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“Look everywhere you can to cut a little bit from your expenses. It will all add up to a meaningful sum." –Suze Orman
I read an article just the other day that discussed practices for businesses to save money. The four practices featured in the write up are all practical and helpful. I’m listing them for you below:
- Low-cost Advertising:
We all know the internet has so much to offer and answers to everything. Your advertising needs can be met there as well. You may even want to consider setting up a public relations team for your business to get this job done.
- Protection from catastrophes:
As the old saying goes, “Anything that can go wrong, will go wrong.” That’s why it’s a good idea to be prepared. Having insurance for your company is an extra layer of protection in the case of an emergency. Funds to repair or replace don’t come out of your pocket or the company’s.
- Sponsors for Events:
I’m a firm believer in showing up to any and all events. Doing so is a great way to get your brand out there in the public eye (this may fall under low-cost advertising as well). You can even host your own event! If this is the route you’d like to take, recruit sponsors to help out with some of the things you need. This is also a cool way for local businesses to team up and work together.
- Lower Staff Cost:
During slow seasons, you might want to consider offering unpaid leave for employees or downsizing to have a couple of workers do the job of three or four. You may be pleasantly surprised at the amount of people who wouldn’t mind taking some time off without pay. They get to have a mini vacation and you in turn get to save some money! Can’t beat that combination.
One of my personal favorite ways to help save some money is the mileage tracking feature available in QuickBooks. You can find out more about using this in your account here: Track mileage in QuickBooks Online.
While all of these are beneficial, the post really sparked an interest. I know I’m always looking for ways to reduce overhead, and I’d be willing to bet I’m not alone. What are some money saving hacks you’ve recently implemented or maybe have been practicing for years? I can’t wait to hear your ideas and suggestions!
