Advertising

Five Cost-Cutting Features of the Future Small Business You Can Embrace Today

Advertising
Five Cost-Cutting Features of the Future Small Business You Can Embrace Today
    From Images_of_Money on flickr

    The ins and outs of small business office savings can be tricky. There are the investments in the technology to worry about, the uncertainty of the economy to lose sleep over, and good old fashioned overhead to always keep in mind.

    The entrepreneurial experience is currently undergoing a transformational period. Fading away are archaic methods of the past. Developing are the efficient ways of operating an enterprise that await us in the future. One of the best ways to ensure long-term cost-cutting on the small business level is to let go of the old ways of business management and embrace these new efficiencies in achieving entrepreneurial opportunity.

    Advertising

    The following are five ways to start integrating innovation directly into your business budgeting:

    Switch to Cloud Storage and Service

    Once upon a time, the most important decision a small business owner had to make when it came to IT was choosing whether or not to go with wired routers or switch to wireless. Data and software were by default something you kept close-by. But cloud technology is changing that.

    Advertising

    These days you don’t need an IT team and independent server to manage a big online business. You can outsource these responsibilities to cloud storage services. You basically streamline your office IT to just the network and the computers. Data, software, and the products of combining both are all stored elsewhere, accessible immediately through an Internet connection. There’s a monthly cost, but compared to the costs of managing your own IT system it’s a definite money saver.

    Use Social Networks Instead of Private Networks

    Even with the use of cloud services many businesses are still tasked with having to establish a network for employees to connect and coordinate their efforts through. Even your cheaper business networks are going to cost a pretty penny up front. If you “need” a network for communication and mass-notifications, then why not forgo your own network and use something like Facebook or Google+ instead? Every employee is sure to be a part of these free networks and unless there are specific tasks that must be completed through a custom-made network, why pay for something else?

    Advertising

    Practice a Paperless Policy

    Many offices have already banned the printer so it’s hard to call it a futuristic cost-cutter. But the day will come when businesses are nearly forced to give up paper because of costs. When starting a business, do so on the right foot by adhering to a no-paper rule. With the exception of hard copy contracts there’s nothing that needs to be printed in the office these days. Graphs can be instantly emailed, so can word documents and any other printable file type you can think of. Needless to say, the savings of not having printers and paper around are pretty high up there relative to the rest of your small business expenditures.

    Battle the Business Competition Like a Guerrilla

    New York City has hundreds of thousands of office square feet currently sitting around not being used. Part of the problem is that an overwhelming chunk of office real estate in the city is sublet. This is happening in most American cities. Take advantage of the unending amount of office space by making your business easily transportable, from one to another. Six-month leases can give you more freedom to invest in other more important aspects of your business. With laptops, lightweight furniture and a web connection any space can be perfect for your office.

    Advertising

    Have a Work-from-Home Day

    One day out of the week you should send your workers home. Paying for utilities four days less every month can shave off seriously dough. In addition, the lack of commute means workers will spend more time being productive. This isn’t just optimism; studies and surveys repeatedly indicate that workers perform better when they’re doing their tasks remotely. Save money and increase output by giving your workers a chance to do their tasks from wherever they wish. In the age of cloud computing and instant communication, does it matter where anyone is in relation to their co-workers anymore?

    Entrepreneurs are going to have to think of an assortment of different ways to outmaneuver the draining realities of these tough economic times. No doubt many will come to embrace the cost-saving techniques that are inherent with advanced web access. There’s no reason not to believe that by the year 2020 nearly half of small businesses will be utilizing one of not all of the aforementioned methods of saving on a business budget. Therefore, there’s no reason why you shouldn’t be utilizing them today.

    Advertising

    More by this author

    Five Cost-Cutting Features of the Future Small Business You Can Embrace Today

    Trending in Money

    1 33 Painless Ways to Save Money Now 2 How To Achieve Financial Freedom With the Right Mindset 3 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 4 40 Healthy And Really Delicious Meals You Can Make Under $5 5 Life Insurance: A Secure Way To Protect Your Future.

    Read Next

    Advertising
    Advertising

    Last Updated on January 5, 2022

    33 Painless Ways to Save Money Now

    Advertising
    33 Painless Ways to Save Money Now

    In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

    Some easy ways to save money:

    Advertising

    1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
    2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
    3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
    4. Turn off power strips and electronic devices when not in use.
    5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
    6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
    7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
    8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
    9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
    10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
    11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
    12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
    13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
        a reusable water bottle and refill it.
      • Avoid vending machines: The items are usually over-priced.
      • Take in a matinee. Afternoon movie showings are cheaper than evening times.
      • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
      • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
      • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
      • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
      • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
      • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
      • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
      • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
      • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
      • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
      • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
      • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
      • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
      • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
      • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
      • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
      • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
      • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

      Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

      Advertising

      Featured photo credit: Damir Spanic via unsplash.com

      Advertising

      Advertising

      Read Next