As a small business owner, you don’t have the luxury of having extra cash in reserve. Saving money is always in your best interest. Thankfully, there are several things you can do to lower costs.
Buying Your Space vs. Renting
There are pros and cons to leasing and owning a property. As rents skyrocket, many current renters turn their sights to purchasing their own space. One of the biggest advantages of ownership is that you control the property. You can make small or large changes that benefit your needs. For instance, if the plumbing is outdated, you can opt for a commercial restoration by experts like Restore My Pipes. If the building lot affords expansion, you can draw up plans and add more space. On the downside, real estate values can drop. When you lease a space, acquiring the necessary funds for your business can be harder.
Find Alternative Ways to Advertise
Using venues such as radio and television are a few ways that businesses can reach millions of potential clients quickly. However, with an emphasis on saving money, many small businesses can’t afford these methods. Thankfully, there are alternatives that are just as effective. Social media attracts millions of people each day. Advertising on social media platforms like Twitter and Facebook will allow for the successful promotion of your company at a fraction of the cost. Email is another tool that for a nominal fee you can reach thousands of people by simply pressing a button.
Revamp Your Website
With COVID-19 still present, many people prefer to use the internet to buy products and hire service companies. Updating your website is essential. First impressions matter, so it’s critical to make your homepage stand out. Find new photos, change colors, and make every word in your content count. It’s also essential that everything on your site is accurate. Update information to remain true to current offerings and supplies.
Rank on Search Engines
Of course, you can have a highly effective website that keeps visitors engaged, but if they never see it, it doesn’t matter. Staying at the top of the search engine results page requires constant updating. Unfortunately, systems change, and what worked a few months earlier will not provide the same results today.
Utilize Remote Workers
For companies with many employees that work in a large office, COVID-19 actually provides some positive effects. Due to the lockdown, many owners had computer programs and systems in place that enabled many of their staff to work remotely from home or even from a motorhome. While during the initial stages, it presented challenges, today you can continue with your business, full speed ahead. You use fewer utilities and can reduce the amount of office space in the future. For employees, they no longer have long commutes now that their offices are just a few steps from their bedrooms.
Cut Out Business Trips
In the past, in order to sell services, you needed to be there in person. Today, technology makes it possible to schedule video conferences with clients through software platforms such as Zoom and GoToMeeting. This cuts expenses budgeted in the past for air travel, hotels, and rental cars.
Small business owners can save money by outsourcing services like payroll, IT services, and taxes. Instead of having an accountant, bookkeeper, and IT tech person on staff, you can hire contractors on a part-time basis.
Avoid Expensive Software
Small businesses are at a much lower scale. The need for expensive software programs is an expense you can avoid. Online, you can find similar applications available for free or with a nominal fee attached. FreshBooks, Google Docs, and OpenOffice are a few examples.
COVID-19 is affecting many small businesses. It’s causing them to rethink old business practices and find alternative ways to achieve success and maintain a healthy bottom line.