How Small Businesses Can Cut Costs and Increase Efficiency

According to a study done by Bruce D. Phillips, around 39.8 percent of new businesses survive six or more years, effectively giving small businesses a three out of five success rate. As an entrepreneur, you have a lot of things to worry about on your plate besides the increase of your sales.

Owning a business isn’t going to get any cheaper any time soon. From property costs to wages and small business insurance programs, there are many costs on small business owners’ plates. Every moment you can save a little money is well worth it. If you want to save a little money by cutting costs and being efficient with your small business, check out this list of tips below, courtesy of Entrepreneur.

Promoting on a Budget

Advertising can go smoothly when you combine promotions into one. For example, give away any newsletters, fliers or coupons while you’re ringing up a purchase. That way your customer is directly getting what they need in order to help support your business. Other things you can do is send all your promotions through email, which would effectively help save on mailing and material costs. If you have to send an invoice, send advertisements with it. If you have neighbors, split advertising and promotion costs with them. If you can share mailing lists and distribution channels, even better. These are just some ways you can kill two birds with one stone.

Working With the Internet

Chances are, you have an online store or are in the process of starting one.There are ways to cut costs on that. Sell items via eBay, Yahoo! Auctions, or even on Facebook while waiting to start up your own website. Once you’re ready to purchase a website, focus on finding deals offering low costs. If you’re trying to drive people to your website, post your link everywhere. Include your URL on promotional items, business cards, and even employee uniforms. Learn how to market online and push your website via Facebook, Instagram or Snapchat.

Location Can Help

Being smart about location can help with saving money. Get a deal on your executive suite to help cut costs. Through an executive suite deal, you can get little perks such as access to a private mailbox, a receptionist to take your calls and forward them to your home office. Other ways to save money are to be mobile. Kiosks and temporary spaces can be a far less riskier way to get your foot in the door as a business owner.

Offices on a Budget

It’s truly the little things that count. Buying recycled printer cartridges, getting forms online, getting free software and buying used equipment are all ways that you can curb costs.

Insurance Package Policies

Running a business takes quite a bit of insurance coverage. From general and professional liability to equipment breakdown and workers’ compensation, it’s easy to be overwhelmed by the number of policies necessary to ensure that you’re completely protected. Rather than foregoing coverage altogether, consider consolidating your small business insurance coverage with a package policy. Your local Glen Rock business insurer will be happy to provide you with a quote for your coverage.

About David G. Sayles Insurance Services

At David G. Sayles Insurance Services, we strive to protect the investments of homeowners like you. Our comprehensive policies are customized for you to provide the exact coverage you need. For more information, contact us today at (800) 439-0292.