5 Ways to Reduce Business Costs

Running an effective business can be a costly endeavor. Business owners are constantly looking for ways they can reduce expenses and save money. Here are five practical ways you can reduce business costs:

Automate Repetitive Tasks

Technology has changed the way we do business. Advances in technology have made it possible to automate a wide variety of tasks so you can cut back on manpower, which in turn can save you a bulk of money. For example, you can do away with hiring a full-time receptionist with a digital receptionist app. You can welcome your visitors, receive deliveries, and instantly print visitor badges with an innovative app like Greetly.

An iPad receptionist like www.greetly.com can take care of tedious admin tasks and release your admin assistants from their front desk prison. This will leave them free to do more important and creative working, allowing them to add value and you to save money in the long run.

Set up Shop in a Coworking Space

Instead of leasing an office, which can be very costly, consider setting up shop at a coworking space. This is an excellent, cost-effective option for startups and small businesses that are just starting out.

Coworking spaces are equipped with everything you need to run your business efficiently, without the hefty price tags. Since coworking spaces already come with complete amenities, you won’t have to spend a ton of money on furniture and equipment.

Most coworking spaces also offer flexible membership plans, so you have more freedom to decide how much space you need to rent and for how long.

Hire Independent Contractors

Hiring full time employees can be very expensive. You would also need to invest in their onboarding and training. Independent contractors are already experts in their fields, so you can hire them to perform specific tasks and they will hit the ground running.

Independent contractors also charge you only for the hours they work, so for example, you could hire a website developer to work on your website for a couple of hours a day, instead of paying someone full time and not having enough work for them to do.

Buy Used Furniture and Refurbished Equipment

If you’ve already rented or bought your own office space, you can still save a ton of money by purchasing used furniture and refurbished equipment instead of brand new. Source your equipment from a reputable and reliable supplier, and you won’t even be able to tell the difference between a new machine and a refurbished one.

For front facing areas of your office that see a lot of client and customer traffic, you may want to invest in fancy new furniture. But for areas like the break room or copy room, used tables and chairs will do. You can even buy pre owned appliances like a refrigerator or coffee machine.

Go Paperless

The cost of printing numerous documents and files can add up surprisingly fast. Not to mention the fact that using up too much paper is bad for the environment. Again, technology has made it extremely easy for businesses to go completely paperless, or to at least reduce the amount of physical paperwork they produce.

Apps like Dropbox and Google Drive allow you to create, store and share your files digitally, while programs like DocuSign make it easy for you and your clients to electronically sign documents and agreements. Explore different ways you can go paperless in your office—it’s cost effective and good for the environment.

These are just five of the many ways you can save money in your business. Don’t be afraid to explore new and creative solutions; if you want to be successful, you must be innovative and make smart spending decisions.