Guest post written by Carol Wilson. To gain exposure by writing for us, read our write for us guideline.
As a business owner in a tough economy, you may be struggling to pay your bills and pay yourself. You probably know that your business is just in a slump, and it will recover. However, it can be tough to plan for good times in the future when your financial situation is so uncertain now. Fortunately, there are simple things you can do to cut costs and free up more cash for your business.
Here are four money-saving techniques you can try out to improve your company’s financial standing:
1. If possible, let your employees work remotely
If the majority of the work your staff does is on computers, your employees don’t really need to be at the office. They can work from the comfort of their homes and save you money. Letting your employees work remotely means you have to pay less for smaller office space and pay less for office maintenance. When employees work from home, productivity can be an issue. However, setting daily goals for your staff will help them stay on task. An added benefit of letting your employees work remotely is that they’ll likely feel as though they have a better life/work balance, which will result in fewer absences and sub-par work that’s a result of burnout.
2. Embrace cloud computing
You can reduce your IT costs quite significantly if you use cloud software and services. Storing your data on the cloud means you won’t lose it if your computers crash. Losing data can put a definite financial strain on your business because you’ll have to pay your employees to re-collect data. Additionally, most cloud-based software is more affordable than traditional software. And using the cloud means you don’t have to pay for a dedicated server and extra IT staff to keep it up and running.
3. Ditch the paper and printers
Your company can share the bulk of its documents digitally and send faxes using an online fax service. Exchanging documents digitally means you use less paper and ink, and therefore have to purchase less of those somewhat pricey office supplies. Additionally, using an online fax service eliminates the need for a fax machine that you have to pay to maintain. Keeping all of your important documents on your company computers (or on the cloud) also means that things stay more organized and there’s no need to hire a file clerk.
4. Shop around for better insurance
You’re probably paying too much for insurance, and you’re probably paying for coverage you don’t need. Sometimes not going with well-known, bigwig insurance companies can save you a lot. So, re-examine how much you’re paying for workers’ compensation, business liability insurance, and health insurance for your employees. There’s a good chance that you will be able to save some money on your insurance if you fully explore your other options. Talk to your business associates and do some research on the internet to find the best insurance deals. Why overpay to over insure your business?
As a business owner, reducing your operating costs should be one of your biggest priorities. Don’t let your business go broke because you’re paying too much for office space, office supplies, and insurance. Try out the tips above, and get your business on the right track to financial stability.
A small business owner herself, freelancer Carol Wilson believes that entrepreneurs and small business owners should know about the proper types of business insurance available to help their projects grow. She encourages your feedback by leaving a comment below or at [email protected]