It’s no secret that frugality can help a business to maximise profits! If you’re a startup especially, you won’t want to blow the budget from the get-go. If you’re looking for easy ways to save your company a bit of money, you’re in luck.
1. Go remote
You don’t need to pay out for renting premises to make your business dreams come true. With such a huge range of tech solutions, make the most and cut those costs! Start with a small team and use tools like Zoom and Slack to stay in touch. Invest in a virtual business and address and a virtual receptionist to keep things professional. Use the cloud and let staff use their own devices. Make use of identity authentication and cloud security to reduce the risks of security breaches. Just because you start as a remote operation, doesn’t mean you’ll always be one; it just means you can save cash from the start.
2. Lease instead of buy
Often, leasing equipment can work out cheaper than buying in the long run. When you buy, items often lose value plus you’re stuck with their maintenance issues and insurance. What’s more, you don’t have much flexibility to scale up or down (easily). One example might be a commercial truck, for instance. If you buy a truck, you’ll lose money once it’s value goes down (this is immediately with vehicles)! You’ll also be at a loss if your vehicle breaks down etc. Options like commercial pickups from Flex Fleet offer some great rental options that won’t tie you down.
3. Market yourself
These days, you don’t need to pay big money for a marketing campaign. Forget hiring in the professions and do it yourself. Use social media, create a free website, write a blog and plug it! Make a marketing video and upload it to your socials and Youtube. Don’t be afraid to put yourself out there and learn new skills while you’re at it. We are well and truly in the age of DIY marketing, thanks to the Internet.
4. Hire freelancers
When you’re starting out, hiring too many permanent staff can be a significant expense. It’s also a commitment and a whole lot of paperwork. For startups or small businesses, freelancers can be a flexible option to get results and ease the stress. It’s not to say that you won’t ever hire permanent staff. However, commitment to long term permanent contracts, in the beginning, can be a little riskier in a financial sense.
Lastly, if you have a premises, switching to a green energy provider can save you money overtime. It’s a good plan to get quotes from a few different providers. Green solutions, in general, can be beneficial to spend less. Using the cloud and CRM software, for example, means you’ve less use for paper, printers and filing solutions. As an entrepreneur, it’s a good idea to review your budget ongoing to help you to cut expenses where possible.
