Cutting Your Costs
This post may contain affiliate links. All opinions are mine.
It is my Universe, after all.
Running your own business can be extremely expensive. It can feel difficult to stay afloat, especially when trying to keep track of expenses and payments. I know. With all the monitoring of the bottom line and ensuring receipt of timely payments, that you are able to correctly take payments, and find solutions for a hard to place merchant account, it can feel like a lot.
💰💰💰
I mean a whole lot!
Manage the Office Supplies
Office supplies can quickly add up… ca-ching, ca-ching.
If you don’t control over them, they can cost you a couple of limbs before you know it. The good news is that with a bit of effort, this is a simple area of your business to cut costs and shouldn't take too long to fix. Have a look at what you are being charged currently for your office supplies. Is it still the best deal around or are there better prices on offer? Whether you talk to a few different suppliers or simply use the old Google-machine, find the best price before you commit.
Reduce your Business Costs
Minimize Production Costs
Minimize and Optimize
Optimize resources as much as possible. Consider selling leftover resources or reusable items like cardboard. Also, make sure you are getting the most out of your production site. Walk through the space and assess how exactly how you actually use. Could you downsize?Could the space be used for something else? Even potentially be hired out for co-working? Co-Working has exploded post-pandemic. Even small office spaces can be utilized by some and could be a boost to your business income and lower your production costs. Another possibility is to reduce production time. Even shutting down one day a week will lower utilities, and other costs.
Invest In Your Employees
Now if you are successful enough to have employes, one of the best things you can do is to make investments in your employees. Wanting to hire for a specific postion? Consider looking internally first. Maybe train someone you have a relationship with rather than bringing in someone completely new. Not only do you cut the costs of recruitment by doing this, but you also help to build employee morale and loyalty.
✂️✂️✂️
Snip Those Bills
Similar to a home budget, have a look at your business budget for things like utilities and insurance costs. Once you’ve tracked how much it costs you monthly and annually it might be time to do some comparisons and see if you could get a better deal elsewhere.
***
As I have mentioned in previous posts, I am still figuring it out as an entrepreneuer, Please share any tips you have.
