5 Easy Ways to Cut Business Costs

Is your company running on a tight budget? Luckily, there are ways you can make the best of your business’s budget and reduce a lot of costs around the office. In this guide, we will take you through our top five easiest ways to cut businesses costs to help your company stay within its budget.

  1. Stop Printing

Unfortunately, printing supplies such as paper, ink cartridges, and filing cabinets are incredibly expensive. However, you can modernize the way you share documents in the office, not to mention reduce costs, by using hard drives and paper scanners. But, don’t forget to backup all your data on secure computers, so your paperwork won’t get lost.

  1. Try Alternative Workspace Options

Since renting out an office workspace may be one of your biggest costs in your company’s budget, it may be time to explore all your options:

  1. You can digitalize your workspace using Skype, Slack, and other digital work tools. This way, you won’t have to pay a penny on office rent and your employees can work entirely from home.
  2. Renegotiate the rent with your landlord. Most landlords who rent out office space are flexible with rent, asking for them to drop it a little shouldn’t hurt your relationship. Plus, it can help you save hundreds a year.
  3. Rent out smaller spaces from offices already being rented out. Large companies usually rent out too much space that they don’t fill. You always have the option of asking to rent out a small room in their building that will help lower costs and meet other industry professionals to grow your business.
  1. Shop Around For Lower Prices For Your Expenses

Instead of taking out, even more, business loans, do research on cheaper providers, you will be surprised at what’s out there if you do the digging.  You can also have civilized conversations with your suppliers asking for lower prices. Although they may not be thrilled over dropping their prices for your company, if you’re a dependable customer, they might be willing to take the risk.

If they flat out say no, you can always ask them to price match their competitors. However, if even this doesn’t work, it may be time to switch to a different supplier that is more affordable.

  1. Take Advantage of Internet Marketing

Your company can take advantage of internet marketing on social media platforms such as Facebook and Twitter, as well as SEO-integrated blogs instead of expensive printed media. Although this can require more time to grow interest online, it will help your company save money and seem more enticing to consumers. With simple market research on your target audience, you can develop a genius internet marketing strategy which can help grow sales exponentially.

  1. Employ Contractors

Since full-time employees don’t work full time and are often idle if there isn’t enough work, it may be time to think about employing contractors. Not only can they be easier to hire, but you also only need to pay them for the hours they actually worked. There are several platforms you can use that house some of the best contractors on the market. With all the extra pay that you aren’t paying contractors, you can substitute that back into your budget for more dire expenses.

Running a business can be expensive, especially with the rising costs of office spaces and work equipment. However, you can help keep your company within its budget using our five helpful tips. So, what are you waiting for? Start optimizing your company today!

Adam Richards

About Adam Richards

Adam Richards is a semi-retired business professional originally from Bangor, Maine. He spent the majority of his career in sales and marketing where he rose to the marketing lead of a Fortune 1000 company. He then moved on to helping people as a career counselor that specifically helped bring families to self-sufficiency through finding them rewarding careers. He has now returned to Bangor for his retirement and spends his free time writing. This blog will be about everything he learned throughout his career. He'll write on career, workplace, education and technology issues as well as on trends, changes, and advice for the Maine job market and its employers.