First Midwest BankFirst Midwest Bank logoArrow DownIcon of an arrow pointing downwardsArrow LeftIcon of an arrow pointing to the leftArrow RightIcon of an arrow pointing to the rightArrow UpIcon of an arrow pointing upwardsBank IconIcon of a bank buildingCheck IconIcon of a bank checkCheckmark IconIcon of a checkmarkCredit-Card IconIcon of a credit-cardFunds IconIcon of hands holding a bag of moneyAlert IconIcon of an exclaimation markIdea IconIcon of a bright light bulbKey IconIcon of a keyLock IconIcon of a padlockMail IconIcon of an envelopeMobile Banking IconIcon of a mobile phone with a dollar sign in a speech bubbleMoney in Home IconIcon of a dollar sign inside of a housePhone IconIcon of a phone handsetPlanning IconIcon of a compassReload IconIcon of two arrows pointing head to tail in a circleSearch IconIcon of a magnifying glassFacebook IconIcon of the Facebook logoLinkedIn IconIcon of the LinkedIn LogoXX Symbol, typically used to close a menu
Stainless steel scissor next to word cost. Concept of cost-cutting
GET INSIGHTS

Get monthly ideas delivered right to your inbox.

Subscribe for Insights

For Your Small Business November 23, 2021

5 Cost-Saving Strategies for Small Businesses

Creating and running a small business requires a lot of dedication. On a daily basis, so many important decisions need to be made, from the pricing of your products to the types of marketing campaigns you want to launch. Of course, among all of this is the highly ambitious goal to save more money. Every business – from health pharmacies to telecommunications companies – wants to save money. However, some businesses are more successful at this than others, which begs the question: what are the best cost-saving strategies?

As a small business, there are hundreds of ways you can save costs and put money in the bank. To make everything simple for you, this article has compiled the top five strategies on how to do this.

1. Go paperless

The first strategy for your small business to try is to go paperless. What this means is that you reduce the number of paper documents you deal with on a daily basis – such as contracts – and do everything digitally instead. Providing you have access to business computers and phones, you can now send and receive all documents online, whether it's by email or other communication platforms. Even better, you can now sign documents with your very own electronic signatures (which recipients of your emails can do, too).Electronic signatures are becoming increasingly popular in the business world, not only due to their convenience but because they allow businesses to cut down on paper, printing, and postage costs. 

2. Use a low-cost marketing model

A big mistake that lots of business owners make is spending way too much on marketing. For example, they might be paying out thousands of dollars a month on paid ads, or giant billboards spaces. Although there's nothing wrong with this, it's not a good strategy for small businesses – especially ones that are on tight budgets.

This is why it's much smarter for small businesses to use low-cost marketing models. This means you will only use marketing channels that are free or extremely low-cost. Here are a few helpful examples to try:

  • Social media marketing. Here, you can post as much as you like for free, enabling you to build your followers, promote your products, and ultimately grow your brand.
  • Email marketing. Many companies now mass-email their customers to let them know about their latest sales and offers.
  • SEO. On your website, you can upload SEO-optimized blogs and articles. If you include industry keywords in these articles and make sure the content is high-quality, it will drive more traffic to your website.

3. Reduce your office space. 

The next cost-saving strategy for you to try is simple: reduce your office space. If you rent an office that is overly large in comparison to the number of employees you have, downscaling will enable you to save a lot of money. Alternatively, if you don't want to downscale, you could simply search for other office spaces that offer cheaper leases for your budget.

4. Outsource

Outsourcing has exploded in popularity over the past decade. This is because it enables businesses to have certain jobs completed – such as customer service or accounting – without having to hire an employee on a full-time basis. With the introduction of remote working, outsourcing is going to be an incredibly popular cost-saving strategy for years to come.

5. Automate tasks

Automating tasks is also a great strategy to adopt. For example, customer service emails can now be automated, as well as social media posts. If you want to save money, you should definitely consider the automation options suited to your business.

For more strategies and ideas to help your Small Business, visit “Insights” portal to learn more.

 

This article was written by SmallBizViewpoints from Small Biz Viewpoints and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.

Subscribe for Insights

Subscribe