How To Keep Business Costs Low

From bringing employees back to the office to hosting company offsites again, it’s an exciting and revitalizing time to be in business. But all of that excitement can quickly lead to overspending if you’re not careful.

Here’s how to keep business costs low as we head into what could very well be the most “normal” summer since COVID struck.

Consider lower-cost marketing and advertising alternatives

There is always a time and a place for paid advertising. But when it comes time to reevaluate expenses and maybe even tighten the belt, marketing is a good place to start.

Consider investing in lower-cost advertising alternatives. An active social media account can do wonders for your business and that can be free.

Building up email lists and putting more attention towards a referral program offer solid returns on investments as well. Then, as you advertise less, try networking more. Whether that’s participating in community events or taking your peers out to lunch, meeting people face to face goes a long way.

Make the most of technology to reduce hours spent

Costs can take the form of more than just money. The time you sink into various business efforts counts, too.

If you’ve been bootstrapping HR since you started, now might be the time to look into automating your HR processes. From your paid time off to healthcare benefits, a solid HR software can massively reduce the hours you spend on human resources.

Then, there are all kinds of free technology tools that you can make the most of. The Google Drive suite can cover everything from spreadsheets to word processing. Applications like Trello help with project management. Communication software like Slack can help streamline communication.

A solid HR software can reduce the hours you spend on human resources.

It might sound like a headache to get it all up and running. There will be some startup costs, for sure. But once you get going, the benefits (and cost savings!) will quickly outweigh the work it took to get started.

Get rid of paper and its related costs

Using paper might have some nostalgic value for some, but chances are it’s a cost that you can get rid of for quick savings. First, many people exist in a paperless world these days. If you want to do business outside of your local area without relying on mail, paperless is the way to go.

Plus, it’s not just paper you’ll be getting rid of — it’s all the ancillary costs, too. From a high number of pens and pencils to paper clips, once you get rid of paper, the costs surrounding it drop too.

Use a smart thermostat to save costs on heating and cooling

There’s no reason to spend money heating or cooling your office space overnight. Even if someone is responsible for turning down the thermostat before they leave at night, sometimes people forget.

A smart thermostat makes saving money on heating and cooling practically automatic. You can set a heating and cooling schedule that keeps things climate-controlled during the workday. Then, outside of business hours you can change the temperature to one that’s less comfortable but more cost-effective.

Plus, you can control it from your smartphone from wherever you are. That’s one less thing to work about when you’re away.

Reconsider going back to the office after all

Even if you understand the value of meeting in person, that doesn’t mean you have to pay for a traditional office. Besides, 76% of U.S. workers prefer working from home anyway.

Consider sharing office space with another company so that both businesses can get their office needs met with less space. You can opt for some coworking space or other alternative arrangements. Plus, nothing is stopping coworkers from getting together at coffee shops and the like whenever they choose.

Consider sharing office space with another company.

Cutting formal office space out of your budget can be a big money saver. Thanks to COVID, there are more alternative options than ever before.

Use refurbished equipment to save money

Computers and other technology can be super expensive. Luckily, there are plenty of options to buy these items secondhand. And with reliable refurbishment programs, you can rest assured that you’re getting quality products at a discounted rate. Does it really matter if your employees are using equipment that’s brand new?

No one likes to think about cutting costs, but as any small business owner knows, it’s something you have to do from time to time. However, that doesn’t mean it has to be a heavy lift. Even just setting up a budget so that you have a solid sense of cash flow and expenses can go a long way.

Then when you see where the buying issues are, you can pick and choose solutions from this list and beyond to address them. Small cutbacks here and there add up over the years, so don’t worry about diving into the deep end. You can take it slow and still be fine. Just focus on your specific business and meeting its unique needs.