For Best Results, Be Frugal In Your Business
You can’t run a business without spending money, but you can be frugal in your mindset. While there are things you will need to buy, you don’t always have to pay top whack for everything. And in some cases, you may not have to spend much money at all, as you can run parts of your business with little or no expense. This is great news for you and your business, as you can save money to help you in times of emergency or to give you the means to spend more money when you need to consider larger expenses.
We have already given you some advice for cutting your equipment and maintenance costs, but there are many other places where savings can be made. With frugality in mind, consider the following.
Rather than hiring new staff, consider outsourcing instead. This way, you don’t have to commit to paying a salary during those lean periods in business, as you can pay for work needed on an ‘as and when’ basis instead.
Rather than outsourcing, use your existing staff. You don’t need to spend money outsourcing specific services if you already have staff members at hand able to do the job in question. While the task may not be in their general job description, you may make their day by giving them an added responsibility to use skills that aren’t currently being utilized.
Rather than paying money on software tools, use the free versions instead. Nearly every downloadable tool has a trial version, and there are free business apps available that are as good as anything you may have been tempted to pay for.
Rather than paying over the odds on your business vehicles, find ways to cut costs, such as visiting preowned truck auctions in favor of buying something new, or giving up driving altogether if you can find ways to run your business without being on the road. You might use a shipping company to transport your goods, for example, or if you are reliant on company vehicles to attend business meetings, consider conducting these meetings through Skype instead.
Rather than spending money attending trade conferences, look for other ways to network with others in your industry. There may be local meetings you can attend, for example, and you can connect to other professionals in your industry by searching groups on social media, particularly Facebook and LinkedIn.
Rather than spend a lot of money on your marketing campaigns, look for free or inexpensive ways to promote your business. You can spread the word for nothing on social media and through email, and there are loads of other ways to market your business freely without you having to break the bank.
Rather than fund the pockets of greedy utility companies, look for ways to reduce your energy bills. Use a price comparison service and switch provider, or instill good habits around the office to save money, such as switching off appliances that aren’t being used.
It pays to be a frugal business owner, and by using the ideas we have mentioned, you will make savings within your business. Share your frugal ideas with us too, letting us know how you have reduced costs within your company. After all, it also pays to help each other.
Take care, and thanks for reading!