Owning your own business can be a volatile undertaking. At the same time, it can offer incredible personal and financial success if you put in the steps necessary for the business to flourish. With that said, every business goes through good times and low times. There can be issues with production, getting your marketing message to the target audience, running low on cash flow, and even problems building your customer base.
For small businesses, these issues can seem daunting, and may even lead you to question whether or not to keep going with your company. This is why it’s important to remind yourself that these low periods can happen and that there are ways for the business to survive and push forward. With that said, we’ve put together five ways that your small sized business can be saving money right now, which can help you to weather the storm and start to enjoy success again.
A common thing for many businesses to experience is slow and busy periods. This can fluctuate through the year and follow a set pattern, or sometimes feel as though there is no rhyme or reason to it. This means there will be times where you may find yourself needing a lot of employees, and then times where a skeleton staff is adequate.
This is where temporary workers can come in extremely handy. Staffing companies offer on-demand temporary workers that can often start immediately. Some companies offer extra services that make the process even easier, for example, Staff Heroes have their own app, through which employers can look through different staff candidates and make a shortlist. You’ll have quick and easy access to staff while you’re busy, then when things slow down you can simply choose to stop using them. This approach can prove to be much more cost-effective than employing a full-sized staff all year round.
Obviously, this tip isn't going to work for all types of businesses. In some businesses, it's just not practical or possible for employees to telecommute. If, however, your business makeup allows for it, giving your employees the ability to work from home means you need less office space. Less office space means lower overhead, which represents huge cost savings for you.
Today, there is a big push to go green, not just in your home but also in your business. By going green, you'll start to see savings where energy consumption and even materials are concerned. For example, if you encourage the use of digital files rather than printed documents, you're doing to save on your paper and printer costs. If you set your lights on timers so that they aren’t on 24/7, then you’re going to save on energy costs.
Another tip is to ensure you are making all payments on time. This will save you from having to pay late fees and fines, which only add to your expenses. A well-organized accounts payable system can help ensure that you don’t miss payments.
If your business has a storefront that takes up a fair amount of physical real estate, you may want to think about setting up an online store instead. Setting up a professional online storefront doesn't have to be difficult and there are companies/experts you can hire to build it. By offering a large inventory online, you may be able to downsize your actual physical storefront.
Everyone has heard of the saying “step outside the box” and the reality of it is that it can be applied to so many different situations. When it comes to saving money in your small business, creative thinking and creative ideas can often end up being the best solutions.