7 Money Saving Hacks Business Owners are Implementing in 2019

Managing business finance is all about gaining maximum profits and minimizing expenses. These two go hand in hand, as making great profits but not minimizing expenses will just consume all the capital whereas only saving and not making money is going to tank your business.

Following are some useful money-saving hacks business owners are using in 2019;

  1. Go Paperless:

Work in an environmentally friendly manner by going paperless, it will not only reduce your carbon footprint but will also lessen the cost of ink, electricity, and papers. You will further save on storage space.

  1. Cut Down the Supplies:

When you order office supplies, order for a lesser quantity than usual because the use of office supplies have reduced due to digitization. Office supplies are not that expensive but when you add up the cost of year-long supplies, you will be surprised to see the figures hence keep this expenditure on the lower side.

  1. Negotiate Price:

It is possible to negotiate and get discounts on everything. Do not settle to buy anything at the initial rate but start negotiating. Negotiate with your landlord, suppliers, and utility providers as you are going to be their regular customers and paying full price every time will become an expensive affair.

  1. Use Online Advertising:

Marketing consumes a lot of your capital hence shift to online advertising as it is practically free. Social media and email marketing are actually free, and their impact is far better than traditional marketing techniques.

  1. Use Software Instead of People:

It might sound cruel to replace people with the software, but it is also essential sometimes if you need to save on capital. There are various software in the market to do literally everything and much more accurately. For example, if you are trading in cryptocurrency, instead of hiring traders, make use of reliable trading software such as Bitcoin Revolution from http://bitcoinera.app/ which had a high accuracy of 99.4%. This will help you save money as you can avoid paying salaries to multiple people and invest that money in the business instead.

  1. Hire Based on Talent Not Experience:

Hiring experienced employees means you will have to shell out more money and experienced does not always mean efficient. Hire smartly and look for talented and skilled candidates with not many years of experience as their salary expectations will fall under your budget. Less experienced people will be satisfied with the salary they get hence they will be more involved in the companies process and will grow with the company as well. Hence, you will be hiring long-term employees which any small company needs.

  1. Rent Self-Storage:

Another aspect where you can save money is in storage. Storing old documents and inventory in the office space will only force you to rent out a bigger space and as we all know, office spaces are expensive. A smart storage idea is to hire a self-storage unit to store such documents and other commodities which are not used daily to save on office space hence your rent will reduce. Self-storage units are cheap to rent hence overall you are reducing the expenditure.

Although these hacks are great, your primary focus should be growing the business and maintaining a standard cash flow as your primary goal of doing business is not to save money but to make more money.

About RJ Frometa

Head Honcho, Editor in Chief and writer here on VENTS. I don't like walking on the beach, but I love playing the guitar and geeking out about music. I am also a movie maniac and 6 hours sleeper.

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