Best advices to lower small business expenses today? Google Docs or Trello are free tools that can help to organize and centralize company documents and collaborate better so you can avoid a massive paper trail and endless physical meetings. Not to mention, there are also multiple apps in the market that are built for employee management. The best value-for-money solution is Connecteam, an employee management app that offers a true all-in-one solution and was designed especially for the deskless workforce – plus, it includes a free for life plan!
For business credit cards and lines of credit, ask your financial firm if you can have a reduction in the interest rate. As years of on-time payments to these vendors pass, your credit will improve, and you should be able to receive lower interest rates. If your current vendor cannot reduce your rate, consider looking at alternate funders to see what current rates they offer and if they offer any specials.
Also known as the Pareto Principle, this rule could be used also to trim costs or expenses in your business. In order to implement it, ask yourself: what is the most profitable thing you do, even if you invest less in it? This way you can identify possible losses of money in other areas, or perhaps things that are not so profitable, and therefore it is better to invest more in what is. – Kevin Leyes, Leyes Media & Team Leyes, by Leyes Enterprises Expensive lunches and travel are obviously off the table, but you need to know where all your money goes. Start with your automatic expenditures. You’ve probably forgotten half the things you subscribe to or bought years ago and forgot to cancel. They add up. Do you still use everything you’re paying for? Is there something cheaper? Be bold and cancel everything you can live without. – Heather Newman, Content Panda/Creative Maven
Finally, it can be useful to focus on incremental increases. Start with small goals, and then slowly grow your goals each month. This will give you the chance to measure how easy it is to achieve each goal, so after a few months, you will be able to create a realistic financial forecast for your business. Over time you may notice that your budget starts to increase, and when this happens, you can consider paying discretionary expenses. Read additional info on 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.