Even the most successful of businesses inevitably face a cash crunch or two during their lifetime during which paying bills, giving employee wages, handling operational costs, etc. become a nightmare. Here’s how to avert such adverse events through cost-cutting strategies.
We’re not talking about laying off employees or cutting corners from an already tight budget. We’re talking about practical ways like the ones below to save your business a substantial sum of money every month.
Make friends with technology:
Is that document submission process taking too long? Is accounting eating into your team’s valuable time? Use technology! Many companies feel that investing in such products is a waste of money but very few realize that time is money. Using products and services saves time and minimizes instances of manual error, making work smooth and thereby, giving more room to creativity.
Test before you buy:
Seasoned shoppers all have one mantra; “One needs to shop around before buying.” Similarly, companies too should not jump on a product and purchase it for the entire team. Most products offer free trials or discount offers for the first month which gives your team to test it out and then purchase it. In case the tool does not offer free trials, buy it for an individual before purchasing for the entire team. Make sure to compare different products available in the market, consider their pricing, read reviews by peers, before making a decision.
Buy in bulk:
Buying in bulk is a money-saving principle used by businesses, big and small. Be it the retail shop owner across the street or designers who bulk buy fabrics to make profits, it is always cheaper to purchase in bulk. Buy essentials like office supplies, like paper, printer cartridges, or products like tissues, coffee, etc. in bulk. You may be able to save thousands this way.
Track every little expense:
Keep a record of all miscellaneous expenses or buy tools to track every kind of expense no matter how small or insignificant they look. Small expenses often add up and create bottlenecks when claiming taxes. The best way to track these expenses is to save all the receipts and review credit card settlements at the end of the month. There are many apps and service products that can help with this.
Review expenses every quarter:
Purchased a SaaS tool last quarter? Don’t forget to stop the subscription once you no longer require it! If you forget, you will find that your business is burdened by services you never use that simply weigh down the balance sheet.
Find creative alternatives to traditional vendors:
Some services are required by every business irrespective of their size. If you are looking for HR and Recruitment services don’t just rely on conventional options but explore and then select the agency or services based on your requirements.
Apply credit card rewards points for gift card purchases:
Use your credit card reward points to purchase gift cards to minimize business expenses like employee gifts, office supplies or travel. You can save thousands with these points.
Renegotiate your payment terms and timelines with clients:
If yours is a B2B and your clients ask for payment terms of 30-90 days, offer them a discount on their next purchase in exchange of timely payment. Alternatively, you could also give a discount on current invoices in return for early payment that can boost your business growth and maintain a healthy cash flow through invoice discounting platforms.
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