6 smart steps to reduce your business costs

Switching to free cloud storage will dramatically cut the cost of printing and storing paper documents.

Switching to free cloud storage will dramatically cut the cost of printing and storing paper documents.

By Katie Johnson

When it comes to running a small business, reducing costs is everything. The current economy is unforgiving for even the savviest businessperson. That is why you should take the necessary steps to ensure your business thrives without unnecessary bills. Here are six steps to do so.

• Eliminate paper & switch to cloud storage

Businesses that still use paper might as well use a rotary phone and a beeper. Using paper is not only outdated, but it is wasteful. According to research, about 40% of office paper is discarded within 24 hours of anyone printing on it. The mounting cost of printing supplies, paper, and maintenance quickly adds up. To store important documents, start using free online cloud storing services such as Google Docs and Dropbox. This will save you a lot of money in the long-term.

• Hire freelance workers online

In today’s technological world, you can find a suitable worker across the globe for a fraction of the cost. There are websites that allow you to find and hire a qualified professional without spending as much as you would for a full-time employee. You can hire a remote worker for a specific amount of time to complete a specific task. From website designers to writers, these remote pros alleviate your business cost woes.

• Hire interns or apprentices

When a task needs to be completed in person, it may be better to let an intern do it. Interns can perform easy hands-on tasks such as filing important documents. You can also hunt for apprentices who are recently out of school or college. Most students will be willing to work for little money as it’s great experience and a resume enhancer for them, and it may also allow them to receive a qualification at the end of the work experience.

• Minimize marketing expenses by looking for cheap deals & offers

Common advertising knowledge suggests that people need to see your ad at least seven times before they decide to purchase your product or service. An individual needing to see your ad that many times (or more) to become a potential customer can be costly, especially if you only use traditional advertising such as print, television, or radio. That is why it is vital to minimise marketing expenses as much as possible. Using social media sites such as Facebook and Twitter to run ads is very cost-effective. When advertising your business in-person, it is best to acquire cost-efficient supplies such as budget banner stands from reputable companies; that way you’ll still be getting effective advertising materials but you’ll also be saving some money in the meantime.

• Cut out time-wasting activities

Research suggests that an average person spends 90 minutes a day on their smartphone, time which could seriously impact your productivity. Successfully running a business requires long hours being dedicated to the work. Allowing time-wasting activities to cut into your business cuts into your profits. It’s best to put away your phone and get on with the day’s tasks.

• Eliminate late payment fees by hiring someone else to pay your bills

Who loves paying monthly late fees? Certainly not you. Unfortunately, a portion of the revenues of many small businesses is being applied to late payments. As a business owner, it is imperative to stay on top of payment due dates. That is easier said than done for the typical businessperson who has a large selection of other tasks to complete. It is practical, as well as cost-efficient, to hire an outside firm to pay your bills for you.

You don’t have to completely limit your business of necessities to cut down your costs, you simply need to become more aware of your spending patterns and find cheaper alternatives when necessary. Ultimately, you’ll be running a much more cost-ffective business.

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Katie Johnson is a full-time writer. Likes long walk on the beach with her dog Bob. Enjoys having naps and reading the newspaper.

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