If you want your business profits to grow you’ve got to be on the lookout for ways to cut costs. To start making progress today, check out these five unique ways to help your small business save.
1 . Check Out Grants
Small businesses and startups don’t always have a huge budget, and so saving money can be quite the challenge. If you’d like a little more money to play with, consider applying for a small business grant.
A number of organizations offer grants for small companies and startups. Check out options like The National Association Of The Self Employed, The Visa Everywhere Initiative, and Nav’s Business Grant, and The Patagonia Grant.
2. Re-think Your Budget
If you’d like to save your small business money you’ll have to re-think your budget. Go through every one of your outgoings, assess any categories where you might be overspending. Use the information you find to brainstorm money-saving ideas. Whether it’s negotiating with your suppliers, or reducing your advertising budget there are lots of ways to cut costs.
There are several small business tools that can be useful for forecasting and budgeting. A few platforms include Vena, Planful, or Oracle Planning Cloud.
3. Inexpensive Advertising
One of the best ways to save money is to look for inexpensive ways to advertise yourself. There are many options including:
Use social media marketing for ads, posts, user targeting, and analytics.
Create a YouTube channel, use live streaming or webinars.
Focus on user-generated content.
Write your own blog, with the help of your employees (instead of outsourcing).
Focus on local SEO to generate leads in your community.
4. Green Changes
By going green you can protect the planet, improve your reputation and save money at the same time. There are lots of ways that you can help your business to go green, including:
Reduce your paper usage or stop using paper altogether, (cloud-based platforms can eliminate the need).
Consider becoming a fully remote operation, removing the need for a physical premises.
Improve your recycling policies and switch to renewable energy.
5. Cost-Effective Business Platforms
To support your business platforms you’ll need several different types of technology and software. The good news is, many platforms are cost-effective, helping you to save money. To get a few ideas, consider these:
AirWallex: With the help of this financial platform you can benefit from inexpensive transfers and low fees. Businesses can send money to Europe, without paying over the odds. Using AirWallex you can receive payments in 11 different currencies, and integrate with the API suite.
Hubspot Marketing Suite: The Hubspot marketing suite is an all-in-one marketing solution for businesses. Using this tool you’ll benefit from CRM software, email marketing, analytics, and more.
As you can see, there are many options to help your company make savings. Once you review your budget you should have plenty more ideas. Saving your business money can open doors, whether it’s investment opportunities or developing new products. To learn more about growing your company check out tips for small business owners.