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Career Tips

6 Invaluable Cost-Cutting Tips for Small Business Owners

2 Mins read

Running a business isn’t exactly a walk in the park. Of course, some people are naturals and have a strong head for business, while others have to work incredibly hard to stay afloat. Then there are those who have been given a leg up with significant financial support, whereas most people have had to grow their business from the ground up. In any case, small business owners face the same challenges in an ever-changing economic environment.

It’s easy to get lazy and allow things to just tick over as per, without paying much attention to detail. However, you’d be surprised by how much money you can save yourself and your business, if you look a little closer and work a little smarter. Hiring a reputable company to help with the books is a great idea, but beyond that: here are 6 handy tips for cutting-costs for small businesses.

1 – Know Your Seasons

This one should be a given, but you’d be surprised. You need to recognise which times of year your business is busier than others and then accommodate during the quieter months. Something as simple as shortening your trading hours during the quieter months can make all the difference.

2 – Regularly Review Your Suppliers

It doesn’t matter how much you enjoy a good chinwag with one of your suppliers, you need to make sure that you’re getting the best deal possible. Regularly review your suppliers and try to play them off one another in order to find the best prices. It might feel bad leaving an old business associate behind but if you want to grow, these are the sacrifices that you should be prepared to make.

3 – Stay Up-to-Date with Technology

You might not be the most tech-savvy person in the world, though you should certainly hire someone who is. Its amazing how much time you can save with the latest in software and technology. It can be daunting considering a new CRM system if you’ve been using your current one since your inception, but it pays to embrace new technology.

4 – Push Productivity as much as You Can

There are many things that you can do to boost productivity in the workplace. Trial some different approaches and see which works best with your employees. But above all, lead by example!

5 – Stay Up to Date with Marketing

Marketing is important, and you should endeavour to have your fingers in as many pies as possible, however it is important that you see a return. Stay up to date with your various marketing outlets and ensure that you’re getting your money’s worth! Of course, there are certain forms of marketing (such as SEO) which involve a little time and investment to get the ball rolling, but you should still be very shrewd with how much of a return you’re seeing.

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