The long term goal of your business should be to incrementally reduce your running costs over time to the point where they are as low as possible. Sometimes reducing costs can be a massive effort, but most of the time it all comes down to simple changes in your approach. Often, it’s just about making smarter choices.
Take a look at these ways that you can reduce your business costs.
Cut Back On Unnecessary Software
How many of the dozen or so applications that you’re subscribed to every day do you actually use? Not many in all likelihood. Take some time to audit your computer or your smartphone and check which applications both you and your team are actually using. Often you’ll find that you rarely use some tools like calendar apps or scheduling software, especially if it’s not particularly amenable to your business model. If you do feel that you still want additional functionality from time to time, don’t pay a fortune for it. Use open-source software instead. It’s not always the most user-friendly, but at least it gives you the chance to save a bit of money.
Sort Out Your Electricity Supply
At school, you learned that businesses have fixed costs and variable costs. Fixed costs were things like rent, wages, and most importantly, utility bills. For many businesses, especially businesses involved in manufacturing, utility bills are their biggest monthly expense, frequently eclipsing wages. As a result, many have turned to specialist power systems in an attempt to reduce their costs. These systems help businesses reduce their outgoings in two ways. The first is by directly cutting down on the price of electricity from the grid, which can be very expensive at peak times. And the second is to make sure that production isn’t interrupted by unexpected power failures. Combined, these two ways to save turn modern energy solutions into a compelling business proposition.
Get Rid Of Your Landline
Traditional phone lines are expensive. Not only do you have to pay for the line rental itself, but you also have to pay for every call that’s made. On top of that are all the administrative costs of a traditional phone system, like passing on voicemail messages to the right person in your team. Doing this the traditional way is a massive time sink.
But there’s a solution. It’s called VoIP, and it’s a new technology that allows old fashioned phone systems to be integrated into a business’s modern IT infrastructure. VoIP allows companies to do things like save voicemails as sound files and then email messages to other members of their team to listen to later. This is helping businesses to save money right now and free up time.
Market Your Business Online
Traditional marketing usually has a very low ROI and is generally reserved for businesses who know that things like TV, radio and magazines are the best way to reach their customer base. More and more, however, firms are finding that they are getting much higher ROIs online. Things like Facebook marketing and Google AdWords can save you money in the long run, over and above your traditional marketing spend.
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