Starting your own company can be a stressful ordeal and every penny counts when you are responsible for the running of a whole business. You need to squirrel away enough money to cover yourself during periods of low sales or to help you cover any unexpected expenses. Here are some ways you can minimise costs of your business in order to maximise profits and save money.
1. Track prices and buy in bulk
You can save huge amounts of money on office supplies and equipment by buying in bulk. You can even purchase parts from an electronic marketplace to cover your electronic devices and save on purchasing all new machines. There are plenty of options available for pens and paper, desks and chairs, as well as software and appliances – whatever your company needs.
2. DIY your content marketing
Think twice before spending money on a professional marketing company or hiring an entire marketing department. If you have more time than money, you should consider making yourself the expert in your content marketing. Look through industry publications and find experts in your field, interview them via email or phone and simply publish the interview – it is a great way to engage in influencer marketing without spending too much money.
3. Use power strips to unplug appliances
Did you know that 75% of the electricity used to power home electronics is consumed while the products are turned off? An easy way to fix this is to unplug your appliances into power strips that are easily accessible and then turn them off when you leave the office for the day rather than leaving them on all night.
4. Renegotiate with your suppliers
Your daily operations can start to work like a junk drawer, accumulating a lot of fluff. Take a regular look at your operational expenses and see where you can save some money, call each of your suppliers and renegotiate your rates. You can save a fortune by keeping on top of these expenses and working at the best rate possible.
5. Cancel recurring services
Subscription services often carry on running even when you are no longer using them. Review your credit card statements on a monthly basis and flush out all those little expenses and keep them from piling up and save yourself a nice chunk of change. With a few clicks and emails, you can save a huge amount of money.
6. Shop around for your utilities
If your business is located in a state that has energy deregulation then you can save money by shopping around for your electricity or natural gas supplier.
7. Automate Taxes
As a business owner, time is one of your most valuable assets and you can save yourself hours by automating your taxes. This process can also save you money that can be put back into supporting and growing your business.
Stop yourself getting bogged down with managing your finances and filing your taxes when it can all be left to an automated system that is both time saving and more reliable.