Saving money and maintaining a good cash flow are some of the most persisting challenges for small businesses. However, with the need to keep a constant eye on growth, it can be incredibly difficult to limit your spend.
Fortunately, there are many ways in which savvy small business owners can easily cut costs on a daily basis. While these may be small and unnoticeable at first, the effects can accumulate and with persistence, you can make some serious savings.
Here are five quick and easy ways to instantly slash costs in your business.
1. Go on the cloud
If you're not using some form of cloud computing by now - you should be! Not only can cloud systems provide you with affordable and impressive data storage or efficiently run web-based accounting software, they can also cut substantial costs.
Most cloud services are offered on a subscription basis so you only pay for what you use, and not a single cent more.
2. Be smart with staffing
Small businesses are often flexible and adaptable with their staffing needs, so consider if some savings can be found here.
For example, you could outsource your non-essential or admin tasks to a specialist provider instead of relying on a full-time, in-house employee. You could also hire contractors for specific short-term projects, or take on interns who will be more than happy to work for free.
3. Go paperless
Want a way to both save money and do good for the environment? Make an effort to be as paperless as possible in your office, keeping communications online wherever possible.
By putting limits on printing emails or using online (instead of paper-based) invoicing systems, you can save a significant amount on printing and paper costs.
4. Switch up your phones
Business telephone systems can be an incredibly costly investment, with the initial outlay on equipment and monthly service fees. So why not ditch the desktop phones and opt for an online solution?
You can use software such as Skype that offers fully-equipped corporate solutions at a fraction of the cost.
5. Use office space well
It pays to be efficient with your use of office space. If your current premises are too large for your business to inhabit, consider sharing it with another company. Offering telecommuting initiatives is another way to boost employee engagement while saving on office use costs.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].