An entrepreneur’s competitive thirst isn’t quenched until every angle has been maximized. This includes control over expenses. Every cost-cutting measure results in more money for the business owner, and this is especially true for micro enterprises, where small expenditures represent substantial overhead percentages. Each business owner must examine the intricacies of his or her operations to determine how to trim the fat off the budget. Here are four list toppers:
Phone savings: Ditching your landline is an ideal expense reduction technique for solo operations providing remote or mobile services. Typically, a cell phone is the only line you need.
Storage savings: Switch to paperless documents. Storing electronic documents rather than cabinets full of paperwork saves space, ink, envelopes, stamps, and sheets of paper. Send invoices electronically, use accounting software to keep your bookkeeping in order, communicate via email, and save correspondence in virtual folders on your computer.
Marketing savings: Online marketing – often more effective than traditional advertising – is commonly a do-it-yourself endeavor. Free online guides and tutorials are available that provide instructions for website maintenance, blogging, and sending e-newsletters.
Rent savings: If your business has physical space for serving customers, rent is likely your largest recurring expenditure. A delicate balance of priorities is required to attain a convenient site for the public while reducing long-term cost. If you have flexibility with location, consider sharing space with other businesses or renting space away from pricey main boulevards.