Customer experience, wages, product development, supplier bills – there’s a lot to think about when running a small business and profitability is often at the centre of each decision. That’s not to say, of course, that making money is the most rewarding part of being your own boss, but ensuring finances are healthy means you can keep doing what you’re doing and avoid financial stress.
If you think your small business could benefit from reducing costs, here are a few money-saving ideas from the iiNet Business team to help get you started.
1. Review business expenses
Before you make any changes, it’s important to understand where you are spending money and where you are making it. Conduct an audit either in-house or through a trusted third party to analyse financial ins-and-outs. Look across all areas of your business, from operations to office maintenance, to see what is adding value and where you could reduce expenditure.
2. Upgrade your tech
Investing in new equipment can save you money in the long run and offer your customers a slicker experience. With iiNet’s BizPhone, for example, you can make unlimited standard calls to AU mobiles and landlines from just $29.95/mth on a no lock-in contract (Min charge $168.90).
3. Negotiate with suppliers
Supply costs are an inescapable part of any small business, but that doesn’t mean they are fixed. Sit down with your suppliers for a chat if you think a better deal can be struck. Remember that there’s more than price to consider – updated invoice terms, faster delivery, improvements to warranty, or co-marketing can be just as effective for saving you money.
4. Rethink your office space
Gone are the days where every employee needs a desk in the office. 2020 has proven that people can work efficiently and effectively from the comfort of home, which means that you may not need the same amount of office space you’ve previously occupied. Coworking spaces can also be a cost-effective solution.
5. Consider your marketing
advertising like radio, TV and print can be costly. You can attract and engage
customers through digital content marketing which, with a smart strategy and
dash of creativity, doesn’t require a big budget to be effective. Look into how
you can use tools like eNewsletters, SEO, blogging or influencer partnerships
in your business.
About iiNet Business
over 25 years of experience in the industry, iiNet Business is powered by a
team of friendly tech experts. We pride ourselves on tailoring solutions to all
types of Aussie businesses, big or small. It’s the quality of our dedicated
customer service that sets us apart from other providers.