When fewer people walk into your store or business, it is going to hurt your bottom line. You need every dollar you can get because of fewer customers during the pandemic – which has no clear end in sight. Keeping your employees on the payroll has made it tough but you want to help them as much as possible. Making your money go as far as possible has become a necessity. Fortunately, there are many ways that you can cut your daily business costs.
Track Your Business Expenses
Before you start cutting anything, you need to have a good understanding of where your money is going. A good accounting software program can help you do this rather easily, letting you easily figure out your income and expenses. After you understand where everything is going – including your cash, you can study the numbers and determine what you can eliminate.
Reduce Your Utility Bill
Although your business needs heat and air during the various seasons, you can start to reduce your utility bills by using programmable thermostats. These low-cost devices let you program the temperature between day and night and can automatically heat or cool during the hours you choose. It can even shut it off at night and then have it automatically heat or cool the building or space before anyone arrives in the morning.
You can also use curtains to help block direct sunlight from your office or workspaces to prevent them from warming too fast in the summer months. Turning off unnecessary lights and unplugging devices and equipment that do not need to run at night will also help save money.
Buying lots of paper can also be expensive. You may be able to reduce the amount of paper you use or even seek to go paperless. To use less paper, expand your margins, shrink the font size, and print on the backside of documents. Documents can be scanned and receipts can be saved digitally.
If you need to expand your services but feel you do not need to hire someone full-time, you can hire freelancers to do the job. Doing so will help save money because you do not need to pay any taxes, Medicare, or social security, and you do not need to get any medical coverage for them. They are probably already well-qualified for the work you need and you can pay them by the hour or at a contracted rate. Be sure to understand your state’s laws (especially in California) before hiring a freelancer.
Let Employees Work at home
Some of your employees could probably work at home. Although you may need to get them some equipment for this purpose, it will save money in the long run. It could save you on the size of the space you need to rent as well as utility costs and office equipment. Today’s technology enables you to easily communicate as needed with your employees through virtual meetings, email, cellphone, Skype, etc.
Avoid Paying Full Price
There are many ways to save money when you make your business purchases. Although buying in bulk may be the wise thing to do sometimes, you also want to consider other ways to get what you need: price-shopping, buying second-hand, bartering, or even leasing. Taking more time to think about how to make your business purchases can help you save a lot of money.
There are many ways to reduce your overall business expenses and save money. Marketing can be done online, but you also want to network more than ever. Be sure to build an email list that will let you advertise instantly to your customers and keep them informed about sales and discounts – and let you build relationships, too.