If you’re a small business owner, then the chances are you’ll want to hear these four cost saving ideas. Shockingly, eight out of ten startups go bust within the first 18 months.
Naturally, cash flow is an issue for all businesses, especially ones that are just starting out. However, by making economies here and there, you could save yourselves hundreds if not thousands of dollars!
So, with all that in mind, let’s dive in.
1. Stop Making Hard Copies
In this day and age, there’s no excuse for keeping hard copies. One, because it costs valuable time and money, and two, because it’s terrible for the environment.
Instead, you should consider using an online backup system to keep your copies safe. There are plenty of cloud-based options; just do your homework and find one that suits you.
Plus, by storing all your documents online, you can access them on the move. This is far more practical than lugging around a filing cabinet with you!
Top Tip: Obviously, there are a few things all businesses need to print out. However, instead of buying new ink cartridges, we suggest refilling them yourself. You could save up to 75% doing this!
2. Get a Water Softener
Did you know that a purchasing a water softener could save you a ton of money? Namely in the following three areas:
- Dish soap
When you add all these savings up, you could be saving hundreds of dollars each year. That to us makes it a worthy investment. For more information on this check out Hard Water Solutions
3. Switch Things Off
Try and switch appliances off where you can, this is one of the easiest ways of saving money, and no, sleep mode isn’t off!
Here are a few things that don’t typically need to be plugged in for the entirety of the day:
- Fax machines
- Coffee machines
- Floor heaters
- Air conditioners.
You get the idea! Perhaps you could write a comprehensive list of all the office electronics; this is a surefire way of helping you remember to switch them all off.
Then, make this initiative known to your employees to help increase savings further.
4. Don’t Pay for Unnecessary Insurance
Insurance providers have a sneaky way of encouraging small businesses to take out a ton of add-on services they neither need nor use.
What you need to do is read your insurance policy carefully and work out what you require. Call up your provider and find out more information, and see if there’s any genuine wriggle room.
Were These Cost Saving Ideas Useful?
If you found these cost saving ideas useful then we’re confident you’ll love the other features published on our business advice blog.
Over there we discuss everything from free marketing ideas to how to find an office to rent. Enjoy!
Alternatively, if you have any questions about this blog post, please feel free to reach out and contact us. We’ll always aim to get back to you as quickly as possible. Speak soon!