The rise of costs in business is, to some degree, inevitable. As you grow, your costs will grow. Hopefully, your profits will grow at a faster rate, but what if they’re not? Then it’s time to start looking at which costs you can cut. Here, we’re going to look at some of the most unnecessary expenses and what you can get rid of entirely and what you can reduce.
Some travel can be good for the business. Physical networking at conferences and trade shows can really help boost sales, for instance. However, if you’re traveling to meet every client then you might be taking advantage of your freedom and paying for it. Instead, use online conference and meeting software like Join Me to make sure that you give your clients the face-to-face and the time they need without having to fork out for flights, gas, accommodation and the like.
Every office needs supplies. We’re not going to suggest going completely paperless as most businesses need some kind of filing system for those most critical documents. However, if you’re buying your supplies at the retail level, you might be doing it wrong. Instead, look at industries suppliers who can provide cheaper rates. Printing costs are amongst the highest of all your admin supplies, so reduce them by looking at specific suppliers like Epson at Cartridge People. What’s more, you can by buying refillable ink cartridges instead of disposables. If you are using disposable ink cartridges, you can actually trade them in for a little money in return, too.
Advertising is a very attractive expenditure, especially since the online world has made it all targetable and trackable. Even though the methods are getting more cost-effective than ever, the strategy simply doesn’t work as well as it used to. More people than ever are installing ad-blocking software, preventing digital ads from even showing to large portions of the target market. Instead, organic marketing methods like blogging, social media marketing, influencer marketing, and the like are proving not only more cost-effective but more conducive to long-term success.
We’re not going to suggest that you should cancel all your insurance policies. There are clearly some kinds of business insurance that are essential, like building and contents insurance, liability insurance, and the like. However, business owners are asked to fork over too much for policies that they’re rarely going to use. To cut the costs on your business insurance, it might be wise to invest in the help of an independent broker. These are insurance specialists who can take your real needs into account, not what insurance providers say what you need. It might cost a little money up-front, but the savings associated with not being over-insured can more than make up for it.
The examples above should only serve as a starting point. It’s essential that your business takes stock of where its money is going. Take a closer look at the services and utilities you make use of, as well as the physical inventory you’re purchasing. What’s taking too much money without providing enough in return?