Use newer, cheaper, advertising methods
Cut down on the amount you spend on paid-for online advertising and do a bit of your own marketing. You don’t have to be an SEO guru to do this, just make a few tweaks on the company website or start up a company YouTube channel and get on Facebook. Retain some paid-for services and see how you go.
Go retro and barter
Don’t avoid getting what you need just because you’re low on funds – try bartering. Approach a few contacts and see if you can offer a few hours of proofreading in exchange for some IT help. You’ll be surprised how open people are.
Buy in bulk
Look for cheap deals on office stationery and supplies, like deals on ink cartridges from Cartridge People. Look for bulk warehouses or online stores and sift through your on-going costs to see which goods are bought at irregular intervals or from middle-men. Bulk-buy these items as you’ll save in the long-run.
Obviously this won’t work for all businesses, but if you can cut down on the amount you spend on office space and offer some employees the chance to work from home, you’ll reduce your overheads quite noticeably.
Upping your environmental game is good for your PR and for your finances. Turn off electrical appliances at night, invest in energy-saving bulbs, print on both sides of the paper or try and be a paperless business – the list is almost endless.
Hire smart graduates
Don’t focus so much on experience – after all, it takes years to accrue and so it costs (rightfully) more money. Everyone has to learn somewhere, so why not offer a young starter a helping hand and an entry-level salary? Another advantage is that they’ll have more up-to-date techie skills, too.
Reduce employee hours
This isn’t as bad as it sounds! Some people, particularly working parents, will jump at the chance to work just four days a week. Make the offer and wait for people to come to you, though – don’t make them feel they have to take a cut.
Look at your shipping
If you have an e-commerce enterprise you’ll be sending out hundreds of items a week. If you can find ways to shave off a few cents from each package, it’ll all add up very quickly!
Tidy up yourself
If you have a daily cleaner, think about whether you can reduce the service to two or three days a week and ask your employees to tidy their desks and empty their own bins.
Look at all your expenses
Don’t wait until times are tough – do this two or three times a year and cut out anything unnecessary or switch to a cheaper provider. This is especially important for on-going expenses.
Try open-source software
All businesses need software but some packages can cost you hundreds of pounds. Have a look for open-source versions – invoice packages, photo editing or document-creating software. They can be a lot cheaper or even free.
Photo Credit | Shutterstock
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