When times get tough, business owners should tighten their belts. Cutting down on unnecessary expenditure can make the difference between success and failure in today’s ever-changing business environment, helping you save money and redirect it to implementing new effective marketing or advertising strategies for your business to grow. To prevent out-of-control costs to eat up your profits, we will show you a couple of efficient money-saving ideas that will most definitely allow you to boost revenue, and make specific processes more effective.
Stick to Generic Printer Toners
Small businesses use professional printers in order to handle the large volume of printing needed for hundreds, or even thousands of papers every day. Probably one of the biggest and most expensive mistakes they are making is buying brand name toners, which have been specifically designed to last shorter as a strategy used by large printer manufacturers in order to increase their earnings. A money-saving alternative business owners have is sticking to generic toner cartridges, which offer pretty much the same quality, but last much longer, and cost 80 percent less. Most generic toners are available at any storefront or online stationery, so you should be able to buy them in bulk, and cut down printing costs by a whopping 50 percent.
Turn to Cloudsourcing
Several studies have suggested that finding and hiring a new employee can cost up to $4,000. Once you hire him, you have to spend money on training, vacation time, sick leave, and insurance – and if you multiply that by the number of new staffers, you can easily reach five-figure amounts. Cloudsourcing constitutes an excellent alternative if you cannot afford keeping an employee on your full-time payroll, as it allows you to hire specific professionals for a set period of time depending on your needs. As such, you can work with an expert web designer, writer, bookkeeper, accountant, or social media marketing expert for one or two weeks only, and pay him only for the services offered during that time frame, which is going to help you reduce expenses substantially.
Cut Out Paper and Electricity
A research by Xerox has shown that over 40% of office paper gets discarded within a time span of 24 hours of anyone printing on it. If you add up the cost of office paper to how much you typically spend on printing supplies, electricity, and labor, you will eventually come to the conclusion that it can cost you loads of money. Electronic file storage constitutes the best solution if you need to store information of any kind for later use without having to print it, waste resources, and spend unnecessary amounts of money. You can make use of free online storage tools provided by Google Docs, Dropbox, Amazon Cloud Drive, and Microsoft Office Live Workspace, which offer you dozens of gigabytes to use for storing information, and consequently cutting down on printing expenses.
Piggybank Your Advertising
Advertising is critical to reaching your targeted audience, and spreading the word about your business. However, besides the cost of producing flyers, banners, coupons, and other such advertising means, you also have to support postage costs as well. Instead of individually sending these advertisements to your potential or current customers’ mailing addresses, a more affordable alternative that contributes to business transformation is tucking them in other mailings, like invoices. This can save you thousands of dollars over a few years’ time, which can be used on cloudsourcing, or other business processes that need investments.
With business competition getting more and more fierce every day, small businesses need to find new strategies to stay competitive. I hope you’ve enjoyed these money saving strategies and employ them in your day to day operations. For more tips, check back regularly, and also try searching google.com for more cost saving tips.