Most small business owners share the challenge of pursuing growth while on a budget. Keeping processes lean can help redirect resources to more important areas of your business. Here are 5 savings tips that any small business owner can implement.
1. Hiring by contract
These days, small businesses are looking for alternate options to the conventional approach of hiring employees. Full-time staff can require from the business various commitments such as paid time off, health insurance, or other benefits. Hiring independent contractors for non-core work can be cheaper, easier to source, and can require less responsibility. The main expectation is that work completed is paid for.
2. Outsourcing Hands-on Tasks
Setting out what should be completed in-house and what to outsource can play a major role in the reduction of costs. Outsourcing work-specific tasks allows full-time employees to spend time on more critical, strategic work – increasing overall productivity.
In order to cut costs, an increasingly popular option for businesses is telecommuting. There are various benefits that can make a difference, not to mention the potential to heighten employee work satisfaction. Travel and commuting costs for employees are reduced, including the time lost during the commute. With minimal physical office space to maintain, utility costs are also reduced.
4. Go Paperless
Reliance on paper leads to waste and further costs such as containers and pickup. If your business is printing materials that could be viewed electronically, do so. If paper is used, having a recycling program in place, or utilize double-sided printing.
5. Focus Marketing Efforts
Many businesses learn about what works and what doesn’t in marketing by way of trial and error. Taking the time to review your marketing strategy can help focus on efforts that yield success faster. If a marketing effort is bringing low return, it’s time to reinvest into a better option.