Boss Costs – 5 Simple Changes Small Business Owners Can Make to Save Money in 2019

Running a small business is hard; most of your competition is already well established, you’ve probably had to go into debt to cover your start up costs and managing employees is a constant reminder of why the saying “not my circus, not my monkeys” exists. While we can’t help you with staffing or the competition, we can give you some pointers on how to save money in your business this year:

Location

We’re constantly being told that location is everything in business. However, in the internet age, your product or service might not require customers to come directly to you, meaning you can keep your office pretty much anywhere. This gives you a distinct advantage, as you can either house your company in an area where rent is cheaper or capitalise on the extras offered by a serviced office. While it may seem counterproductive to have someone else manage your office for you, it can, in fact, be an easy cost saving measure as it means you won’t have to worry about expenses such as reception staff and cleaning.

Utilize Technology

How a business uses technology is arguable one of the most important factors regarding whether they will succeed or fail. Depending on your current knowledge of what’s available you may need to undergo training but once you’re across the available software and platforms for your industry, technology can really give your business a boost.

Firstly, the more you can automate, the fewer task your staff are required to perform. Not only does this allow you to reduce headcount but it also allows those who you choose to employ to be more productive. Advanced unified communications technology can also benefit you in a myriad of ways, as can electronic payment systems and cloud-based freight management software among others so it is highly advisable to look into what will work well for your business and implement it.

Go Green

An environmentally friendly workplace will help save your back pocket as well as the planet.

Going paperless will save you a surprisingly large chunk of cash, as will utilising energy saving products throughout your office. While this is mainly because a more energy efficient office means lower usage and therefore less associated costs, there may also be a scheme in your area which offers incentives for businesses to look after the planet.

Keep Receipts

Unless you’re on top of every single business account and expense, you’re probably missing out on numerous tax refunds. You should always aim to keep track of all outgoings wherever possible. If you’re struggling to keep up, then a small business accountant or bookkeeper will be able to assist you. If the IRS ever comes knocking, and trust us, it’s definitely a when not an if, it’s going to be a lot easier to deal with if you have accurate, well maintained, records.

Cost saving measures can be applied to almost any situation but this doesn’t always mean that they should be. While the tips outlined in this article can be safely implemented into pretty much any business, you should always look into what kind of impact any large decision will have on your operations.

Review your books and see where you are spending unnecessary funds. Saving money could be as simple as holding less catered meetings but if you’re really struggling you should never be ashamed to seek counsel from a financial advisor, if so many businesses didn’t need help they wouldn’t exist.