Businesses exist to earn profit. That's an absolute fact. And as a business owner, it is your job to make as much profit as possible to ensure your company can grow and survive tough times. One way to maximize profit is by minimizing expenditure, so here are some of the best ways available to cut your costs and help your business thrive.
1. Check Your Monthly Bills
Payment of utility bills are one of the main expenditures of every company. Make it a habit to check from time to time the amount you are paying on your bills and make comparisons to past bills. If your light, water and phone bills are fixed every month, then check other aspects of your business that cost money on a regular basis, such as subscriptions to online services and recurring charges on your credit card.
2. Check Your Insurance
Sometimes insurance cover may not be necessary at all, especially if your business is small. However, if you choose to have insurance for your small business, choose a plan that offers lower monthly premium. If your company is a member of a business organization, you might find a more favorable rate through them, but either way make sure to compare the market each time you reinstate your policy.
3. Purchase Early
When making purchases for your company, do it all at once and as early as possible. By doing so, you may be able to take advantage of discounted rates. This will not only save your company money, but also time. Watch out for big events where you can secure some knock down rates, such as sales events and exhibitions.
4. Abort Your Lease or Lower It
Sometimes businesses are tempted to occupy more space than they need. If your company employees can play baseball in the middle of the office floor, it might be time to look for a place where rent is lower than your current location. Small businesses could even consider having the office at home and ending the lease altogether.
5. Turn to Cloud Computing
Cloud computing will eliminate local storage devices for your company's computer files, thereby reducing hardware costs, electricity costs to run it and the servicing and maintenance it may need. It will also eliminate the hassle of updating your software and the periodical license fees that come with it.
6. Get Freelancers to Work for You
Getting freelancers may be a great cost saving option, particularly if you need IT professionals. More and more people are opting for freelance work these days where they can spend more time with their families and enjoy less rigid working conditions.
7. Buy in Bulk
Buying in bulk can save you lots of cash. Most suppliers want a quick movement of their stocks as it lessens expenses on logistics as well as manpower. You can take advantage of this as they often offer discounted rate for bulk purchases.
8. Scrimp on Gifts
While it is a positive act of showing your appreciation to your clients or employees, it won't hurt if you scrimp. Look for less expensive items (especially in the sales) that you know your recipient will still appreciate even if they don't cost that much. You can also use coupons or even online deals to secure lavish gifts for less.
9. Get Business Advice From Professionals For Nothing
Why throw a fortune into hiring a consultant for your small business? Save your dollars and look for organizations that offer business counseling and consultation services for free. These entities include ASBDC centers, SCORE and SBA.
10. Use Free Software
There's no point in buying prohibitively expensive licenses for software when there are similar tools available that are completely free to use. These ‘freewares’, as they are popularly called, can do virtually everything the licensed software is capable of doing.
You should stretch every dollar that you spend for your business to maximize its worth and keep your company in the black.
PHS Hadjizacharias & Co can help you with the your Cyprus Company Formation, as well as other Business services
I'm Louida from Atlanta, Georgia and I'm a mother of two daughters, blogger, and full time working mom at a Business Consulting Firm.
I love helping others learn how to start working from home on the internet free to supplement their current income.
I also blog at Productreviewmom.com
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