Whether you’re running your business solo, have a small staff, or have already managed to grow your business, cashflow always plays a major role in a business’ success. Often we’re so focused on how we can bring in more revenue that we overlook many of the ways we can lower overheads – and they’re often surprisingly easy to implement! Here are some of the creative ways you can ensure you’ve got the cash left over for the really important things your business needs to keep growing.
Barter
When cash is tight, remember that it’s not the only thing of value you have to offer! If your company needs the services or products of another company, see what you could offer them in return instead of buying what you need. Obviously it isn’t going to work in every situation, but you’d be surprised what kind of deals could be made. If you’re a catering company, for example, you could offer to provide your services for another company’s Christmas party in exchange for their accounting services. If you’re in IT, you could offer your services in exchange for a reduced price on office furniture – there’s endless room for creativity.
Go green
Aside from being great PR, implementing a ‘green’ office approach can save buckets of cash. Encourage your employees to conserve resources, avoid wasting paper, and invest in energy efficient appliances for the office. Buying those appliances second hand is also a great way of saving money while decreasing your carbon footprint. Allowing staff to telecommute is another way to keep office expenses down, while boosting morale and productivity, and being better for the planet all at the same time!
Get free marketing by offering your expertise
No-one knows the ins and outs of your industry like you do, and that’s a valuable commodity. Whether it’s talking at events, uploading your own YouTube tutorials or hosting Q&A sessions on your favorite social media platform, building a reputation as a company that’s interested in educating the public is some of the best publicity there is – and it’s free. Someone who’s found your website, articles or videos useful (and can see you clearly know what you’re talking about) is far more likely to purchase from you when the time comes. Take advantage of free social media platforms to get the word out, and make sure to link everything back to your website.
Outsource non-essential work to freelancers
Using freelancers can be daunting at first, as it can feel a little unnatural to be assigning work to someone you’ve never actually met! The costs saving potential, however, is too big to be ignored. In exchange for the freedom to work remotely and when it suits them, freelancers can offer rates that a fulltime employee simply couldn’t match. Better yet, there are millions of freelancers ready to work around the globe, so you’re sure to be able to find the one that will suit your business perfectly.
Get the most out of your municipal services
Few business owners have the time to pour over their municipal bills to make sure they’re being charged fairly, let alone spend hours on the phone to a call center when you suspect you’ve been overcharged. Yet this is a cost management solution that can save you thousands every year in the form of repayment of overcharges and impermissible charges, and making sure you take advantage of any applicable rebates. Get in touch with a utility management expert who can audit and manage your municipal utilities on your behalf, and you’re guaranteed to come away with a pretty profit! Best of all, they’ll handle everything for you so you can get on with running your business.
Share
If you have more office space than you need, letting another company share your premises can be a great way for both of you to cut costs. Buying groups, cooperatives, resource libraries and local business groups are a great way to leverage the power of the collective to benefit everyone! If one doesn’t exist in your area, then start one! Begin with the companies in your building or neighborhood, and work outwards.
Get your staff involved
One of the easiest and most rewarding ways to come up with money saving ideas is to use your biggest asset – your employees. They have a different perspective on the daily running of the business, and often they can come up with ideas that never would have occurred to you. If you can think up with a way of incentivizing your staff to come up good suggestions themselves, then everyone wins.