Starting a small business can be rough in more ways than one. There’s a lot to do to get the business off the ground without going broke or feeling broken. When great ideas, innovation, and determination get trampled on due to finance woes, it can be difficult to get back on track. A great way to keep money matters in order is to cut spending wherever you can. Little cutbacks can make a major impact overall. Here are 3 ways to cut spending, leaving you with the funds you need to grow your business successfully. Try one or all and soon you’ll notice the financial relief you’ve been aiming for.
Allow Employees to Work From Home When Possible
It’s been said, “time is money” and the saying is true. Time spent traveling to and from work, sitting in bumper-to-bumper traffic or packed into a sardine-like subway car makes getting any work done close to impossible. Your employees could use the travel time to get something productive done if they can work from home from time to time, thus eliminating the transportation. If the type of business you’re in allows for some work-from-home time, let your employees do so. The quiet time alone can prove to be more efficient than office time and they’ll be able to log in more hours. You needn’t worry about whether or not they are actually working, as the proof is in the pudding. If working at home equals slacking, they will be found out and have to deal with the consequences. Plus, if you pay for their transport, you’ll save a little here and there whenever they work from home.
Reuse and Recycle
Just because there’s a new computer model available or an updated telecom system, it doesn’t mean you must run out and get it. If your supplies and gadgets are in working order and are sufficient for your business needs, don’t fix what ain’t broken, as they say. In addition, try to be as paperless as possible. Not only will this help protect the environment, but it will save you much-needed cash. No need to print out every report and email when you can project it onto a screen or save to your computer. Send files to clients via email rather than printing out a huge proposal. You can use pens, paper clips, staplers, etc. from your prior endeavors or from home. Whenever you can make use of something you’ve already got, do so. No one will notice if you have company pens or file cabinets that are shiny and new anyhow.
Each Person Puts In a Little More
When you’re part of a small company or startup, you can’t hire a different person for each and every role at the start if you want to make the most of your money. Teamwork is key when building a business, so each person needs to give that extra something. If your writer can also help with photos, let him do his thing. If your marketing team can take on social media, it’s a bonus. Let your sales rep also help with accounting if she’s a numbers whiz. While this may take some getting used to and time management, it will help you save money and give your staff additional insight into various areas of the business which will help out in the long run.
How do you keep spending down for your small business? We’d love to share your tips with beginners and those seeking to save valuable money.