7 Cost-cutting Strategies for Your Business That can Save You a Fortune

As a businessperson, you require money for starting up and growing your business. What is left after subtracting total costs and expenses from your business revenue is what you consider as profit. Therefore, an increase in costs translates to a decrease in profit earned. You are likely to bear losses if you incur extremely high costs. Although it was difficult to operate a business without incurring costs, you can reduce them by adopting cheaper alternatives and avoiding the unnecessary costs in your operations. The following ways will help you cut your business costs significantly:

  1. Outsourcing
    The cost of recruiting and hiring an employee is usually costly as compared to contracting a professional to do a particular job. By hiring an employee, you will cater to their benefits alongside their monthly salaries, and you may need more office space. On the other hand, you will pay for the outsourced work just for the period it takes for completion. Outsourcing payroll processing to expert firms has proven to reduce payroll services cost to most businesses.
  2. Job sharing
    When you have a vacant position that is less demanding or a short-term project, you can share the work amongst your existing full-time employees. By doing so, you will avoid the high cost of employing an additional employee.
  3. Look for cheaper supply deals
    You can reduce the cost of supplies by negotiating a lower price with your existing suppliers. The best time to strike a fair deal is at the beginning of the year for most companies are flexible in adjusting prices at this time. When you are bargaining, make sure you are informed about the prevailing market price of similar products so that you don’t propose an absurd figure. However, you should be keen on the level of quality of the cheaper alternatives.
  4. Reducing rent expenses
    There are many house owners whose shopping centers are reasonably priced. However, you have to shop around to get the best deal and remember to do it early enough before your current lease lapses. It is good if you do it in not less than six months to the end of your existing contract so that you can have an upper hand when bargaining. If you do it late, you will not have enough time to sift through various options, and you may end up settling for an expensive deal.
  5. Differentiating your personal money from business finance
    A common mistake which many sole proprietors make is to mix business finance with personal money. It becomes hard for them to account for the transaction costs accurately. Therefore, it is important to separate the two so that you can come up with ways of regulating costs in your business.
  6. Embracing technology
    In modern days, the advancement of technology has helped many businesses go for cheaper electronic options rather than relying on much paperwork, which is a bit more expensive. You can send simple email messages to new customers and suppliers using an email. You will avoid spending on office supplies such as stamps, envelopes, papers as well as posting costs. Electronic storage of information is also far more cheaper than the cumbersome manual filing of business records.
  7. Using energy-saving devices
    Saving energy at home is equally important as conserving energy at your workplace. Some devices consume less energy than others, yet they perform similar functions. Despite these less-energy-consuming appliances are expensive to buy, they will save you much money in the long run since your monthly power bills will reduce drastically. Most of them have an Energy Star label.
26 Responses to 7 Cost-cutting Strategies for Your Business That can Save You a Fortune
  1. Batidos De Frutas Para Bajar De Peso Rapido
    October 19, 2016 | 1:47 pm

    Si buscas licuadoras, puedes encontrarlas ᥱn ,
    սna fantástica página que compara y analizar
    eѕtos pequeñοs electrodomésticos geniales ⲣara hacer licuados.

  2. Filme Online
    October 20, 2016 | 8:31 pm

    When your free trial ends, Sky Films Month Move auto renews at its normal worth (at present £9.ninety
    nine a month).

  3. Adell
    October 21, 2016 | 6:32 pm

    My partnerr and I stumbled over here different web
    address and thought I might as well check things out. I like what I see so now i am following you.
    Look forward to checking out your web page repeatedly.

  4. seo
    October 22, 2016 | 4:22 am

    Unquestionably believe that which you said. Your favorite reason seemed to be on the internet the easiest thing to
    be aware of. I say to you, I certainly get annoyed while people think about worries that they
    just don’t know about. You managed to hit the nail upon the top
    and also defined out the whole thing without having side-effects , people could take
    a signal. Will probably be back to get more. Thanks

  5. pdflibre.com
    October 22, 2016 | 9:32 pm

    Ӏ’m extremely impressed wіtҺ your writing skills ass ᴡell as
    ԝith thе layout ߋn yοur weblog. Iѕ tɦis ɑ paid theme or did you
    modify it yօurself? Ꭺnyway кeep ᥙp thhe nice quality writing, it iis
    rare to see а ǥreat blog ⅼike thіs оne nowadays.

  6. alternative treatment
    October 26, 2016 | 2:31 am

    Babies get gas difficulty simply because they do not move.

  7. Fawn
    November 1, 2016 | 2:30 pm

    According to the 2008 Sloan Survey of Online Learning,
    enrollment in online colleges grew more than 12 percent from the year prior.

