Cutting costs is something we’re all always thinking about – both at home and in our businesses. Reducing your expenses in business can increase your profit margin significantly and improve how successful your business is overall. Plus, more money in your back pocket is always the end goal, isn’t it?
When you’re running a business, there are, unfortunately, some expenses that simply cannot be avoided. While these things have to be paid for, however, this doesn’t mean you have to be paying full price or breaking the bank for them.
Here are a few more affordable solutions to some of those costs we simply can’t cut.
Managed Print Services
Many people don’t realize just how much money they’re spending (and often wasting) on their printing costs. Purchasing the equipment and supplies, maintaining the tools and of course, the actual printing, can all add up to a major expense, especially when staff aren’t being savvy about what they print, or constantly use the office printer for personal use.
Choosing to use managed print services will help you lower the costs of your printing and generally manage this aspect of your business. By taking care of everything from the hardware to providing you with data and analytics, this could really help you lower costs in this department.
Hiring a full-time accountant is pretty expensive, but trying to manage your accounting functions on your own when you’re not qualified or experienced in the field is a disaster waiting to happen.
Fortunately, this is why accounting software for businesses of all types exists out there. These programs will automate and manage bookkeeping, taxes and other accounting functions that nobody really wants to deal with hands-on. These programs can free up a lot of time and money for your company.
Of course, using computerized accounting will have pros and cons, but one can be sure that it is a more affordable option.
Your company website is a key factor in the success of your business. It’s where customers and potential investors will turn for information about who you are, what you do and what you can offer them. Because of this, your website needs to have relevant information, but it also needs to be user friendly, easy to navigate and appealing and professional looking.
However, hiring a professional web developer can be expensive. This is why online website builders are such a great option for businesses on a tighter budget. Most website builders are easy to use even if you have no coding experience and will make your site look great. Pick the best website builder for your company by researching functions and prices.
Social Media Marketing
A social media manager can be expensive, but that doesn’t mean you should be neglecting your social media marketing entirely. In fact, taking advantage of platforms like Facebook and Instagram can be one of your most affordable and effective marketing strategies.
Promoted posts on these sites are targeted to your audience and very affordable to do. However, there are other, even more, affordable forms of social media marketing strategies that could cost even less. For example, influencer marketing – you could work with ambassadors or sponsor/gift products in exchange for promotion on popular pages. Affiliate programs are another cheap way to get more reach.
Your cyber security is a major priority, especially when you’re working with a lot of data. Of course, this means you need to have good antiviral software installed on your devices.
Most people assume this means that you need to have the most expensive software on the market, which is entirely false. There are plenty of affordable and even free antivirus programs and other cybersecurity software that will do an amazing job of keeping your data safe and your devices protected. Be sure to do some research and shop around before committing to a major monthly expense on your security.
Clearly, cutting corners in business doesn’t always need to mean you are compromising on what matters. Not all of these solutions will work for every business, and for some, it might be important to spend a little extra in some areas – and this is okay!
Identify the areas in your company where you know you need to invest a little more, and from there, you will be able to pinpoint the functions that can stand to be cut down a little for the sake of efficiency and a larger profit margin.