Being a business owner is expensive. You have to take care a lot of things the cost of goods or services, employees, office space, marketing, and so much more. It is important to be always looking for ways to save money.
Saving money means that you have more money to reinvest in your business and grow your company. It also means that you are being smart with your finances and making wise decisions with your money.
Many businesses fail within the first year. But there are ways to cut costs and save money as a business owner.
1. Shop around for suppliers. Don’t just go with the first supplier you find. Get quotes from multiple suppliers to see who can give you the best deal. Find the right requirement and see if you can get volume discount or cash discount for paying early for your purchase. Get into the market periodically to find new suppliers who would give you a better deal
2. Always find the best direct supplier to avoid cost of middle men , this will save your 10% more at every stage you avoid a middle men in between your deals.
3. Get creative with your marketing. There are plenty of free or low-cost marketing channels available now, such as social media, email marketing, and content marketing. You don’t have to spend a lot of money on advertising to reach your target market.
Marketing is very important factor for business ,marketing is one which bring in leads and leads brings in sales and sales bring in money. So always find ways to market your business, be it small or medium enterprises.
4. Do your own research. You don’t always need to hire experts or consultants to do things like market research or feasibility studies. With a little time and effort, you can often do it yourself using online resources or by talking to people in your target market.
5. Use technology to your advantage. There are all sorts of affordable (or even free) software solutions available now that can help you with everything from naming your company to book keeping. You can use Squad help to name your business and get your logos ready, and use ZOHO for book keeping. Take advantage of these tools to save time and money. Hire freelancers than hiring a full time employee unless you have work more than 4hrs of work for them.
You can find the best freelancers on
6. Get organized and keep track of your expenses. This will help you know where your money is going and where you can cut back.
Book keeping is what all you need to know where to tap the money and where to spend. If you are not organized, then business in not your cup of tea.
7. Make energy-efficiency a priority in your office space. This could mean anything from investing in energy-efficient appliances to implementing some simple changes like turning off the lights when you leave a room.
8. Reward employees for their loyalty with incentive programs or bonuses instead of raises. This will help keep costs down while still motivating your team.
9. If you have any unused space in your office, consider renting it out to another business or individual. subletting can be a great way to bring in some extra income.
As an Business Owner, having the right software tools is key to running a successful business. Fortunately, there are several software solutions that can supercharge a business without breaking the bank. From productivity software to accounting software and customer management software, there are dozens of effective options available for the savvy business owner
Gmail is a free email service provided by Google. It offers plenty of storage space, powerful spam filtering, and all the other features you would expect from a top-notch email program. Best of all, it integrates seamlessly with other Google products like Calendar, Drive, and Docs, which can be extremely helpful for small businesses.
Dropbox is a cloud storage service that lets you store your files online and access them from anywhere. This can be a lifesaver if you ever lose your computer or have to work on the go. Dropbox offers basic accounts for free with 2 GB of storage space. However, if you need more space, you can upgrade to a paid account starting at $9.99 per month.
Hootsuite is a social media management tool that lets you track all of your social media accounts in one place. This is extremely helpful for businesses because it allows you to see what people are saying about your brand across all platforms and quickly respond to any negative feedback. Hootsuite offers a free plan that lets you connect up to three social media accounts and schedule up to 30 messages in advance.
This Kanban-style productivity tool is perfect for business owner who need help staying organized and on top of their to-do lists. Trello lets users create boards where they can track progress on projects, assign tasks to team members and integrate with other popular productivity tools like Google Drive and Dropbox. Best of all, Trello offers a generous free plan that includes unlimited boards, cards and lists.
This real-time messaging platform is essential for business owner who need to stay in touch with their team members throughout the day. Slack lets users set up channels for different topics and contains a searchable archive of all messages, making it easy to reference conversations from the past. The free version of Slack includes 10 app integrations and 5GB of file storage space.
This cloud-based spreadsheet application is ideal for business owner who need help tracking customer data or managing inventory levels. Airtable’s visual interface makes it easy to build custom databases, while its integrations with popular apps like Zapier and MailChimp make it simple to automate repetitive tasks. Airtable’s free plan includes 1,200 records per base (database) and 5mb total file storage space.
This versatile productivity suite from Google includes everything an business owner needs to get work done, including a word processor (Google Docs), a spreadsheet application (Google Sheets) and a presentation builder (Google Slides). Google Drive also offers generous amounts of free storage space (15GB) and integrates seamlessly with other popular Google apps like Gmail and Calendar.
For business owner who need a more comprehensive suite of productivity tools, Microsoft Office 365 offers access to familiar applications like Word, Excel and PowerPoint along with new cloud-based features like real-time collaboration and 1TB of storage space. Although Office 365 isn’t technically free, Microsoft offers a stripped-down version of the suite that includes limited storage space and fewer features for users who don’t need the full power of the office suite.
