6 Ideas To Save Your Company Money
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Every business has to start somewhere, and if you're in the early phases of your company, it's likely that you don’t have a huge budget yet. Until your business starts generating revenue, you’ll want to save as much as possible. Thankfully, there are many ways that you can keep the expenses down to maximize profits.
1 . Use free software
There’s plenty of free software programs out there; it’s just about finding the tools that can serve your business. Mailchimp’s free plan is a great email marketing package for smaller companies. It includes 12,000 emails per month and 2,000 subscribers. Email marketing campaigns are a great solution for any business. For free project management software, try Trello. With this tool, it’s easier to set projects, use digital whiteboards, and collaborate seamlessly within the cloud. Slack is a third free tool that allows effortless communication and collaboration between your teams.
2. Stay remote
Perhaps you began as a remote operation with plans to move to an office? Truth be told, staying as a remote operation can allow you to keep costs down ongoing. As a remote company, you’ll save on rental costs and hardware too.
With these savings in mind, you might want to decide whether you need to buy or rent an office? Consider what value it would add to your profits and operations. By using cloud computing software, or running from a solely online shop, many companies manage to grow a successful business, entirely remotely.
3. DIY Marketing
In the early stages of your company's growth, it’s perfectly easy to DIY when it comes to marketing. Put time and energy into promoting yourself on social media and on writing your own blog for your website. Teach yourself basic SEO tactics and utilize the ideas of your team to create some engaging content for your posts.
Setting up free events can be an excellent way to market yourself (if you do have an office to run them)! When you’re a brick and mortar retail business, it can be hard to compete with the convenience of online shopping. Free events can help to encourage people to come and see what you have to offer.
4. Keep it green
The greener you go, the more money you’ll save as a company. Greener energy providers, based on solar or wind power, offer less expensive rates than non-renewable energy options. Ditching paper and only operating in the cloud is another great way to save and keep it eco-friendly.
Try to reduce the energy and water that you use on-premises to reduce your carbon footprint and saving. When you’re sourcing new objects for your office, don’t be afraid to go second hand. You’ll be practicing zero-waste. Review your suppliers to check that they are also using eco-friendly materials.
5. Outsource
In the start-up phase, it’s not always cost-effective to take on too many full-time employees. Only hire full-time staff that you absolutely need. Consider outsourcing extra tasks to freelancers on a case by case basis. Doing so will give you a higher level of flexibility and allow you to save some money. Of course, this doesn’t mean that your pool of full-time staff won’t grow later down the line.
6. Re-budget
To save yourself money, review all of your expenses. Unless you have every expense recorded, it’s difficult to assess your budget. Look at your outgoing expenses—are there any cuts that you could make? Look at your suppliers—do you think you could get a better deal elsewhere?
Mint Money Manager is a great app for businesses to try. It can help you to track your accounts and put bill reminders in place. Mint also provides bank account interest rates. Unfortunately, there are some situations that no matter how well you budget, you just can’t stretch the money far enough. During times when you need financial support, solutions like payday loans online can offer assistance to help you stay on track.
When it comes to saving money, even small changes can make a difference over time. Use the ideas of your team to your advantage; they may have a few money-saving hacks you haven’t considered yet. Revise your budget consistently to respond to your financial demands as they change.