5 Ways You Can Reduce Costs For Your SME This Year
No one said running a small business was cheap but even so, with the increasing cost of real estate, running a vehicle, employee salaries, and supply costs, it can be tough to make ends meet.
With a New Year comes an opportunity to review your business operation and explore ways you can reduce costs. With this in mind, here are five ways you can save money running your SME this year:
1. Embrace Technology
If you want to run your business, not just cheaper, but more efficiently, then embracing technology in your small business is essential.
Whether it´s communication tools like Slack, virtual video meetings with Skype for Business, posting blogs via Wordpress, sending newsletters with MailChimp, or getting a sleek and simple-to-use website for your company via Squarespace, technology is here to simplify your business.
If it´s cloud storage you need, Google Drive, Apple iCloud, and Dropbox all offer solutions, and if you need help with organisation, Evernote, and Microsoft OneNote can certainly put things in order.
Selling your products online through marketplaces like Etsy, Shopify or even Amazon may be a great solution and cut down the need for physical sales.
If you run any type of physical retail, be it a market or stall, food truck, or traditional retail store, platforms like iZettle and Square have made processing transactions a breeze, allowing you to make sales anywhere, anytime.
Whatever your need, chances are there is a technology tool to make your life simpler.
2. Remote Working and Shared Space
If you´re looking to cut down on overheads, then remote working is surely the best solution. Technology and tools like the above-mentioned Skype for Business and Slack make communication with team members and clients simple, so you´re always connected.
While working-from-home is becoming more and more popular, if you still desire a physical workspace ffor employees, then a shared workspace is the answer.
WeWork, for example, currently have 255 office locations in 58 cities across the globe and allow your company to rent communal workspaces with other businesses, and give you access to printing, meeting rooms, coffee machines, and much more.
3. Market Your Business Online
Again, we have technology to thank for this one. When it comes to marketing your business, social media platforms like Facebook, Instagram and Twitter offer powerful, high-result, low-cost marketing solutions for your business.
Forget print advertising, forget flyers. Running targeted ads via Facebook, for example, allows small businesses to find and reach their customers every time at a fraction of the cost of a traditional media campaign.
4. No More Paper
Say goodbye to paper, printer ink, and postage costs. Save documents and receipts as PDFs and opt for Cloud storage instead. Need to sign a document? Use Adobe Sign, for example, to sign documents, then save the document as a PDF and you´re done.
Not only will you save money on printing and paper, but you will also save money on off-site archiving and the need for physical space to house your filing cabinets.
5. Buy Second-Hand Equipment
Purchasing new equipment is a challenge for every small business. Why not purchase second-hand refurbished equipment and furniture instead?
B2B marketplace websites such as Exapro are a great resource for purchasing second-hand equipment, whether it´s wood, metal, plastic to print, packaging, or textiles.
And if you need working capital to help run your business smoother, contact Ferratum Business to see how we can make running your SME easier. At Ferratum Business, we've simplified small business lending. Our small business loan applications can be completed online or via your smartphone.
Applications take just minutes to complete, and once approved, you get the working capital you need when you need it.
Here´s more money for your business!