Washington DC
(Central Business District), DC

1775 Eye Street NW Suite 1150
Washington, DC 20006

by Jessica Valdez
6/17/2019 6:13:08 PM

Pain-Free Cost-Cutting Tips For Your Small Business or Startup

When you think about scaling your small business or startup, do you worry about how much money you’d need to spend to take your business to the next level?

It’s a common concern amongst small business owners and entrepreneurs, but there’s a way to free up the cash flow you need: reduce and eliminate unnecessary overhead costs.

1. Gain an understanding of your business’s financial health

Before you can start cutting costs, you need to understand the bigger financial picture of your company. This includes how much the company spends producing its product or service, the profits it makes, and similar financial data.

Essentially, you need to assess what the business spends and what it makes. Are there any unnecessary costs that jump out at you right away? Unused subscriptions and third-party services are two specific line items that many small businesses can reduce.

2. Be ruthless about how much time you spend in meetings

Every meeting should have a clear agenda and goal, otherwise you’ll be wasting valuable time that could be spent on more profitable and productive tasks. If you’re ready to change the way your team approaches meetings, try using these 10 hacks for more productive meetings.

3. Save green by going green

Running a more eco-friendly business can be good for the planet and good for your bottom line.

Going paperless, being smart about your energy usage, and letting employees work from home instead of commuting are three easy ways to use fewer resources while spending less money.

4. Hire contractors or work with a virtual assistant instead of hiring employees

Instead of hiring new employees, try working with independent contractors, virtual assistants, and freelancers. These professionals have specialized skill sets that can fill in gaps in your existing team, and you can stop working with them if the cost ever becomes too much.

5. Run your business from a non-traditional office, like a virtual office

Traditional office leases tend to be lengthy and restrictive — if you need to adjust your office situation during the lease term, you’ll likely be out of luck. Virtual office spaces are an ideal alternative to leasing or buying office space. They’re professionally appointed, affordable, and offer flexible membership terms based on what your business needs.

Because virtual office spaces also have meetings and conference rooms for rent, it is easier for growing businesses to implement the last tip in today’s article: going fully office-free.

6. Opt out of an office entirely

Allowing the team to work remotely helps cash-strapped businesses lower rent costs significantly. Plus, technology has made is possible for employees and independent contractors to stay productive no matter where they’re physically located.

If you’re concerned about taking a meeting with clients or gathering the whole team for a brainstorming session, Intelligent Office has you covered. When you need some extra space, simply find a meeting room near you.

Related

Additional Resources to Help Grow your Small Business

White Paper

How Mail Services Help Entrepreneurs Succeed

In today's mobile economy, digital entrepreneurs often work from varying locations. While this can help save money and increase agility, it comes with one big drawback:

Read More >
White Paper

Virtual Assistants Provide a Competitive Edge

Countless small business owners rely on remote assistants or offsite receptionists to help with critical organizational duties. While some are content to offload simple tasks to self-employed, stay-at-home support people, others demand more comprehensive services...NULL

Read More >
White Paper

Virtual Assistants & Remote Assistants: A Comparison

While the traditional virtual assistant is likely to work from home, an executive-level virtual assistant is part of a greater brick-and-mortar presence. This fundamental difference opens the door for extensive training opportunities that broaden the professional's support capabilities.

Read More >
White Paper

Overview of Virtual Offices, Executive Suites and Co-Working Spaces

Work has changed. In an age of instant communication, cloud-based applications, and workplace versatility, the era of the traditional office culture has come to an end. Providers of virtual offices, executive suites and co-working spaces have effectively liberated the nation’s work culture, adding dynamic and energizing new choices...

Read More >
White Paper

Part 1 of 4: Introducing the SBA

For entrepreneurs and small business owners, navigating the tricky terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a major challenge. Fortunately, American entrepreneurs and operators have access to one of the most effective resources in the worldwide market...

Read More >
White Paper

Part 2 of 4: Starting a Small Business

Navigating the complex terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a challenge for entrepreneurs and small business owners. Fortunately, American entrepreneurs have access to one of the most effective resources in the world via the Small Business Administration (SBA).
... Click to read more

Read More >
White Paper

Part 3 of 4: Managing a Small Business

Congratulations! You have gotten your small business up and running. Now what? This part of our four-part series on leveraging the Small Business Administration to help you launch and manage a small business will focus on the operational aspects of running a business. Whether you need leadership strategies, day-to-day decision making skills
... Click to read more

Read More >
White Paper

Part 4 of 4: Marketing, Sales and Contracting

Understanding marketing and sales as well as the technical complexity of our Internet-driven society gives entrepreneurs a distinct advantage over the competition. This final segment of our four-part report will take a deeper dive into the logistics and philosophy of marketing and sales and their impact on your business success.
... Click to read more

Read More >
White Paper

DIY Marketing Tools

If a business isn’t marketing, its potential customers are not finding it. Small to medium size businesses often struggle with spending hundreds of thousands of dollars on marketing. New DIY marketing tools, however, have eliminated the need to spend astronomical amounts on online and traditional marketing. These tools
... Click to read more

Read More >
White Paper

Virtual Office for Legal Professionals

Law firms (large and small) and solo legal practitioners alike can use virtual office services and spaces to run their entire legal operations or as a supplement to a home office or traditional brick-and-mortar offices. Virtual office services can be particularly useful during trial preparation
... Click to read more

Read More >
White Paper

Finance & Tax Professionals

Finance and tax professionals, whether they work solo or as part of a larger firm, can use virtual office spaces and services to stay on top of their workloads, especially during the busy tax season. Professional virtual office spaces can be particularly useful when back-to-back client meetings are necessary...

Read More >
White Paper

Traveling Entrepreneur

As business people and entrepreneurs continually strive to grow their business, doing so frequently involves traveling around the country to attend networking or tradeshow events, meeting clients and prospects on their own turf, and getting some face-time with colleagues, contractors or employees who may operate in a remote location. Preparation
... Click to read more

Read More >
White Paper

Virtual Office Eguide

Have you ever wondered why some small businesses are successful and others are not and what do these successful companies do to gain an edge over their competition? Through our years of experience
... Click to read more

Read More >

Additional Intelligent Office locations near Washington, DC