn’t be offended. The worst thing that would really happen is if they say no, leaving you with the same price as if you hadn’t asked. But there might just be a discount available to you if only you take the initiative to ask for a discount.
Make sure you actually need the services you pay for.
If you walked into a restaurant by yourself, you might see a family deal that is a great price. Sure, it’s more than what you’d pay for a single meal, but what a value! We have to reshape our definition of value… paying for things you’ll never use is never a good value. Maybe you signed up for Amazon Prime, but you don’t really need two day shipping. When you go in for an oil change, are you sure the cabin air filter is really that dirty after the three months since they replaced it? Telecom Fitness helps businesses find cost saving opportunities in their phone bills every day with a Telecom Fitness Review. Sometimes an employee retires and no longer needs a phone connection. If the business doesn’t cancel the number, they keep paying for it until someone notices. Businesses build new offices on site, and lines don’t always get moved over to the new wing, but they are never cancelled, and though they are paid for, they never are used. Telecom audits are a great way to ensure you get the best value for your money, and aren’t paying for what you don’t need.
You will find your own cost saving methods by simply looking for them.
These five tips are only a start in saving your business money. Use common sense, and look for patterns. Look at where you spend a lot of money, and look for ways to save. Some changes in your habits may only have a small impact, but keep at it. Many small savings will contribute to big savings.
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