The New Year is almost here and that means it’s time to make some New Year’s Resolutions! One of the best resolutions you can make this holiday season is to cut costs for 2016.
Now, we don’t mean to get cheap and forgo things that your business really needs. What we’re talking about is making smart spending choices that will save money in the big picture and will help your business grow.
So here are our top 20 ways to trim your budget this holiday season and into the New Year:
1) Outsource the small things
Time is money, and if your time can be better spent running your business than doing things like writing press releases, updating your company blog, or doing your taxes then you should pay to have these things done by others.
2) Hire an intern
There are many talented and ambitious young people looking for an opportunity to gain experience. While we recommend paying interns fairly, a fair fee for an intern is still lower than hiring a full employee.
3) Buy only what you need
Don’t buy things just in case you might need them, buy them on an as-needed basis. Everything from printer paper to office pens don’t need to be kept in abundance, buy as needed to keep costs low.
4) Ask for a better deal
Do you have suppliers that you’ve built a good relationship with? Ask them for a better deal. Since you’re a good customer, you might be surprised at how many suppliers will agree in order to keep your business.
5) Shop around for what you already have
If you’re paying too much for things like insurance, one of the best ways to trim your overall costs is to find a more cost-effective alternative. Don’t be afraid to research new options for things you already have.
6) Check your charges
Everything from bank fees, credit card processing fees, membership fees, or late payment fees on loans and bills should be combed through to see what can be eliminated. Cutting out fees can be a major cost-cutter.
7) Go paperless
Stop printing things for your files and save them in the cloud! Avoid paper advertisements wherever possible opting for virtual instead. Not only will you save money, but you’ll save the environment too.
8) Get your energy audited
An audit from the power company can save you big bills in the long run. Find out whether your appliances are energy efficient and make adjustments as necessary. It might be an upfront cost but you’ll save in the long-run.
9) Try a different kind of advertising
Have you been putting all your money into one kind of marketing? Try a less expensive alternative and see if it’s more effective and you might just discover a new way to boost your revenue in addition to cutting back your expenses.
10) Barter for goods and services
Got friends, business associates, or even clients who are great at doing something you need? Offer to exchange your business’ goods or services for their help! This will be good for your wallet and for your networking chops.
11) Build alliances
Those same business associates that might be willing to barter goods and services might also be willing to combine forces on other things like shared advertising or even offering combined service packages to each others’ clients. Network and discuss possible opportunities and you might come away with ideas that are good for both of you.
12) Ask your friends and family for their skills
While you shouldn’t take advantage of family and friends, you should ask for help within reason! Don’t ask them to do a ton of work for free, but ask them for help with things that aren’t worth outsourcing and you’ll save both time and money.
13) Teach others
One of the most low-cost ways to get the word out about your business and the goods or services that you offer is to position yourself as an expert in your field. Offer workshops, lectures, or even classes in your field and you can even charge a fee. This will build your reputation (free advertising!) and strengthen your brand.
14) Go for low-cost eCommerce
Paying a lot of money for eCommerce hosting? Consider lower-cost alternatives like eBay. You can also shop around for payment providers that may offer better rates that what you’re currently getting.
15) Join the (online) conversation
Whatever your industry is, there’s probably an online forum and community of people who are enthusiastic about it and people who are looking for help with it. Get active on relevant forums and in online communities to build your name and reputation for free while also attracting new customers.
16) Rethink your office space
Do you have more space than you need in your office (be honest)? Consider renting out part of your space to another entrepreneur. Do you even really need an office? With the rise of co-working spaces around the world, paying rent is a cost you can afford to toss out the window.
17) Change your payment schedule
Some suppliers might be willing to give you a discount for early payment, ask around. Everything from utilities to taxes might offer opportunities for cost cutting if you are able to pay on time or early.
18) Pool your resources
Remember those alliances we talked about earlier? If you get enough connections, you can pool your resources together to buy things like bulk supplies. An even more powerful pool might be joining a relevant union or business association, many of which offer great discounts on everything from insurance to phone service.
19) Don’t forget your deductions
Are you keeping track of all your business expenses? If you’re not then you should start! When tax time rolls around, deductions can make a huge difference.
20) It’s better to spend smart than to cut corners
Remember that paying more to get something done right the first time is less expensive than paying multiple times to get things fixed. Whether it’s your plumbing, your website, or your marketing strategy – getting it done well from the start is always a less costly alternative than cutting corners and having to pay to get it redone later.
What’s the best tip you’ve received for cutting your business’ expenses? Tell us in the comments!
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