3 tricks to decrease small business expenses in 2020? Run meetings on a predetermined block of time to ensure everyone is on time, stick to the agenda, and wrap up the meeting in the allotted time. Avoid unnecessary meetings by asking your team to send a meeting agenda highlighting what needs to be discussed. If most of the points raised can be answered in an email, then a meeting is unnecessary. In addition, you can come prepared to the meeting with answers instead of needing a follow-up meeting. Get reviews: Reach out to current customers to write a review about your company, product, customer service team, etc. They can write their glowing recommendation on your website, social media channel(s), or review channels like Reddit.
Every business owner spends time evaluating ways to increase revenue and ways to decrease expenses. While reducing costs whenever possible is important, each line item should be carefully considered so that it doesn’t have an adverse effect on business in the future. It’s always important to ensure the quality of the products or services isn’t compromised by cutting expenses.
Let’s face it, there’s fluff in every company – “fluff” being all those enjoyable but unnecessary expenditures. When money is plentiful, we don’t notice the extra costs. But when something takes a bite out of our profits, then they stand out. Find the person who monitors the expenses, and set them on a mission to rid the business of anything that doesn’t bring in business or increase profitability. – Rhett Kniep, Centurion 7 Business Advisors Second only to wages, real estate leases and rents are one of the biggest line items for most businesses. Look for ways to consolidate locations, shift to co-working spaces, or adopt a permanent work from home model. The key is leaders who inspire trust, empathy and connection, plus the technology to make it all work. – Benjamin Elzweig, Active Staffing Services
Finally, it can be useful to focus on incremental increases. Start with small goals, and then slowly grow your goals each month. This will give you the chance to measure how easy it is to achieve each goal, so after a few months, you will be able to create a realistic financial forecast for your business. Over time you may notice that your budget starts to increase, and when this happens, you can consider paying discretionary expenses. Read additional details on 95Visual.
A great idea to help save money for your small business is to rent a shared space instead of a separate office. It’s no doubt that every business in its embryonic stage will be small in size; meaning fewer staff members are required. Therefore, there isn’t a need to rent a large office. You can easily find a vacancy in a lot of shared workplaces as they are quite common these days. This will help you save money on the rent since the rent will be divided between your business and the other business renting the same shared space.