How To Save Money With Your Own Business

“A simple fact that is hard to learn is that the time to save money is when you have some”
– Joe Moore

Money. It is perhaps one of the most important aspects of life itself. In fact, at least 92% of all the money in the world is digital opposed to being physical. Even if something is available for free, it still required both time and money to be created in the first place. Nothing is truly free at the end of the day.

Of course, just because you’ll have money in your possession doesn’t mean you should spend it willy-nilly. It also depends on how much you have to begin with. Your business, whether it’s large or small, needs to monitor its spending habits. Are you finding you’re spending too much? The obvious solution is to cut back.

Here is a list of 5 tips on how to save money for your own business:

1. Free is key. You’re probably rolling your eyes after you read that, aren’t you? Well, it may sound silly, but relying on free resources can be a major advantage. Let’s say you’re working for a company who relies on using picture editing software. Immediately, when you think of picture editing, you’ll be thinking of using Adobe Photoshop. While there is no denying how good it is, Adobe does charge a subscription for its services and to have standalone versions of its software.

However, if something successful exists, expect there to be a copycat that is free. Easily the best free alternative to Photoshop is the GNU Image Manipulation Program, or GIMP. While it may be true that it does not possess all the features that Photoshop has, it’s open source and allows others to make use of its source code in their own ways, while also being portable.

2. Buy used items. Partially linking back to the last point, it is financially beneficial to purchase items that aren’t brand new or made by a particularly well-known brand. This may seem frugal, but second-hand buys – especially if the items have been used – will always be cheaper. True, they may not be cheaper at first, but their monetary value will decrease as the years go while the value with cutting costs will go up in return. Just because something is old doesn’t mean it’s no longer of use. Of course, you’ll need to ensure the item works as it should, and if you no longer have a use for it, you can gain more money by selling it on instead of just simply throwing it away.

3. Work remotely. Ever since the Coronavirus pandemic impacted the world in March of 2020, social distancing has become the norm. Places of work, as well as establishments of education, all had to learn to work remotely and use video software for employees to communicate with one another. While this may seem like a dystopian reality where humanity can no longer interact with their friends and family in person, the use of remote working is a good cost-cutting measure.

By minimising on office space – or even no office at all – you won’t have to worry about paying for the property or the resources you may need to have inside of it. It also allows the opportunity to hire a diverse selection of people from around the globe. The employees who serve specific roles can be designated to one country; for example, customer support could be in America, the IT department in Europe, and the creative department in Italy.

4. Reduce paper consumption. That’s right! Go green and use less paper. After all, it is estimated that 24 trees are used just for 1 ton of office paper. You don’t necessarily have to stop using it, hence the use of ‘reduce’. Just use it less. Take these factors on board:

Go digital. Whether you are handing out pamphlets or just want to make notes, don’t have physical copies; make them all digital and online. Email the information you want others to see, while typing up any notes you want to make using Microsoft Word or even Notepad. Want to then save that work? Store it on an online drive like OneDrive.
Think – do you really need to print that document? Will it be the end of the world if you don’t? If you need to provide a copy for another person, whether that is a client or a colleague, email it to them.

5. Outsource. It may be essential that a business has employees, but it can be more expensive if there are more of them. However, there’s still work that needs to be done, and if there are few employees, it’s often harmful on efficiency and quality if you let them handle more than one project at a time. This is where outsourcing comes in.

Outsourcing means that one company asks another to complete specific pieces of work they cannot do themselves for a variety of reasons. This is an effective cost-cutting measure, as you won’t be the one paying the workers who are going about the tasks you have set them. You may also find that, if your business had very few members to start with, the company you are outsourcing to may have more employees and, in turn, possess a higher talent pool that will meet your requirements.

These five tips were thoroughly researched with the intent of helping you save money with your business. There are many other methods of saving money, so if you these were not enough or you just want more advice, contact Count today.

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