Every small business owner wants to cut costs. While you may be focused on generating big revenue here during the fourth quarter of the year, don’t forget to keep an eye on expenses. Here are some money-saving ideas that can help you cut costs this quarter:
Overhead costs are the biggest headache for small business owners. While cutting overhead costs is easier said than done, a few simple measures can put your business back on the right track. Do you have full-time or part-time staff to fulfill orders? You may be better off choosing a fulfillment service like Ohio Valley Goodwill Industries. Talk to other small business owners in your area to see how they are reducing overhead with outsourcing.
Invest in Employee Efficiency
If your employees aren’t able to get everything done that needs doing, you may not need to hire more staff, but simply use the staff you have more effectively. Do you have the staff best-suited for a particular task in place, or are another employee’s skills a better fit? Do you need to replace a worker who isn’t performing their job appropriately? Pairing two great employees during a busy season instead of three who are just so-so can save you a lot in the long run.
Look for discounts on energy-efficient appliances, see if you can barter services with vendors, haggle with your property lessor, and regularly check in with your mobile phone, wireless, and cable provider(s) to hunt down the best deal. Remember that as circumstances change, what a vendor or lessor insisted on as a price last year may be different this year. Take time out each quarter to seek out the best deal for your business.