One of the golden rules of running a successful business, big or small, is always making the right financial decisions that aren’t just beneficial for your endeavors right now, but that will keep making you a profit in the long-run. In business, the old saying “a penny saved is a penny earned” rings true like nowhere else.
No matter if you’re new to the game or you’re a business veteran, there are always more ways to cut costs and put some extra cash in your business piggy bank. From choosing frugal marketing options, delegating properly to finding the right communication systems that fit your bill, you’re just a few creative ideas away from being able to invest more in the right aspects of your business.
1. Think green
And not just because it’s cool and everyone else is doing it – but because what’s good for the planet is often much better for your own business success, as well. Introducing energy-efficient lighting, for instance, means that your office will enjoy daylight as much as possible, while the bulbs you use will not spend as much electricity, or require replacements as frequently as traditional bulbs, and they are much better for your eyes, thus increasing your productivity. It’s a win-win-win all over!
2. Cloud nine
Several years ago, operating a business without a physical server was basically unimaginable, while the tables have turned entirely to the benefit of the cloud, which is a more efficient, and a more financially sound investment from day one. No matter how many employees you might have, cloud makes their collaboration all the more manageable, while the fact that you’ll no longer need technicians on-site to handle any issues already means incredible savings down the road – you just pay for the amount of storage you need every month. And security is becoming better every day.
3. Social media marketing
Massive billboards, press conferences, paid ads and the like are sometimes, for reasons unknown, a favorite among marketing professionals. But why go through all the trouble if you can make use of the contemporary craze for social media? If Facebook alone has over one billion users across the globe, and Instagram is riddled with influencers just waiting for another brand collaboration, there couldn’t possibly be a better way to get your business in front as many eyes as possible in the shortest period of time – free of charge if necessary, but with minimal investments for paid ads.
4. Boost your conversations
Companies that are highly office-bound and that require constantly open lines of communication, such as IT support and call centers for your sales department, they need to make sure they conduct their daily business in a cost-effective way. That means that your business phone systems should be based on the latest technology, such as VoIP (voice over internet protocol), using the Internet to coordinate calls and cut costs no matter where you are, how many calls you need to make, and where those calls are going.
5. No paper, no fuss
Another green initiative that can let your business thrive with ease would require you to move all your data management into a digital form. Remember that cloud we’ve just discussed? Opting for a digital footprint instead of the traditional paper trail for every contract, file, bill and invoice you use, you can get rid of the paper clutter and reduce your costs drastically. Go paperless for your banking, e-books, presentations and use platforms for your teams to collaborate, and your wallet will thank you.
6. Tax deductions
It might be a hassle to keep track of all your business lunches, brunches, flights and meetings, but if you do keep your receipts and fill them out in due time correctly, you’ll be eligible for many tax deductions for your business. They may seem like insignificant expenses individually, but when you pile them all together, especially over years of doing business, you’ll understand just how much money you’ve been able to save with a simple receipt management system.
Not all of your projects and tasks need to be assigned to a full-time employee, nor do you have to employ someone just for the purposes of a single, temporary project. For example, if you need a photographer, a fashion designer, an IT consultant, a blogger, you can always hire a freelancer to handle the project. The market is now filled with such opportunities, and you’ll easily find the right people in a matter of days.