Most business owners know the usual ways that they can cut costs. But look a little deeper and they might be surprised to find other methods that they hadn’t even considered. So if you need to start cutting back on a few things, we hope these ideas will help you find undiscovered territories for saving costs.
A Good Business Plan
A lot of budding entrepreneurs think that once their business plan is complete, they won’t need to look at it again. But that is far from the truth. A good business plan should be used as your own operational guide. It will help you set sound and achievable objectives and help you keep your finances under control. Once you start operating outside of a strategy, you will find that you could start leaking money.
A Good Credit Score
All businesses will need to raise funds at some point, and it could be that a bank is your only option. If you don’t have a good credit score, it will be difficult to get a good deal out of them. The worse off your rating is, the more interest you will have to pay. And that could be a huge amount over a two or three year period. Head over to Forbes.com for some excellent advice on how to get your credit score up fast.
Start A BYOD System
For many startups and small businesses, the costs of setting up expensive computer networks can be huge. But it doesn’t have to be this way. Encouraging your employees to ‘Bring Your Own Device’ – or BOYD – can help you slash the costs of having a workspace. In times gone by, one of the major reasons large businesses didn’t like this is because of security. However, with more people accessing work systems remotely and cloud technology becoming more prevalent, it is a practice that is catching on.
Think you need every computer in your network to run expensive software? Think again. Many open source programs are free to use for individual use. Larger businesses can pay a fraction of the price for good quality programs. Software development in apps is making it easier, cheaper and leaner to run in many areas, including stock control and finance. There’s a great list of open source alternatives over at Datamation.
Heating & Humidifiers
If you are moving into an office, make sure you have a good heating system installed. Heat loss costs businesses a huge amount of money, and having a thermostat installed can save you up to 20 percent of your heating bill. Moisture can also cause a lot of problems, so think about getting a humidifier installed. Go to www.Bry-Air.com for more info about how mold, mildew, and damp problems can be easily solved.
OK, so there you have it. Five ways your startup can save money. If you have any others you can think of, why not share them with us? We would love to hear from you!