    So as to make the most effective selection you must check the offers and act accordingly.
    Additionally, for those who will be at the April 2015 AWP Conference in Minneapolis,
    Wet – Ink has reserved a booth there and is eager to meet potential business partners and clients.

  8. auto loans rates 72 months
    November 4, 2016 | 11:20 pm

    The month-to-month fee calculator is intended that will help
    you estimate your month-to-month payment.

  9. Hi there, I found your website via Google while searching for a similar matter, your website
    came up, it looks good. I have bookmarked it in my google
    bookmarks.
    Hi there, just turned into aware of your weblog
    via Google, and found that it is truly informative.
    I am gonna be careful for brussels. I will appreciate if you
    happen to continue this in future. A lot of other people will likely
    be benefited out of your writing. Cheers!

  10. Link Alternatif Dafabet
    November 27, 2016 | 10:03 am

    Hello! I’m at work surfing around your blog from my new apple iphone!

    Just wanted to say I love reading through your blog and look forward to all your
    posts! Carry on the excellent work!

  11. seo
    November 28, 2016 | 10:07 pm

    An outstanding share! I have just forwarded this onto a friend who had been conducting a little homework on this.
    And he actually bought me dinner because I stumbled upon it for him…
    lol. So let me reword this…. Thanks for the meal!!
    But yeah, thanks for spending some time to talk about this matter here on your site.

  12. assassin's creed streaming
    December 7, 2016 | 5:15 pm

    If that’s still not enough Creed in your eye-balls, take a look at this behind-the-scenes featurette that debuted at E3 this season.

  13. locker combination Practice
    December 7, 2016 | 5:45 pm

    I’m gone to tell my little brother, that he should also visit
    this webpage on regular basis to obtain updated from hottest news.

  14. http://usopen2017tickets.com
    December 10, 2016 | 12:28 am

    The favorites to bring home the 2016 US Open Tennis Championship will be several
    of the acquainted faces from years past.

  15. buy Lollapalooza tickets 2017
    December 10, 2016 | 12:38 am

    With news of a forthcoming Kanye West album, the acclaimed
    rapper also has turn out to be a well-known selection to headline Lollapalooza
    this 12 months. 

  16. SummerSlam 2017 tickets
    December 10, 2016 | 5:41 am

    Anglers from China, Canada, and all above the states came with
    each other to fish last week in the Excessive Kayak Fishing
    Battle in the Bahamas 2015.

  17. Casimira
    December 10, 2016 | 9:09 am

    I do not know if it’s just me or if everdyone else encountering issues with your
    blog. It appears as if some of the text within your
    posts are running off the screen. Can someone
    elose please comment and let mee know iff this is happening to them as well?
    This might be a issuee with my web browser because I’ve had this happen before.
    Cheers

  18. Ryder Cup 2018 tickets
    December 13, 2016 | 7:56 pm

    Thus, on paper, the Americans had entered the competitors searching like the obviously more powerful crew.

  19. Acne scar removal
    December 22, 2016 | 3:06 am

    I realⅼy like уⲟur blog.. vеry nice
    colors & theme. Ɗid you crteate this website yourѕelf oг did уoᥙ hire ѕomeone tto do
    it fоr you? Plz resepond as I’m looking tⲟ desivn my own blog and wоuld liike tto kniw whегe u
    ggot this from. kudos

  20. building home insurance
    December 22, 2016 | 9:45 pm

    Since the admin of this website is working, no doubt very quickly it will be renowned, due to its feature contents.

  21. skinny coffee sakura
    December 25, 2016 | 5:22 pm

    Excellent web site you have here.. It’s hard to find quality
    writing like yours these days. I honestly appreciate people like you!
    Take care!!

  22. Crédit nouveau départ
    December 30, 2016 | 5:45 am

    WOW just what I was searching for. Came here by searching for
    auto loans

  23. http://kentuckyderby2017tickets.com
    January 1, 2017 | 9:56 pm

    It really is closed on Kentucky Oaks and Derby days but opens at eight a.m.
    the day after Derby.

  24. galaxy s7 edge user guide
    January 15, 2017 | 5:41 pm

    Instead of the photo zooming in like it normally would,
    it should have a circle with a check in it appear in the
    lower right-hand corner of the thumbnail. i – Pad
    always drops VPN service whenever networks change.
    This figure or analysis is solely for the UK tablet market place.

  25. undangan pernikahan murah
    January 18, 2017 | 9:46 pm

    Superb, what a website it is! This blog provides useful information to us, keep it up.

    http://www.undangancinta.com sukses undangan pernikahan murah

  26. TradyGO
    January 19, 2017 | 7:24 pm

    And about going offshore, no tax!

