If you’re the owner of a smaller company, finding ways to cut business operation costs is essential if you want to remain competitive and profitable. The trick is identifying those cost-cutting measures that will allow you to maintain a workable budget without impacting performance and productivity.
Fortunately, there are several steps you can take that will help you achieve this delicate balance:
- Hire less-experienced employees: Payroll often represents the largest expense for small businesses. When possible, consider hiring employees who don’t have much real-world work experience but do have an abundance of potential. One example is recent college graduates who have excelled academically. You’ll save your business money by paying less in starting salaries and you’ll be able to “mold” these talented and eager individuals into valuable contributors to your organization.
- Go paperless: If you haven’t done so already, consider making the transition to a paperless work environment. You’ll significantly reduce your office supply expenses and you’ll require less document storage space. What’s more, your office staff will spend less time on mundane tasks such as faxing, printing, and filing, which leads to increased productivity.
- Buy used: Look for opportunities to purchase used equipment, office furniture and other essential business supplies. Use resources such as Craigslist and eBay to find what you’re looking for — you can usually find high-quality items at prices that are much lower than brand-new products.
- Find a reputable accountant: The demands of being a small business owner may not leave enough time for keeping the books. Enlisting the services of a top-notch accountant results it an additional upfront expense, but it can save your business money in the long run. A good accountant can provide valuable tips for cutting business costs and help you reduce your tax burden.
- Bartering: While bartering might sound like an old-fashioned concept, it can help you lower your business costs when used effectively. You’ll be offering your expertise to another business owner and receive something of value for your company in return. Bartering can also help you build potentially beneficial relationships with other members of your local business community.
- Switching to solar energy: Lowering utility costs is among the best ways for small businesses to save money. These days, many companies are discovering that transitioning to solar energy as a power source for a commercial property can reduce their utility bills by as much as 75 percent. Other benefits of “going solar” include access to money-saving energy credits and tax deductions. You can also gain the favor of customers and prospects who prefer doing business with an organization that has implemented “green” business initiatives.
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