Think of when you are a student, renting an apartment, and buying your own food. All the while, you are trying not to sink financially before the end of the month, which usually involves eating a whole lot of pasta. So, it is apparent that money-saving is important. It can even help you get an extra beer or take a girl out.
Business Money Saving Ideas
Saving money for your company has the same benefits but on a larger scale. The idea behind it is very simple. If you are able to find ways to cut corners or negotiate better deals with your suppliers, you simply will have more money to work with. This means that you can optimize your operations and, more importantly, invest more in growth.
Here are some unique ways to save money for your company:
#1 Advertising in the Age of Media
There are very few businesses that can attract new customers without a well-placed advertisement. One of the best ways to save money is by making sure you spend the ad money right. You should be careful when advertising online or using online content-creating platforms. Advertisements on sites that sell similar products or offer similar services can give you the edge you need. However, you could also come in direct contact with content producers that write blogs, film videos, or create other kinds of content. Then, you can offer them your product or service in exchange for free advertisement.
You would be absolutely dumbstruck if you knew how many quality ads just fail to break through to people over the kryptonite wall that is AdBlock. The only thing that is really important here is that your product or service has to be good and presentable. Otherwise, it is very unlikely someone will ever recommend it.
#2 Be flexible with People You’re willing to hire
Another good company money-saving idea is to invest more time and effort to scout potential talent. A lot of businesses are able to save money by paying new hires the minimum wage and converting them into huge company assets in time. Employers are lucky if they are the first ones to lay eyes on talented candidates that lack the experience. Scouting can be done by paying close attention to university projects that involve challenging creative team effort. You should also think about creating competitions in which people can test their mettle or simply observe people at events happening around you.
There are also great online sites where people of various talents congregate, such as Upwork.com or DeviantArt.com, which can also be used to find people in need of a job with a specific skill set that is actively on display. Please understand that talent can be fostered and grown into fully functional employees down the line. Regardless if they do not have the knowledge and experience from the get-go.
#3 Cutting down on Your Maintenance
Whichever type of company you’re running, make sure you’re not doing redundant labor. It is extremely important so that you can avoid the growing overhead costs. This is especially in character for countries where people appreciate “being by the book” and try to do things by protocol. A great example of where this problem runs rampant in Russia. There, a lot of companies get caught up in constant printing out of daily reports and hiring daily cleaning services. So, companies end up wasting a lot of energy, effort, and cash on doing redundant tasks. It is kind of like drawing shapes on a piece of paper as you discuss an important matter over the phone.
It can be really comforting, to stick to a certain routine. Useful, however, it is not. Infrequent meetings to bring everyone up to speed and short but informative updates on the company policy can effectively replace needless writing. There are also many other methods that will save not only time but also money down the line. This is one of the money-saving ideas that, when embraced, can send your company working on a leaner, much more efficient path.
#4 Employment on demand
When starting out, a pretty solid idea to save money for your company is evaluating whether your employees are doing meaningful work during the time you pay them. If not, you may want to switch to employment “on-demand”. This type of employment is especially popular in Norway, where being an employee on demand is one of the most common types of employment. Optimizing how many workers you have during the weekdays can save up resources and avoid needless overcrowding with nothing of importance being done.
This particular approach is somewhat in-between the normal 9-5 and flat-out outsourcing of labor. It allows you to maintain a number of employees, but not necessarily have them at the office at all times. Moreover, it saves money on salaries and offers extra money to be invested in more pressing matters.
#5 Clip those coupons! Yearly plans for your services
There are so many services that we have to pay for on a monthly basis at home. Phone, gas, electricity, heating, water, and TV amongst others. Monthly services crop up like mushrooms after a rainy day and businesses are very similar in that. They have certain basic needs in order to operate. If you were looking for office money-saving ideas, a good thing to consider is choosing your essentials to be billed yearly.
This way, you get to enjoy the same services you know and love but cheaper. So, the money you save can be directed elsewhere. For example, consider switching to annual billing for services such as your newsletter platform, your ticketing system (if you have one), or your advertising platform. Whatever offers a yearly option at a discount, take it!
#6 Networking is your best friend
When you’re stuck trying to find a solution to a problem, contact your neighboring businesses, your personal contacts, and contacts you’ve accrued while working. They can probably give you meaningful, free advice while being happy doing so too! There are very few things a well-placed favor cannot get you. The advice you get may be just the one you needed all along.
Make sure to return the favor when you can. This kind of long-standing good can be extremely helpful when building a start-up or when trying to get more complex events organized. As far as money-saving ideas for small businesses go, this one is very effective.
Conclusion
These are but a few possible ways to save money in business. Naturally, not everything will be applicable to a specific industry or endeavor. However, it is a good idea to stay flexible. This way, you can adjust to new things as they come your way. If something you did is working, you need to explore it further. If it doesn’t, just discard it and try something else.
About the author
Mikhail Boldyrev is a fresh graduate from the CityUniversity of Seattle, mostly occupying his time by creating content on YouTube and trying to find more interesting ways to grow personally and creatively.
