Running a small business can be
stressful. You can’t rely on anyone for money, though something tells me
that’s how a lot of entrepreneurs want to be, but it’s a lot easier
said than done.
One of the main ways that you can make your business less stressful
is to reduce your outgoings. Here are tips for lowering your overhead in
Invest Time, Rather than Money into Your Marketing
You have three main assets, time, talent and money. So instead of
simply throwing money at advertising, construct a strategy in which time
and talent are your main expenditure. It will mean that it will be more
slow-burning and therefore more effective.
Think about SEO, social media marketing and content marketing instead of just (boring) advertising.
Guerrilla marketing can be a cheap and fun way to attract attention to your business.
Outsource as Much as Possible
Employees cost money, and if you’re only small, then the insurance,
office space and insurance can really eat into your budget. If you’re
looking to save money, then instead of hiring someone permanently,
outsource work to independent contractors for the work that your main
staff can’t do.
However, if it comes to the crunch, the ideal would be to save on employee expenses, as opposed to letting go employees.
From line rental to office supplies, negotiating with suppliers can
save you a lot of money. Many are often willing to lower prices to keep
you as a customer, particularly if you’re a regular.
One of the biggest expenses that businesses have to face is renting
office space. Ask about a better deal and you may be pleasantly
You could also offer skill swaps. For example, if you’re looking for
an office redesign, then consider offering your service for free instead
Head to the Cloud
The cost of expensive hardware can really rack up if you’re a small
business. Using cloud-based services to host data can save you the
hassle of maintenance and the cost of purchasing the hardware.
Four Day Week
Cutting down on the amount of time that employees work works well for
both employees and business owners. It means saving on utility and
operating costs as well as lower salary costs for the business as a
Keep Your Meetings Short
If employees are sitting in a meeting, then they are not producing
work and you’re losing money. Keep client meetings to the lowest head
possible, and as to the point as possible.
Monitor Your Costs
There will be certain things that you can’t avoid spending money on.
Shipping costs, for example, are unavoidable. But if you constantly
monitor and review the costs offered then you may be able to get a
better deal. Do this with everything that you spend money on and you’ll
find that you can make savings in all sorts of places.
Invest in Systems that Save You Money
Systems that do the monitoring and managing for you are well worth
the investment. Things like fuel management systems from Commercial fuel
soultions allow you to see which driver drives more economically and
see how efficient your fleet really is.