5 Ways to Save Your Business Money

You will want to invest as much money as possible into creating a successful business, which means you need to be as economical as can be, especially if you are a start-up company. It might not feel like it, but there are some easy ways to save money on your company operations, so you can reinvest the cash back into your business.

Barter with Businesses

Modern companies tend not to barter with other companies, despite the fact they could make great savings by simply haggling. Try to identify what you might have to offer the company in return and use this fact to an advantage. So, whether you’re a Nottingham business looking for a deal with a Philadelphia company, you could provide a lower rate for your service in return for a better deal. If you don’t ask, you won’t receive a discount.

Voice-over IP Phone Services

Did you know that switching to voice-over IP phone services has the potential to save your company 30-60% on your phone and service expenses? The internet-based calling system could reduce your overheads, as you can place multiple phone calls through one line.

Each caller will interact with a menu to identify the phone extension they require, whilst providing an auto-attendant feature that complements your brand and provides a professional service. You can also integrate features such as call waiting, call forwarding, a toll-free number and voicemail. You can therefore reduce your phone bill and won’t have to embark with expensive service technician visits, as the VoIP service will incorporate technical support and maintenance.

Reduce Meetings

Do you know how much time and money your employees spend in meetings? This could be counter-productive, as your staff are spending time talking about what needs to be done, rather than being able to get on with the tasks at hand. This could be costing your company more money than you know. You could start by asking people to track the hours they spend in meetings, which could help you identify how much money you are spending throughout the week, month or year.

Micro-contracts

Small companies can utilise experienced writers, designers or SEO experts without committing to an employment contract. Freelance services are available for people looking to hire or sell services on a short-term basis. Micro-contracting is a fantastic way to ensure you can take your small business to the next level, and you could even hire the freelance professionals on a long-term basis as your company grows in profit and size.

Share Office Space

Instead of paying through the nose for an office, you could share an office space with one or more companies. Sharing a rental space means you both can enjoy the benefits of an office, without having to commit to a sole lease, so you can invest the money into your company.

There are many ways to save money. You just need to look for an opportunity. Always attempt to boost your company’s productivity, hold onto your hardworking employees, and don’t be afraid to ask for a discount to lower your overheads.