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Small Business Cost Cutting Tips

Want to save money for your small business?

Running a small business has many advantages, especially in the way you choose to increase profits and expand your business.

If you’re looking for more ways to cut costs and pull in better returns, it can be useful to consider some of the main areas of potential cost relief.

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Conduct a worldwide interview

The beauty of technology as it expands, develops and connects us to other countries, is the way it defies the concept that the only people who can work for you must live in your area. Enter the perks of sites such as Odesk and Freelancer.

If you need to cut down on employing staff with skills in design, even accounting or admin, be sure to have a good look around on these sites. The fundamental purpose of these organisations is to hire outside your country for a lower cost option. You can find a skilled individual to work for you in your small business for just a fraction of the cost that a local worker might.

Make the most of interns and work experience

If you’ve been offered assistance by fledglings, by all means consider taking the offer! Many work experience individuals or interns are willing to work low cost or for free if it means they can draw some experience from it.

Hiring fresh feet is also a great way for you to learn a lot about training and how to approach new aspects of your industry as well, as interns and students often bring lots of fresh perspective into the workplace and can exchange ideas about their views of the industry. In short, the new frontline can help you stay on top.

Shared office hubs

Renting an office can be expensive, unnecessarily so.  You might like to consider some of the options for working in a shared space environment. Ideal for those who only need desk space plus a little more to carry out their work, in most cases, you’ll be paying for a separate room or space and sharing areas for meetings, kitchens, and bathrooms.

Network with your community

Workswap is a great way to save money and get word out about what you do – simply by chalking up a bartering system. By offering a service swap, you’ll avoid all the extra hassles of invoicing and the like, while getting work in return. See what your colleagues can offer, you may be pleasantly surprised!

Supplies and upkeep

It’s a great idea to keep a few things in mind when you’re buying your next round of supplies. Buying in bulk can cut costs but often take up a lot of space in your supply cupboard. You can bring the costs down by asking other small business owners like you to purchase the supplies together and share the costs. It works well!

It’s also extremely important to monitor your use of supplies like paper and ink in your printing use. Don’t print anything unless absolutely necessary, and make sure your staff are aware of your print policy. Use two types of paper for your printable work; one for drafts and standard print jobs, and a higher quality grade paper for final versions and presentations. Use them accordingly and don’t deviate from the plan!

Be organised

It’s no secret. Small business owners must be organised if they want to enjoy all the perks. Organisation is one of the key factors in managing and developing a small business, and it’s one of the first reasons a small business crumbles when things don’t work out well.

Fortunately, you don’t have to be born with a diary in your hand to become more organised. Make the most of the great applications that make life easier for you, like direct debits, bill reminders, spend trackers, and passbook features. These apps will help you to stay on track where it’s essential and this means you’ll rarely be left behind, missing out on life outside work and losing time for yourself.

Outsource!

Running a small business can be extremely time intensive, especially since most of the time you are the CEO, CFO, Head of Marketing and Head of HR! The key to making sure you have the headspace to work ON the business instead of IN the business is to outsource as much as possible.

Lets say you need some help with a business plan or online marketing campaign, look towards a service like the newly launched Google Helpouts. Maybe you are trying to reduce the time spent on data entry? Then you might consider a transcription service, such as offered by Sterling Transcription.

Spend some time thinking about the components of your business that do not need your absolute attention and consider the benefits of getting some outside help so you can focus on generating business growth!

There are many ways to save on overheads in small business, the trick is, finding out what works for you and sticking with it long enough to see a real difference. The most rewarding savings come from long term efforts to save on costs. So whatever it is you decide to put into action, give it time to prove itself!

Featured image courtesy of iosphere at freedigitalphotos.net

About Jessica J.

A native New Yorker, Jessica left behind the Big Apple almost 4 years ago to pursue new adventures around the world. Powered by caffeine and a relentless curiosity, she has now settled in Tel Aviv Jaffa with her husband, American cat, and a new appreciation for budget management.
  • homelifeabroad

    Great ideas, Jess! I’m a big supporter of outsourcing work when possible, and the internet makes it easy to do so. Plus, you can always hire a virtual assistant, even one on the other side of the world!

