Every entrepreneur wants to see success and profits keep on growing. To accelerate profit within your company, it’s useful to save money wherever you can. For a few handy money-saving ideas, consider these seven.
Use free software
Modern entrepreneurs have plenty of software at their disposal to automate tasks and improve efficiency. The best thing is, much of this software won’t cost you a penny. Hubspot offers a free CRM tool, to help businesses manage their customer accounts plus improve their sales pipeline. For your project management needs try Trello, then there’s Slack for your communication and Mailchimp for your email marketing.
Keep up telecommuting
Due to the coronavirus pandemic, many businesses have had no choice but to work from home. Telecommuting is a real money saver, companies who work entirely remotely have no overheads such as rent or mortgage payments. Even allowing small groups of employees to work from home can save you money on utility and hardware costs. Perhaps this new experience has led you to consider a more long-term remote operation? Or maybe you’re all a bit sick of Zoom by now!
Used items
It’s not always necessary to purchase brand new hardware and furniture for your office. There are many websites where you can get top-quality used items for half the price. For instance, try sites such as Office Resale or Recycled Business Furniture.
Outsourcing & freelancers
You don’t always need to take on permanent staff members to get your essential projects done. Hiring freelancers, or outsourcing, is an excellent way to save yourself some money. Doing so can also help you to achieve more flexibility with your contracts. Whether it’s your content writing, IT services or graphic design work, there are plenty of roles which are suited to external services and gig work.
Social media marketing
Before you blow the budget on traditional advertising, make the most of your social media accounts for inexpensive or free solutions. Live streaming is a top 2020 digital marketing trend. When you put live videos out there, you’re allowing yourself to connect authentically with your audience, and present the charisma and appeal of your brand.
Strict budgeting
Saving money is all about strict budgeting, and there are many software tools that you can use to help. For example, accounting tools like Freshbooks and Quickbooks can help you to track expenses, complete your accounting tasks and keep on top of tax returns.
Bulk buy
Bulk buying can help you to make savings; for example, a business with a fleet might bulk buy oil from their red diesel suppliers. Doing so helps to make savings, plus it’s convenient to have your diesel onsite. No matter which type of business you are, it’s likely that you can make savings from buying in bulk. Of course, it’s important to anticipate your usage beforehand, so you don’t end up with waste.
When you are looking to save money, it’s essential to focus on productivity. Create a roadmap to improve your team management and help your team to work as productivity as possible.
