Saving money is always a good idea, in every sector of our modern lifestyles. The more places where we can cut budgets, save time and to reapply our finances to something more enjoyable and personal, the more happy we are, and therefore the better we can run our businesses. Here are a few tips and tricks to saving and to make some money in the running of your business, even if you're eligible for a $1,200 Coronavirus Aid stimulus check and haven't received yours yet...
Cut your interest - By reducing any debt that you have with your credit company, you will therefore reduce the interest you are paying which will help you to stay on top of your finances. Sometimes, you can simply call up your credit company and politely ask them if there is any way you can be paying a lower interest rate and you can reduce your spending in an instant. Another idea is to transfer your negative balance to an interest free credit card or account. The quicker you pay off your outstanding balances, in both your personal life and your businesses, the lower the amount you will pay to the credit companies.
Become paperless - If you can reduce your waste, you can save yourself and your business a lot of money. Paper, toner and ink, printer maintenance and the printers themselves all cost a lot of money, and in today's society, most of the time we can get away with using electronic documentation to the point that you can even sign most documents on a smartphone or tablet without the need to print it out. If you do have to print something, when you no longer have a use for the document, use the back as notepaper. You can also refill printer cartridges to save yourself some money.
Free advertising - When you send out information, letters, invoices, receipts or any form of communication to your existing clients, you can also use this opportunity to mention other services or products that might be of interest and to maybe boost your business with them. You can also offer a service or product in your email signatures, or to attach a link to a blog post or other website that could be of interest or to increase recognition of your services and to boost traffic through your website.
Secondhand equipment - Much like visiting a thrift shop to buy your clothes at a reduced rate, there are shops that sell renovated or used computer equipment which usually comes with a guarantee as if it were new. Many of these shops are given their old machines by large corporations who have only used it for one or two years before buying new equipment, so are in excellent working order, and at a fraction of the price. This is also very green and a good environmental move. You can also buy secondhand office furniture to take it one step further and tisane even more.
Outsourcing and maximising your team's output - Putting an extra person on payroll can be a lot more expensive than sending your work to some other company or person to complete. Likewise, instead of just hiring staff in a small business to complete very specific tasks, consider getting everybody more involved in the business and to proactively seek good opportunities and ways to improve, as well as to contribute with all the small things like tidying their desks and the common areas so that you don't have to hire a cleaner as well. The better you can utilise everybody in your team across all areas of your business, the fewer people you will need to hire and put on a salary.
Social media advertising - One of the best ways to promote a business without paying for banners, flyers or conventional advertising is to harness the power of the internet. The most powerful websites, such as Facebook, Twitter and Instagram, are all free to sign up to and to create a page for your business, and you can target specific groups of people that your product will be suited to. They all also offer advertising packages which can refine this down even further and be more effective at competitive rates. It takes time and effort to maintain and to upkeep a business social media page, but the results are outstanding and your work will pay off.