You’ve probably already run down the list of traditional ways to cut costs for your business, and now it’s time to get creative.
Sure, there’s merit to paying your bills on time, bartering with vendors, and working to integrate cloud operations, but there’s always more you can do to trim the fat from your monthly budget.
Giving your business more money to put towards growth is essential, and here are a few ways you might be able to step a little closer to reaching your growth goals.
Find ways to minimize regular expenses
There are some things your business just needs each month, and you can’t cut out the expense completely. However, if you can get creative, you may be able to find a way to lessen the cost of the recurring expense.
Take this example into consideration. You have a business that has the need for a large dumpster. That dumpster has to be emptied every time it’s full, and that costs your business money.
You could cut down on the cost of having it emptied by hiring a smash my trash operation. Compressing the trash in your bin will help you dump more before ever having to bother with the process and cost of emptying.
Use freelancers and remote staff
It’s more cost effective to hire freelancers to do certain intermittent jobs than it is to hire and train a new staff member that may sometimes sit idle. Hiring a capable and competent freelance professional will grant your operation quality work for the times when it is needed most.
Instead of hiring a freelancer here and there, you could consider the benefits of hiring a remote staff. If your professionals all work remotely, you get out from underneath your massive monthly overhead (or at least the bulk of it).
Network and barter with other business owners
Communicating with other business owners inside and outside of your industry can make way for some lucrative connections. If you and the guy down the street have complimenting services, you could find ways to work together to boost both businesses at once.
Think secondhand in terms of office equipment
You could save a chunk of money when purchasing equipment and furnishings for your office space. Second hand couches aren’t any less comfortable than brand new couches, and your office could benefit from the discounted pricing.
Adopt a BYOD policy within your operation
Speaking of office equipment and furnishings… you could help your business save money by adopting a BYOD (bring your own device) policy. Ask that your team bring their own smartphone or tablet to work, and you’ll save thousands to be put to work in other areas of your business.