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/7-cost-cutting-strategies-for-your-business-that-can-save-you-a-fortune/trackback/

7 Cost-cutting Strategies for Your Business That can Save You a Fortune

As a businessperson, you require money for starting up and growing your business. What is left after subtracting total costs and expenses from your business revenue is what you consider as profit. Therefore, an increase in costs translates to a decrease in profit earned. You are likely to bear losses if you incur extremely high costs. Although it was difficult to operate a business without incurring costs, you can reduce them by adopting cheaper alternatives and avoiding the unnecessary costs in your operations. The following ways will help you cut your business costs significantly:

  1. Outsourcing
    The cost of recruiting and hiring an employee is usually costly as compared to contracting a professional to do a particular job. By hiring an employee, you will cater to their benefits alongside their monthly salaries, and you may need more office space. On the other hand, you will pay for the outsourced work just for the period it takes for completion. Outsourcing payroll processing to expert firms has proven to reduce payroll services cost to most businesses.
  2. Job sharing
    When you have a vacant position that is less demanding or a short-term project, you can share the work amongst your existing full-time employees. By doing so, you will avoid the high cost of employing an additional employee.
  3. Look for cheaper supply deals
    You can reduce the cost of supplies by negotiating a lower price with your existing suppliers. The best time to strike a fair deal is at the beginning of the year for most companies are flexible in adjusting prices at this time. When you are bargaining, make sure you are informed about the prevailing market price of similar products so that you don’t propose an absurd figure. However, you should be keen on the level of quality of the cheaper alternatives.
  4. Reducing rent expenses
    There are many house owners whose shopping centers are reasonably priced. However, you have to shop around to get the best deal and remember to do it early enough before your current lease lapses. It is good if you do it in not less than six months to the end of your existing contract so that you can have an upper hand when bargaining. If you do it late, you will not have enough time to sift through various options, and you may end up settling for an expensive deal.
  5. Differentiating your personal money from business finance
    A common mistake which many sole proprietors make is to mix business finance with personal money. It becomes hard for them to account for the transaction costs accurately. Therefore, it is important to separate the two so that you can come up with ways of regulating costs in your business.
  6. Embracing technology
    In modern days, the advancement of technology has helped many businesses go for cheaper electronic options rather than relying on much paperwork, which is a bit more expensive. You can send simple email messages to new customers and suppliers using an email. You will avoid spending on office supplies such as stamps, envelopes, papers as well as posting costs. Electronic storage of information is also far more cheaper than the cumbersome manual filing of business records.
  7. Using energy-saving devices
    Saving energy at home is equally important as conserving energy at your workplace. Some devices consume less energy than others, yet they perform similar functions. Despite these less-energy-consuming appliances are expensive to buy, they will save you much money in the long run since your monthly power bills will reduce drastically. Most of them have an Energy Star label.
26 Responses to 7 Cost-cutting Strategies for Your Business That can Save You a Fortune
  1. Batidos De Frutas Para Bajar De Peso Rapido
    October 19, 2016 | 1:47 pm

    Si buscas licuadoras, puedes encontrarlas ᥱn ,
    սna fantástica página que compara y analizar
    eѕtos pequeñοs electrodomésticos geniales ⲣara hacer licuados.

  2. Filme Online
    October 20, 2016 | 8:31 pm

    When your free trial ends, Sky Films Month Move auto renews at its normal worth (at present £9.ninety
    nine a month).

  3. Adell
    October 21, 2016 | 6:32 pm

    My partnerr and I stumbled over here different web
    address and thought I might as well check things out. I like what I see so now i am following you.
    Look forward to checking out your web page repeatedly.

  4. seo
    October 22, 2016 | 4:22 am

    Unquestionably believe that which you said. Your favorite reason seemed to be on the internet the easiest thing to
    be aware of. I say to you, I certainly get annoyed while people think about worries that they
    just don’t know about. You managed to hit the nail upon the top
    and also defined out the whole thing without having side-effects , people could take
    a signal. Will probably be back to get more. Thanks

  5. pdflibre.com
    October 22, 2016 | 9:32 pm

    Ӏ’m extremely impressed wіtҺ your writing skills ass ᴡell as
    ԝith thе layout ߋn yοur weblog. Iѕ tɦis ɑ paid theme or did you
    modify it yօurself? Ꭺnyway кeep ᥙp thhe nice quality writing, it iis
    rare to see а ǥreat blog ⅼike thіs оne nowadays.

  6. alternative treatment
    October 26, 2016 | 2:31 am

    Babies get gas difficulty simply because they do not move.

  7. Fawn
    November 1, 2016 | 2:30 pm

    According to the 2008 Sloan Survey of Online Learning,
    enrollment in online colleges grew more than 12 percent from the year prior.

    So as to make the most effective selection you must check the offers and act accordingly.
    Additionally, for those who will be at the April 2015 AWP Conference in Minneapolis,
    Wet – Ink has reserved a booth there and is eager to meet potential business partners and clients.

