3 Ways to Save Money in Your Business

Saving money in business is one of the main goals of any business owner. It makes no difference how long you have been established for or how much money you are making each year if you can save money you should do so. Yet it can seem like an impossible task when you consider everything that a business has to pay for, especially if you are employing people as well. Many businesses over-spend or find that their profits just aren’t high enough to do what they want to do. Here are some useful ways you can save money in your business and make a start on boosting your profits too. 

Buy Used 

Although when you start to think of the equipment you might need, or you want to replace older equipment to be more productive, you will automatically think of buying something new, this might be out of your price range. Even if you can afford it, is buying brand new really something you need to do? 

Often, buying used equipment can be a much better idea. You will need to do plenty of research to ensure the piece of equipment or vehicle you are buying used works in the way it is meant to, but this extra time will be worth it if you find something perfect that is a lot cheaper than it would be if you bought it new. Plus, almost everything can be found in a used and refurbished state from xerox docucolor 550 printers to laptops to trucks to office furniture. 

Outsource What You Can 

The idea of outsourcing might sound like it’s going to cost a lot of money, and you will indeed need to spend to outsource to a professional company. However, there are several reasons why this cost should be seen not only as an investment but as a way of actually saving money. 

When you outsource, you can:

  • Give yourself more time to work on the business (and make more money)
  • Work on the elements you are best at (and boost your business)
  • Gain customer loyalty (which is essential to good business)
  • Become efficient at what you provide (meaning people will use you again and tell their friends and family about you)

All of this means more money for your business, even if you are paying for outsourcing. 

Work from Home 

Apart from staffing costs, which you may or may not need to pay depending on the size and setup of your business, the most significant expense you will be looking at is your office costs. If you can forego that and work from home instead, you will be able to save your business a lot of money. If you do have the staff, they can be home-based too (again, depending on what it is you do) and you still won’t have to spend so much money on premises. 

There are additional benefits to working from home that you might not have considered, but that make the idea an even better one. Workers are often more productive when they are at home since they feel more comfortable and relaxed, for example. They also feel happier in their work if they are given the option to work at home. 

How to make your skills more in demand while you are on quarantine

Make the Most of Quarantine by Developing In-Demand Skills

Being under self-quarantine can often make you stuck and restless at home. If you were not already used to working off-site, you may be asking: What’s next?

So during this difficult time, why not acquire in-demand skills to stay ahead and earn income. It could even land a tech job that pays a six-figure salary. Tech companies are currently hiring remote workers able to handle tasks and receive direction through applications online, and this could be your new income source.

In this article, we share tips to boost your career so you can stay productive while under quarantine.

Learn an in-demand skill

When you think about learning a new skill, you need to invest time in learning a subject that guarantees job opportunities. Identify future proof skills, jot them down, and narrow down your choices.

Technology evolves and you need to stay ahead. Do your research based on facts and data to find subjects compatible with your interests. LinkedIn recently conducted a new study to identify the most in-demand skills. The results are based on successfully hired users. These are some of the most in-demand skills identified in the study.

Cloud Computing

Cloud storage is convenient for many companies because of the security, productivity, and money-saving power the technology offers. Through cloud computing, companies no longer rely on the physical storage of documents. Now, cloud computing is a skill that refers to managing remote servers. The demand for this skill is so high that $200,000 per year is the medium salary.

Artificial Intelligence

Many tasks today are automated and the engine that drives them, artificial intelligence, has become necessary. According to Gartner’s customer service statistics, AI will be the primary source of customer service. Chatbots will be responsible for most customer service tasks. If you want to learn all the necessary skills for AI programming you should start with machine learning. AI engineers have an estimated salary of $130,000 per year.

UX Design

UX refers to user experience, and designers are in charge of creating a seamless experience for users. User experience is more related to functional design. Some of the tasks involved in UX are visual design and usability testing. How appealing is UX’s design salary? A UX designer can earn up to $110,000 per year. While under quarantine, you can learn this skill at schools with a remote modality such as Thinkful or Kenzie Academy

Improve Your Existing Skills

One of the best things you can do for yourself while under quarantine is learning new skills. Depending on the area you live in, you can do this by starting projects and taking courses. If you are already a UX designer, there’s nothing more impressive to employers than seeing a functional app. Invest your time in creating a responsive and aesthetically appealing user interface.

Cloud computing is a very modern skill, so it is always changing and evolving. Stay up-to-date with the current trends and attend online courses, which usually stay up with trends. If you are an AI engineer, learn a new coding method. Since artificial intelligence is a complex field, you should aim to practice new ways to solve problems. So you could spend this time in quarantine to learn new AI techniques.


Ways Small Businesses Can Save Money


Are you low on budget, just starting out or don’t have enough funding? Here, we shall discuss a few ways you can save some money whilst still running a high-quality business without having to sacrifice your office essentials.

Whenever a small business goes through the process of cost cutting, they give up on the most ludicrous things like double ply toilet paper. This is not fair to you or your employees. Also, it doesn’t make much of a difference. Although, it is important to note that cost cutting should be done on things that are insignificant and require recurring expense. There are also expenses that seem significant but arenot. Then there are others that are important but you are being overcharged for it. Hence, it is easy to get lost on what to keep and what to let go when you are trying to save money.

          Also Read: Clever Marketing Tips for Small Businesses on Budget

There is an easy way out. Here are some amazing tips to help you save some money.

Scrutinize your expenses
How will you know what you are spending on if you refuse to track your expenses? This is the most fundamental thing to do if you want to save money. Most small business owners ignore this aspect when they are trying to get client deals. Money management is an important part of your business, and you need to learn to do it right. This will save you money. Set a date on your calendar.If you can’t do it weekly then do it on a monthly basis. Reserve a day to simply check your expense reports with your accounting team to see exactly where and what you have spent your money on. This will help you understand your spending pattern, and at the same time, motivate you to keep going. A good expense tracking software can be useful for this purpose.

Time to unsubscribe
Is your business subscribed to a monthly plan of some kind? Most business are. These monthly subscriptions are a great way to keep a client in the loop. And since subscriptions usually are a good money saving deal, businesses never seem to revisit them. Maybe you signed up for a service a long time ago that you no longer need, and are being billed constantly for the same. This could be any number of things, it could be regular software, a newspaper etc. The question you have to ask yourself is, do I need to be subscribed to this? Because a monthly subscription amounts to a lot of money in the long run.

Cloud accounting saves your time and money
You will never know where you are wasting your money if you don’t have a system in place to track it. Most small businesses can’t afford a dedicated accountant. And this is why, they lose out on their own money. For reason alone, you should get a cloud accounting service for your business. Cloud accounting services like Cloud Books do your invoicing for you. Once it has the daily expense sheet, the software will know exactly what you are spending on and where you are spending it. So, using these invoices, it will come up with a detailed expense report of your billings. And you will know the areas where you need to cut down your expenses.

           Also Read: 10 Tips for Small Businesses to Track Their Expenses

Expense tracking is the key to saving money. Sometimes, businesses forget to charge clients, and your outsourced accountant will not remind you to do this. When you miss out on cashing enough bills at the end of the month you have a huge pile. Have you heard ‘money saved is money earned’? The converse is also true. When you have an expense tracking system in place, it will remind you to keep a check on these little things automatically.