One of the concerns faced by business owners is cost-reduction. The day to day operations of any enterprise, be it big or small, involves spending a considerable amount of money. So, how does one ensure that expenses are reduced and profits increased? Here’s what you need to do.
Go Green
Make sure your office environment is paperless. Manuals, guides and instructions can be sent over email in PDF format. Similarly, invoices should be sent via web. It allows you to bring down printing & cartridge costs. Print only when absolutely necessary.
Online Marketing
Instead of spending thousands of bucks on local advertising, set up a professional, creative website using online tools such as WIX. Create a blog using WordPress or Blogger to post relevant articles. Alternatively, do guest blogging. Find blogs having high authority and ranking to promote your business. Also, get your business listed in an online business directory India.
Do away with useless things
Your office space might have many things you are not using currently. You will be saving a lot by selling off those items. Also, if you have a website, check out the hosting charges. Evaluate whether you really need that platinum plan for website hosting. Are you spending too much on things like SEO and still not getting results? Well, it’s time to re-think where your money is going. Get rid of equipment and supplies which are no longer required.
Hire people smarter than you
Not hiring the right people can cost you thousands. Rethink your decision before you hire someone. Go for people who are good at multi-tasking. This will save you lots of money. Invest in cross-training. This is especially helpful when an employee is not present. Moreover, people who can do a couple of things together might also be useful temporarily till you get a dedicated resource for a specific job/role.
Hourly-based rates
Hire people based on hourly rates. Whenever their job is done, they need not stay behind and do something unproductive. If a project gets completed before time, allow your employees to go home. It’s a win-win situation for both the parties. If possible, allow some of your employees to work from home. It helps save individual overheads.
Electricity overheads
Make sure your employees turn off computers before leaving. Use compact fluorescent lighting. You can reduce the heating bill by having proper windows and insulation.
Buy office equipments on wholesale
Never go to a retailer to shop your office supplies and equipments. Instead go to a wholesale market and get required goods. Another advantage is that when you buy in bulk, you get hefty discounts. Buy good-looking second-hand furniture instead of a brand new.
Keep accounts
Hire an accountant or book-keeper who can keep a watch over daily accounts-related activity. You can keep on monitoring where money comes from and where it’s going. Having a professional for this job is strongly recommended. Such people are also familiar with laws and can help you save money through various ways.
Paying invoices early
Don’t delay in making payments. Instead clear your invoices early to get discounts. There are many creditors who offer 2% off on payment if you clear the invoice within 10-15 days.
Say no to travel
Avoid going to conferences which are not fruitful. In case, you still have to attend a conference overseas, book tickets early and save on accommodation by staying at regular hotels instead of luxury ones.
Office Space
While looking out for new office spaces, consider cheaper options. If possible, renegotiate your lease with the owner to reduce on rental expenses and related stuff.
Take care of small things such as the ones described above and see a marked difference in your profitability.
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