  8. auto loans rates 72 months
    November 4, 2016 | 11:20 pm

    The month-to-month fee calculator is intended that will help
    you estimate your month-to-month payment.

  9. Hi there, I found your website via Google while searching for a similar matter, your website
    came up, it looks good. I have bookmarked it in my google
    bookmarks.
    Hi there, just turned into aware of your weblog
    via Google, and found that it is truly informative.
    I am gonna be careful for brussels. I will appreciate if you
    happen to continue this in future. A lot of other people will likely
    be benefited out of your writing. Cheers!

  10. Link Alternatif Dafabet
    November 27, 2016 | 10:03 am

    Hello! I’m at work surfing around your blog from my new apple iphone!

    Just wanted to say I love reading through your blog and look forward to all your
    posts! Carry on the excellent work!

  11. seo
    November 28, 2016 | 10:07 pm

    An outstanding share! I have just forwarded this onto a friend who had been conducting a little homework on this.
    And he actually bought me dinner because I stumbled upon it for him…
    lol. So let me reword this…. Thanks for the meal!!
    But yeah, thanks for spending some time to talk about this matter here on your site.

  12. assassin's creed streaming
    December 7, 2016 | 5:15 pm

    If that’s still not enough Creed in your eye-balls, take a look at this behind-the-scenes featurette that debuted at E3 this season.

  13. locker combination Practice
    December 7, 2016 | 5:45 pm

    I’m gone to tell my little brother, that he should also visit
    this webpage on regular basis to obtain updated from hottest news.

  14. http://usopen2017tickets.com
    December 10, 2016 | 12:28 am

    The favorites to bring home the 2016 US Open Tennis Championship will be several
    of the acquainted faces from years past.

  15. buy Lollapalooza tickets 2017
    December 10, 2016 | 12:38 am

    With news of a forthcoming Kanye West album, the acclaimed
    rapper also has turn out to be a well-known selection to headline Lollapalooza
    this 12 months. 

  16. SummerSlam 2017 tickets
    December 10, 2016 | 5:41 am

    Anglers from China, Canada, and all above the states came with
    each other to fish last week in the Excessive Kayak Fishing
    Battle in the Bahamas 2015.

  17. Casimira
    December 10, 2016 | 9:09 am

    I do not know if it’s just me or if everdyone else encountering issues with your
    blog. It appears as if some of the text within your
    posts are running off the screen. Can someone
    elose please comment and let mee know iff this is happening to them as well?
    This might be a issuee with my web browser because I’ve had this happen before.
    Cheers

  18. Ryder Cup 2018 tickets
    December 13, 2016 | 7:56 pm

    Thus, on paper, the Americans had entered the competitors searching like the obviously more powerful crew.

  19. Acne scar removal
    December 22, 2016 | 3:06 am

    I realⅼy like уⲟur blog.. vеry nice
    colors & theme. Ɗid you crteate this website yourѕelf oг did уoᥙ hire ѕomeone tto do
    it fоr you? Plz resepond as I’m looking tⲟ desivn my own blog and wоuld liike tto kniw whегe u
    ggot this from. kudos

  20. building home insurance
    December 22, 2016 | 9:45 pm

    Since the admin of this website is working, no doubt very quickly it will be renowned, due to its feature contents.

  21. skinny coffee sakura
    December 25, 2016 | 5:22 pm

    Excellent web site you have here.. It’s hard to find quality
    writing like yours these days. I honestly appreciate people like you!
    Take care!!

  22. Crédit nouveau départ
    December 30, 2016 | 5:45 am

    WOW just what I was searching for. Came here by searching for
    auto loans

  23. http://kentuckyderby2017tickets.com
    January 1, 2017 | 9:56 pm

    It really is closed on Kentucky Oaks and Derby days but opens at eight a.m.
    the day after Derby.

  24. galaxy s7 edge user guide
    January 15, 2017 | 5:41 pm

    Instead of the photo zooming in like it normally would,
    it should have a circle with a check in it appear in the
    lower right-hand corner of the thumbnail. i – Pad
    always drops VPN service whenever networks change.
    This figure or analysis is solely for the UK tablet market place.

  25. undangan pernikahan murah
    January 18, 2017 | 9:46 pm

    Superb, what a website it is! This blog provides useful information to us, keep it up.

    http://www.undangancinta.com sukses undangan pernikahan murah

  26. TradyGO
    January 19, 2017 | 7:24 pm

    And about going offshore, no tax!

Leave a Reply


Wanting to leave an <em>phasis on your comment?

Trackback URL http://mynextbuck.com/7-cost-cutting-strategies-for-your-business-that-can-save-you-a-fortune/trackback/