Small businesses are seeking ways to tighten their belts and cut business costs without sacrificing growth. As a small business owner, you can cut costs simply by reducing incidental spending.
For example, some businesses are buying less paper, staplers, snacks and coffee machines to tighten their budgets, according to a recent report from Sam’s Club where many small companies buy these items for their offices at a discount.
However, making choices that lead to a more efficient and effective organization is a better way to cut your business costs while boosting profits. Here are 10 approaches you can try:
Cut Business Costs Through Better Planning
Don’t let your budget be a static one, created at the beginning of the year and almost never consulted again. Small business consultant Brad Farris explains how a dynamic budget checked regularly and adjusted as your business evolves can tell you when it’s time to invest more in marketing and when to cut business costs by waiting on that bigger office. He also shares an e-book on how to create a dynamic budget of your own. Initiative for a Competitive Inner City
At first this might seem like a marketing tip, but behind it lurks a question about the efficient use of your company’s resources. Claiborne Yarbough, the business development manager for North Carolina-based inbound marketing agency Paveya, explains the dangers of scrimping on Internet marketing and suggests moving more of your resources to the Web for better, more consistent results. Resource Nation
You may think market research is just for huge corporations. Not so, writes Maryalene LaPonsie. First, market research can be done cost effectively without devoting much budget to the effort. Second, research is a first step to developing specific, measurable, attainable, realistic, and timely goals for your business, giving you the best results at the least cost. Small Business Computing
Focusing on a few key areas will maximize your profits while cutting business costs, suggests Steve Greenbaum. Improve your brand’s image, identify website objectives, optimize your Web presence, practice good accounting, and be disciplined about customer acquisition. Following these tips can increase your chance of success while cutting unnecessary costs. Fox Small Business Center
Software entrepreneur Russ Warner has simple but effective advice for making your business perform like a much larger company without the big budget. Simply borrow best practices from other organizations and add instant sophistication to your own while you cut business costs. Warner runs down some basic ideas that have served him well when improving his sales team. Huffington Post
Okay, this may seem like just more sales or marketing advice. But remember, time is money. Building a unique business message allows you to articulate your value proposition, explains Michael Bowers. This will decrease the time it takes you to close new sales, saving you money while increasing revenue. Bowers discusses a few simple ways to create your unique message today. Ideas to Deals
Lower Costs Through Better Technology
Greg Taylor lists six reasons your business should consider flexible content management System WordPress when developing your online presence. In addition to all of its other great features, WordPress may be one of the most affordable resources in its class, helping you cut business costs. It’s an option Taylor insists is good for any budget. Business 2 Community
Of course, guest blogger Miranda Marquit insists you should also be sure you don’t pay too little. Marquit gives a guide on how to find reasonably priced developers for your Website as a way to cut business costs. Pay too much and you’ll deplete your funds. Pay too little and you may find the cost of countless errors too much for your budget to bear. Don’t Do It Yourself
Cloud-based accounting is a way to cut business costs on expensive software you need to maintain your ledger. These solutions will save you money in another way too: They’re a more efficient way of keeping an eye on your budget and identifying other places you can cut costs. Here are five inexpensive cloud-based solutions to meet your needs. CIO
Well, maybe not everything. One way that technology cuts business costs is by letting us cheaply and easily outsource tasks we don’t have time or talent to take on. Hiring employees to do some of this work would be costly and impractical. Gina Rushton shares these suggestions about jobs that might be easier to outsource. Dynamic Business
Cut Costs Photo via ShutterstockMore in: Small Business Growth