6 tips to reduce small business expenses in 2020? Make sure the solution you choose is available on mobile (like Jotform and Connecteam) as well so you can access it anywhere and at any time. This will save you and your employees a lot of time as well and you can avoid the hassle of lugging around binders full of paper forms. Network: Manifest reported that “People trust what they see on social media, and as a result, 67% have made a purchase after seeing an advertisement on social media.” Therefore, engage with your audience online, talk with them, and build up connections to gain more sales while boosting your online reputation.
Marketing: Another area that’s often reduced or abandoned altogether when times are tight for a business is marketing. Over the course of the pandemic, it’s been suggested that 72% of businesses have cut their marketing budgets. However, this is unwise—in a situation like this it’s very unlikely that marketing is the problem for companies that have seen a drop in business. Getting rid of your marketing efforts will make the problem worse, as the business you’re still getting will then dry up. It’s a much better idea to refocus marketing tactics on the areas of the business that are working and make the savings elsewhere.
Relay to your employees that staying in business is the most important thing. Without the business, everyone would be out of a job, so you need to decrease salary or make them part-time. If your business has an excellent culture, they will understand. Explain that this can and hopefully will all be temporary. Also, see what fixed costs can be delayed and audit your variable costs. – David Fabi M.D., FABMVMNT During a time of economic strain, it’s imperative that you trim as much wasteful spending as possible. I’ve found that by conducting an expense audit, areas of wasteful spending can be easily identified and curbed. Whether that’s overspending on shipping for an e-commerce business or allocating too much spend to PPC for an online services provider, there are ways to reduce costs. – Chris Cashin, Parcel Consulting, LLC
If you own a small business, you are probably already focused on saving money. Software, stocks, and staff can be very expensive, so if you don’t have a strict budget, you could easily end up overspending. Thankfully, there are lots of ways to save money without cutting corners. Here are five simple ways that small business owners can save money. Laptops and computers can be a big expense for small businesses. After all, the average price for a new laptop in the US is around $600! This is often far too expensive for a startup, but don’t get disheartened; instead, invest in quality secondhand equipment. Discover additional information at Ways a business can reduce costs.
Another way of saving money is to opt for a multi-line phone system for your small business. With the help of this system, you can use one phone to host more than one phone number. This makes it easier for you to make calls for your business. You can also make calls from your desired number by setting up a shortcut dial for it. This system is also pretty simple to install and does not cost a lot of money. Big businesses use a PBX system for these purposes, but a small business might not be able to afford it. A multi-line phone system is hosted by a cloud system and is reliable as well. That is why it is highly recommended that one should consider getting multi line phone systems for small business.