When Your Business Needs to Cut Costs: Where to Start and How to Maintain Quality
Running a business costs money, no matter what type of industry or profession you operate in. Every start-up has its own set of expenditures, whether it’s a big-box retail store, a communications service provider or a small e-commerce website. While you can’t completely eliminate costs associated with your business, a few modest changes to your operations can reduce them.
Below are five cost-cutting solutions that will help your budget:
- Outsource Your Employees: Hire freelancers or contractors for short-term jobs. You won’t have to pay full-time wages with benefits to employees who you may potentially not need after a project has concluded. If a certain temp worker stands out, you might be able to hire them to fill a current or future position, which will then enable you to cut recruiting and training costs.
- Hire Interns: Hiring interns is a win-win situation for everyone—interns gain valuable professional experience, and employers get low-cost labour. Interns may require substantial training on your software and procedures before they can even get to work, which should be considered when weighing the pros and cons of this tactic.
- Use More Email: When sending everyday, typical messages, like saying hello to new customers and managing requests to vendors, it’s best to do it electronically. Little costs like stamps, envelopes and paper can add up quickly, so cutting the little things will help keep your day-to-day costs in check.
- Print Fewer Copies: Paper, toner, filing cabinets and storage space are all expenses you can quite easily limit in the digital age. Store the majority of your papers and data on a hard drive, scanning the documents if necessary. Be sure to back up all of your files on an external hard drive and safeguard your computers with passwords.
- Travel Less: You can save a lot of time and money by avoiding needless trips. Use online applications like WebEx and Skype to conduct meetings with people in numerous locations rather than travelling to visit them in person, if possible.
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