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Seven creative ways to reduce your business costs

If you're in business, then you must be smart enough to already know that business is more about the money you keep than the money you make.
This therefore necessitates the need for every business owner or manager – or CEO – to reduce business costs. That’s what qualifies you as smart at the end of the day.

Sometimes however, these things are easier said than done. Keeping your costs down as a business is hard. It’s possible however. And achievable.

Here are seven creative ways to reduce your business costs:

1. Online marketing

One awesome thing that came with the internet is the low cost of marketing on/with several digital media, like social media, mobile and search, compared to the cost of marketing on traditional media.

If your business uses a lot of marketing and you currently spend all your marketing budget on traditional media, then this is a switch you must make: ditch traditional media and shave tens of thousands off your budget.

2. VoIP

Are you still using a landline in this era and paying those exorbitant fees? Businesses are fast switching to other telephony options... like mobile phone and voice over internet protocol (VoIP) like Skype.

Making the switch would definitely have a significant positive effect on your costs.

3. Paperless

Have you ever sat down to calculate how much it costs you to buy paper and then to dispose of it after use?

Trust me, you don’t want to bother, unless you’re in for some unpleasant surprises. Bottom line is: when you go digital and use less paper, you’ll be saving a lot of money – money that could go into getting other things done, or otherwise kept within the business.

4. Business budget

Budgeting is not only for the individual; every business should have a definite and strict budget for daily and monthly expenses. This way, you’ll know how much you’d be spending on your business monthly and be easily able to avoid impulse buying. You’ll cut off those unnecessary costs.

This is a piece of advice business leaders like Moshe Kantor, would readily give any small business owner.

5. Refurbished equipments

Not all your equipments have to be brand new. You can begin to consider refurbished ones, especially for those equipments that tend to be very durable.

Buying refurbished vs. new for several equipments will reflect positively on your bottom-line over time.

6. Reduce subscriptions

Do you really use every subscription you pay for? How many times do you really use that software you pay for monthly? Could you possibly do without it? And that membership…do you keep paying for it only out of allegiance or you really derive value from being a member – value you can’t imagine your life without?

Answer these questions: be true to yourself and cut every subscription you’d be fine without.

7. Bartering

You’re a graphics designer, I’m a writer. Let me handle all your content needs while you take care of all my graphics needs.

When you can find a creative way to offer your services, instead of money, in exchange for other services you need, you’ll be having in your hands a great way to cut costs. A lot of it – especially when they are services you use or need often.

Start looking at professionals you pay to serve you and think of what services they might need that you can barter with – offer in exchange for theirs.

Now you have seven creative ways to cut your business costs. There definitely are several other ways, but following these seven religiously would put you a long distance ahead of your peers.

19 Dec 2017 11:11

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