It’s hard sometimes being a small business owner. You know the statistics that say that 9 out of every 10 startups fail, and almost half of all small businesses never see their 6th year.
One way for small business to see another day is to cut back on expenses and get more lean. Although this may seem difficult to do, it actually doesn’t have to be.
Today we’ll look at some fantastic ways your small business can save money, starting today.
#1 Use cloudsourcing
The new millennium and the internet revolution brought with it the new gig economy. Instead of having permanent employees working on repetitive tasks, you can outsource each task.
For example, if you need someone to design your blog or write content for it, you don’t need to hire someone full-time. You can more easily just go to such sites as Upwork for Freelancer and pay someone on a per-task or per-month basis to do your tasks.
What this means is that you have greater flexibility to expand or contract along with the business cycle. If you need fewer blog posts, just order fewer pieces from your freelancer, rather than paying someone the same price month after month for services you no longer require.
#2 Pool your resources
In order to save more money, you can go back to the barter system. This system is based on not exchanging money for goods and services, but exchange similar-value goods and services for each other.
For example, if you are working in the web design sphere and need SEO or social media marketing services, you have the option to pay a company to do that for you. However, you can also contact a company and inquire whether they need web design services. Then, instead of asking for monetary payment, ask instead for a service swap. It could be something like one WordPress site according to standard for two weeks of SEO services.
#3 Get into coworking
A serious problem for many small business owners is that they often don’t have the funds to get great working spaces. This is usually because the better offices are rented out at sometimes exorbitant prices and it is difficult for small business owners to even consider those.
However, there are ways to get fantastic working spaces for low or non-contract prices. This is called coworking. Coworking allows people to rent out space (it could be an office, a few offices, or even just a desk) on a monthly or per-use basis. There is even hot-desking, where you simply go to the desk that is open, rather than one dedicated space for yourself.
This is very cheap, seeing as you’ll have much more flexibility to spend your money in other, more important ways.
These three major tips are fantastic for improving your small business by saving money. If you follow them, starting today, or even consider them seriously, you’ll see just how easy it can be to save your small business money and keep yourself afloat.