When running a business, it’s easy for costs to get out of control quickly. We’ve broken down the best cost cutting ideas for you to implement in 2022, from marketing to HR and equipment costs. Follow our round up of tips to slash spending in your small business and help your bottom line.
Reduce energy usage
Even with forced power cuts, energy usage is an area where you can really save if you put your mind to it. For example, try encouraging more mindful behaviour such as switching off lights when you leave a room or turning off computers, aircon and other machinery at the end of the day.
The benefits here are two-fold. By cutting down on paper use, not only will you be saving money, but the environment, too. Even if you don’t go fully paperless right away, you can take small steps like printing double-sided and reusing scrap paper for notes. Every little bit helps.
Embrace remote or flexible work models
Renting office space is one of your biggest small business costs, so finding ways to reduce it will help you cut your expenses. If your business is able to be set up for remote work, you can downsize your office space by not having all your employees in at the same time.
Use space wisely
Businesses are increasingly cutting costs by making smart use of available space. Prioritize multifunctional/collaborative work spaces and try to keep hardware to a minimum.
Purchase second hand items where possible
Buying everything brand new from the get-go is a luxury most small businesses cannot afford. It’s important to prioritise what items you should invest in brand new (such as the core machinery needed to generate your main income). Instead, shop around at local second hand stores and check out websites like gumtree and Facebook marketplace for the smaller items, storage, and furniture.
Prioritise social media
Marketing your small business can cost as much as you’re willing to spend, but it’s all about results in the end. Some of the most effective ways of marketing your business are free or inexpensive – including social media. Organic marketing on social media is becoming more and more difficult, but it’s still vital for any growing businesses online presence. Paid social advertising doesn’t have to be expensive, especially when you’re starting out. Plus, it’s easy to test and tweak different strategies and content as you go.
Encourage word-of-mouth exposure
There’s a reason word-of-mouth marketing is still so popular. It’s because it works. People are more likely to listen and act on the recommendations of someone they know and trust, so it’s vital to get people talking about your business!
Hire contractors or freelancers
Recruiting full-time employees can be expensive, but a great alternative to this is to hire freelancers for certain tasks on an as-needed basis. Freelance contracts minimize risk, reduce the outlay of expenses, perks, and equipment, and enable more flexibility.
Encourage efficient time-management
As they say, time is money, and it’s important for your business to address any areas where time isn’t being used efficiently. Before you begin micromanaging your team or singling out people for being inefficient, ensure you have the systems in place to enable employees to track their shifts
Accept that some people are better at organizing time than others. Help individuals find what makes them more productive.
Zhaun’s has your back, when it comes to supplying the best equipment and machinery to start or upgrade your small business offering. Take onboard the above advice so that you can make the most of your time and money, finding long-term success and financial freedom!