Saving More Money For Your Business
Bring in the new grads
When it comes to experience, it isn’t mandatory. Whenever you post a new job ad, forget about adding something that says the applicant needs to have at least 5 years of experience, and replace with something that welcomes new graduates. By working this strategy to hire new recruits right out of grad school, you gain a slight advantage over your competitors by welcoming young minds and, you also come out ahead by having a team that is ahead of the technology curve and more than willing to learn the business.
Always check up on and compare shipping prices, renegotiate for flexible terms, and see if your shippers are saving you every dollar they can. If you save a couple of dollars here and there on each order, the savings will add to your bottom line and eventually gives you a healthy return in the long run.
Specify your giving
Instead of dropping all your charitable donations, take the time to form a policy that explains what your codes and creeds are. This will pay off if you’re in the restaurant business, which has a tendency to have people asking for donations for special events, or if you’re in another business which nonprofit organizations randomly need. You shouldn’t spend your own time handling donation requests, so create a detailed policy, post it on your company website or as a document, and tell your team to hand it out to the people asking for donations.
Meetings to the point
Regular meetings can be quite costly in terms of time and money, and even virtual meetings still cost you in productive work hours. If your people are stuck in a meeting, instead of working on the latest project or brining in new business, you’re losing thousands. I’m not saying you should get rid of everything at once, but you can still make good judgment calls when you absolutely need it. Make sure that you only bring in the people who really need to be in the meeting. That way you know your employee’s time is spent wisely and that you keep your overall costs to a bare minimum.
Renegotiate your rent
Always try to renegotiate your current rent to save a few dollars every month. When you do this you’ll be able to save on the biggest costs all small businesses fight through. If heavy traffic retail space is a need for you, talk your way into a sweeter deal and hammer down that budget cruncher.
Guerilla marketing is a smart way to get your name out there, it can also save you on long-term costs. Have you seen the costume wavers as you drive to your nearest Barnes & Noble store? This is a great technique to drum up new business, and for every four hours you have someone out there waving, you bring in someone through your doors.
Minimize work hours
You know you can minimize work hours of your employees if you really think it through, which works best for all parties involved. Cutting everyone’s week short by one day will save you the money in paying for utilities and other daily costs, as well as a bundle of money that goes towards salaries as a whole.