If you’re a small business owner, you’re likely always struggling with the battle of spending money on your business in order to make money from your business. While spending some money to make money is essential, you don’t have to be spending more money than is necessary for your business to become profitable or successful. In fact, many businesses are overspending in areas that frankly make little to no sense. So to help your business save on costs, here are three ways you can start spending less money within your business.
Try Joint Marketing
Marketing can be expensive, especially when you’re not sure which part of your marketing is working and which part isn’t. One way you can save on this cost, according to Entrepreneur.com, is to consider doing joint marketing with another business. While this likely won’t be effective if you try to market jointly with one of your competitors, if you combine marketing power with the business next door, you could split the cost while reaching the same amount of people. This could be particularly effective if you have a brick and mortar store in a well-traveled area of your town.
Hire The Right Employees
The process of hiring and training employees can be very expensive, both in terms of time and money. For this reason, it’s vital that when you do hire new employees, you make sure they’re right for your business. In addition to this, John Hall, a contributor to Inc.com, writes that if you can get the right people to work with you as employees, you’ll generally be able to get better work done for your business as compared to hiring an employee that doesn’t feel invested in your business. If you would have been paying both employees the same salary, having the more invested employee will make you more money in the long run.
Be Smart About Power Usage
Unless your business is open 24 hours a day, there are likely portions of the day where no work is taking place at your place of business. While you might have a policy to turn off appliances or other energy-using items when everyone leaves for the day, Ivana Taylor, a contributor to SmallBizTrends.com, shares that even having these items plugged in will use a lot of power and cost you more money. So to save some cash, institute an unplugging rule where all electric-powered items in your store or office are completely unplugged at the end of the day. To make this easier, consider having everything in a small area plugged into one power strip so you only have to unplug from one outlet at the end of the day.
If you feel that your business is spending too much money on small things throughout the day, use the tips mentioned above to help you curb this spending habit.