How Your Small Business Can Start Saving Money Today
The old saying, “It takes money to make money” might have some truth to it, but that doesn’t mean your business needs to burn through cash to become successful. There are plenty of ways small businesses can save money, and here are 5 of the top tips Intelligent Office (IO) members have used over the years to reduce expenses.
1. Get out of (unmanageable) debt
It’s not uncommon for businesses to have some level of debt. But, if your debts have become unmanageable, it’s time to get back on track. This article has 5 important suggestions you can use to dig your small business out of debt, ranging from paying off debt with the highest interest rate first to asking creditors about hardship plans.
Fortunately, the remaining money savings tips will also help reduce your company’s debt burden.
2. Be a more eco-friendly business
When your business is green, it can be easier to save green. Go paperless, try to batch online orders to save on packaging and shipping costs and give employees the flexibility to work remotely (and therefore reduce their own carbon footprints) when possible.
If you have a virtual office membership, you won’t even need to have a printer at home for those moments when you need to print something. Virtual offices come equipped with everything you need to do more of your best work, including printers.
3. Ditch the traditional office lease for a virtual office
If you currently have an office for your company, you can save money by switching to a virtual office. Since virtual offices operate an an a la carte basis, you only pay for what you need, and nothing more. That means you can rent office space, meeting rooms and conference rooms by the hour, day, week, month or longer. The savings will be especially noticeable if you’ve been locked into a traditional office lease.
4. Save time to save money
Here’s another old saying for you: Time is money. This one is all-too-true, because when you save time on certain tasks, you inevitably save money, too.
Use the handy advice in these articles to give yourself more freedom to focus on things that will help grow the business:
- Here's How to Save 10-Plus Hours Every Month
- 4 Ways To Save Time At The Office
- 6 Productivity Tips for Busy Entrepreneurs
- Save Time and Increase Profits with These Small Business Automation Tools
5. Hire a virtual assistant
Hiring someone might sound like the worst way to save money, but hear us out. As your business grows, you need more people to help run things. Paying employee salaries and benefits can quickly add up. If you have an office, virtual or otherwise, you also need space for these team members to work.
Working with a virtual assistant is an ideal way to scale your company without hiring full-time staff. Learn more and find an IO virtual assistant for your small business today — just get in touch, tell us what you need help with and we’ll connect you with the perfect person for the job.