Running a small business can be costly and time-consuming, but there are steps you can take to make it let so. Using processes and making smart choices can help to cut costs and save you time, allowing you to run your business smoothly.
1. Take a look at your utilities
Sometimes our utility bill can be the biggest cost for our business, but there are ways to cut costs. Where is energy being spent the most? Is it water usage? Is it your heating and cooling system? Most likely it’s the latter. There are ways to keep those costs down and still keep your office or workspace comfortable.
A great start is to invest in a smart thermostat. Smart thermostats can help cut costs because you can program your system to run only during business hours. Also, they usually have an app so if you are away from your business, you can still monitor the temperature or make changes if you forgot to turn it off during longer closing times. Contact your local HVAC professionals to see how they can help you reduce air conditioning costs.
2. Maybe it’s time to go paperless
Does your business need to use a lot of paper? Can some things of the things you use it for be done online? Cutting out the amount of paper you’re using can cut costs tremendously (unless your business is paper, stationery, etc.), but other things like invoices and newsletters that can be done online instead of mailed out or printed can save a lot of money in the end. Additionally, the Department of Energy gives rebates in certain areas for going paperless, so it may save you even more money.
3. What is your budget?
Do you have a business budget? If you do — great, stick to that budget. If not, create one and then follow it as closely as you can. The reason we create budgets is so we don’t overspend. This is your business and every penny counts, so when you have a budget and you stick to it, you’re putting more money in your pocket.
4. Are you spending too much on rent?
Another great place to look is your place of business. Do you have a storefront with high rent? Perhaps consider switching your place of business to one with less rent. Do you work from home? Maybe work at a coffee shop for the day. You’ll save some money on your utility bill. If you stick to your budget, possibly only spending $5 on a coffee, you may bring in more than you spent.
There are a lot of ways you can reduce costs that don’t take up a lot of your energy. Being a conscious consumer as a small business owner can cut your costs significantly and help bring in more revenue. Plus, if you share some of your experiences with other small business owners, perhaps there is a way for you to barter goods between each other — another cost savings in the book.