    • Jessica J.

      Very true! Outsourcing is a great resource, especially for online businesses ;-)

  • Dustin Knauer

    Workswaps are ideal, but they don’t always produce the best results and you have to be careful not to mess up any relationships. However, these kinds of “talent trades” are the best option when possible. Great tips!

  • mapam30

    what a great list of tips

  • Elisebet F

    I don’t have my own business, but they sound like good tips for saving.

  • J Shallow-Miller

    We don’t have a home business, but I will remember these if we ever do in the future.

  • Debi@TheSpringMount6Pack

    Great tips. I have a small business of sorts and I can always use ways to cut costs.

  • Angela Kinder

    Mom wants to start a small business, so I think I will keep these wonderful tips handy for her!

    • Jessica J.

      Good luck to your mom, Angela!

  • Robin Rue

    Excellent tips!! I don’t own a business, but maybe one day I will and I will keep these in mind. Thank you!

  • Erica Collazo

    These are some great tips! I’ve been wanting to start my own boutique but I honestly wouldn’t know where to start.

    • Jessica J.

      Hi Erica, if you really want to open up your own boutique, I think the first step is to write down your vision and goals. It will help ground you and give you a starting point for proceeding with research, finding funding, and gathering advice.

  • Leslee Haralson

    Overhead is always a killer for businesses. Great tips for watching expenses for a better bottom line!

  • http://www.livingfrugalinga.com/ Rachel Ralston

    I love how parts of this article can be applied to everyone life to help save them money and not just small business owners. I don’t own a small business but I apply a few of these techniques in my own home to save money. We live in a roommate situation and buying bulk saves a lot of money! We love to buy bulk here in our home and split the cost straight down the middle this gives everyone their fair share and everyone saves.This can even be applied if you are out shopping with a friend. We also stay very organized around here so we know when things are suppose to be done (bills, appts, etc.) and where things are.

    • Jessica J.

      Great point, thanks Rachel! Lots of these points can be applied to individuals as well!

  • Becky Lyons Borgia

    This is a great punchlist of tips. As a small business owner, I thank you!

  • Mom Elite

    I’ve used a lot of these tips myself! Running a small business is no easy task so it’s always nice to know there is affordable easy help out there.

  • Jennifer Van Huss

    These are great ideas!! I think the most important one is be organize. If you are not then none of the other ones will work!

  • WoodArtsUniverse

    These are wonderful tips for small businesses.. I like the idea of buying supplies in bulk that definitely saves a lot of money!!!

  • Eileen

    I am still planning my future small business. I will keep these tips in mind when my business venture pushing through. Thanks for sharing!

  • Chris

    These are very useful tips to add to what I do, I currently save money on never eating out and only buying what I need to last; simple things like that as well really help. Thanks for the tips!

  • Trisha Grimes

    I’m not a small business owner but have applied some of these tips in my own life. They’re fitting for all.

  • Joanna Sormunen

    Thank you for these great tips! I’m sure they will be very usefull for anyone with a small business.

  • http://lilianaonthenet.com/ Liliana Marsden

    Your tips are spot on! I’ve been an accountant in the UK (CPA equivalent) for years working with small businesses and it is very true advice. I personally have been employing a Filipino graphic and WordPress designer for over 3 years and he is great.

    Great blog

    • Jessica J.

      Thanks so much, Liliana! Sounds like you found an excellent graphic designer!

  • Kisa

    Great tips if you run a small business! I will have to take them into consideration as I work on my business ideas this year. Thanks so much.

  • http://www.twelveskip.com/ Pauline

    I’m currently doing outsource but I still need to be organize! Superb tips! :-)

  • Debi

    I consider myself a small business and I can use all of the money saving tips I can get.