Entrepreneurs and small business owners have two things in common: limited budget and resources. So when you’re on a tight budget, every dollar you put back into your business counts. There are several ways you can cut costs and increase results for your business without breaking your budget. The key to running your business affordably and effectively is to be creative and disciplined. Here are five affordable ways to run your business.
1. Do It Yourself
In order to run a successful business, you should get your hands dirty and do some of the work yourself. While it sounds easier said than done, it’s definitely possible. This strategy allows you to take on the tasks and responsibilities that you usually would hire to seek help for, such as accounting or social media. If the decision is to do it yourself or to not do it at all, then take it as an opportunity to learn some new skills and take on new roles.
YouTube has online tutorials on every subject. If blogging or social media has you confused, then attend webinars on these subjects. You can also enroll in free online courses that are focused on entrepreneurs or small business owners.
2. Outsource Some of Your Work
While it doesn’t feel like a financially smart way to start a business, it can help you in the long run. Hire a part-time virtual assistant to help you out with some of the mundane tasks such as responding to e-mails or social media marketing. Whatever tasks you choose to outsource, it’ll free up time so you can focus on the best way of making money.
3. Work From Home
Unfortunately, this option isn’t for everyone. This is especially the case if you operate a restaurant or a retail establishment. This doesn’t mean this idea can’t become a reality. If you own a retail establishment, consider taking your business online instead. If you operate a restaurant, consider getting into the catering business. Both of these unique ideas give you the opportunity to cut costs and work remotely.
But if you’re wasting money on office space, then you can dramatically reduce costs by working from home. You just need to know if you’re the ideal candidate for working from home. Whilst this may seem impractical if you need to meet clients, Clare at Offices.net advises that you calculate how much of you week is actually spent client facing. If possible, you could condense this into a day or 2, and utilise a virtual office, coworking space or hire a meeting room on an adhoc basic to keep office costs to a minimum. You have to be self-disciplined enough to focus on your work. Create a set schedule where you can eliminate distractions during that time.
4. Use Free Trial Software
It’s important that you invest your time in using the right apps and software to increase your productivity. You want to use technology to your advantage. Most of the tools out there are free or affordable. But before you dish out any money, see if the manufacturer offers a free trial. For example, let’s say you run a restaurant. Maybe you’re looking for a POS system for restaurants that can increase your staff’s productivity? You can click here to find one of the industry best .
There is a POS system for restaurants that allow you to try these tools out for as little as 30 days to as long as three months. This is plenty of time to determine if this software makes your staff more productive and if it’s worth the investment. There are plenty of free tools available, such as e-mail marketing software. Even if your e-mail marketing list is non-existent, you can use free versions of popular e-mail marketing software tools such as MailChimp.
5. Assess Your Costs
You should review your business expenses on a monthly basis. Determine where you need to cut costs. Do you really need a landline phone or can you use your cell phone without problems? You could save hundreds of dollars by getting rid of your business phone.
If you’re on a tight budget, then do away with that monthly coffee or fruit subscription service. Question every expense and decide if it’s helping your business. Any money that you save can be invested back into your business to help it grow.