As a small business owner, it’s important to find ways you can maximize profits while minimizing expenses. Nearly everyone will offer their advice on how your business can save money. While many of these things are obvious, there are also several things you can do that are more obscure.
If your business is located in or near Cincinnati, Ohio, Orcutt and Co. can keep your finances in order. We specialize in payroll and tax prep, as well as monthly accounting and bookkeeping tasks. We can help you identify areas where you may be able to make some changes to improve your bottom line.
In this article, we’ll explain a few obscure ways that your business can save money.
7 Money-Saving Tips for Businesses
There are lots of obvious things you can do to save money, but did you know there are also a few obscure ways to save money for your business? Below are 7 money-saving tips for your small business:
Dismiss less profitable clients
While dropping clients may not seem like the best way to save money and improve profits, the truth is that time always equals money. Therefore, if you are spending a lot of time and resources on clients that are not profitable, you may need to dismiss them. This would allow you to spend time and resources on clients that will increase your profits.
Install motion sensor lighting
Motion sensor switches range in price from around $20 to $150. These switches can sense when there is motion in the room/area to turn on the lights when needed. After a certain period of inactivity, the switches will turn the lights back off. This reduces the possibility of wasted electricity so that your business can save money on the utility bill.
Declutter and sell
If you’re trying to make some personal money, you may have a yard/garage sale or list things for sale online. You can do the same with your business. Look around for any surplus inventory, office supplies/equipment, and more. In addition to helping your business make money, you make your workplace more pleasant.
Limit business travel
While some business travel is necessary, it may be a good idea to limit it- and the expenses that come with it- as much as possible. Modern technology allows businesses to conduct meetings virtually.
One way that your business can save money is to unplug office equipment when not in use. While it may not save a lot of money at once, the savings will add up over time.
Offer perks, not benefits
While benefits can be a great way to attract employees, it can be a major strain on your budget. Instead, consider offering perks such as free car washes, flexible work options, meditation/yoga classes, and more.
Offer remote work options
Many workers covet the ability to work remotely instead of having to come into the office every day. This is a great way that your business can save money because it reduces rent, utilities, and other related expenses. Plus, employees may need to take less time off because they can work from anywhere.
Orcutt and Co. Can Help You Manage Your Business Finances
As a business owner, you need to look for ways that your business can save money and increase your bottom line. Orcutt & Co. can help you manage your business finances to ensure that you are profitable at all stages of your business. If you are looking for ways that your business can save money, consider implementing some of these- you might be surprised.