What Your Business Can Do to Reduce Unnecessary Spending and Costs

Accountant at a Table
April 16, 2020
62 / 100

When times are tight, the first thing you need to do is look at every aspect of your budget to determine where you can make cuts to eliminate wasteful spending. Running a business can be very expensive, and sometimes it’s hard to look at your finances with a critical eye to determine what can be cut or reduced. If you’re struggling to know where to start, here are a few tips that most business owners can use to start saving money right away.

Go Paperless

Expenses for printing materials are often one of the first things that businesses cut when looking to save money. However, instead of cutting their direct marketing budget entirely, many businesses make the switch to email advertisements. There can be small fees, but targeted emails cost less than printed materials. Switching to targeted emails is also great because you can send out messages to your audience faster than ever, and you can also track their engagement with those messages. This idea is an effective way to cut costs while still providing a marketing solution for most businesses.

Power Down at the End of the Day

Powering your business can be a large expense, but there’s no reason to pay money to do it when you’re not even at the office! Unless you already have ENERGY STAR appliances, make sure you are powering them down at the end of every day along with turning off your lights and unplugging your electronics. Additionally, install a programmable thermostat and schedule it to run in an energy-efficient way on evenings and weekends when no one is in the building. Over time, you’ll start to see a reduction in your utilities and more money in your pocket.

Negotiate Your Rates

If you have items that you use frequently in your business, like packing materials or office supplies, contact your vendor and see if they’d be willing to work with you to lower your costs. They may be able to offer bulk pricing or suggest alternative products that are more within your budget. This trick often works with utility companies as well. Don’t be scared to pick up the phone and see if there are ways to save your business money. Even if the answer is no, your position is certainly no worse than when you started.

During difficult times, it’s often hard to figure out exactly how to help your business survive. Start with these three tips to lower your expenses, and you’ll be headed in the right direction to weather the storm.

For some more advice, check out our business operation tips!

Categories

More Posts:

Tips for Starting a Dog Park Business

Conclusion

Starting a dog park business can be very rewarding, but it requires careful planning in areas like design, safety, marketing, and community engagement.

By providing an enjoyable environment for both dogs and their owners and actively involving the community through events and partnerships, you can create a thriving dog park that meets a need for Colorado Springs residents.

With dedication and a focus on safety, maintenance, and the needs of visitors and their canine companions, your dog park can become a treasured community hub for years to come.

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

How to Create a Professional Image When Building Your Brand

First impressions matter, especially in business. So, let's explore how to create an image that sparks trust, admiration, and success. Dive into the depths of brand-building with determination and drive, blossoming into a professional powerhouse.  Build a Positive...

Why Companies No Longer Give Workers a Pension

Pensions would seem to be a thing of the past. You may hear an older person talk about getting their pension, but it’s not anything almost anyone these days can access. They used to be fairly commonplace, however, so what changed? Why do companies not offer their...

Signs it’s Time to Find a New Office Space

For any business owner, their office space is an essential aspect of success. It's the place where you and your team devote countless hours a day working alongside clients or partners. In some cases, it may be time to relocate to a different workspace. Here are...

Why Now is the Time to Make Your Office Green

Going green has never been more opportune! Now that environmental issues and our contributions to climate change are gaining international recognition, businesses across the world have begun shifting their practices toward sustainability. If you're contemplating...

How to Keep Your Business Safe From Cybersecurity Threats

How to Keep Your Business Safe From Cybersecurity Threats Find more business software and technology tips at Leadership Girl. Cybersecurity is a major concern for businesses big and small. Every year brings a new record number of cyber attacks and by 2025, cybercrime...

Candice Bakx-Friesen – entrepreneur, certified money coach, real estate investor, real estate agent

I am a money coach who helps teens, families and small businesses overcome the stress of managing money to feel confident and empowered when it comes to their finances.

Overdue Financial Moves You Need to Make Now

If you've been procrastinating on tackling some essential financial actions, now is the time to take action. Today's article will emphasize three crucial financial moves that are long overdue: jumpstarting your retirement investing plan, formulating an estate plan,...
Tips for Starting a Dog Park Business

Tips for Starting a Dog Park Business

Conclusion

Starting a dog park business can be very rewarding, but it requires careful planning in areas like design, safety, marketing, and community engagement.

By providing an enjoyable environment for both dogs and their owners and actively involving the community through events and partnerships, you can create a thriving dog park that meets a need for Colorado Springs residents.

With dedication and a focus on safety, maintenance, and the needs of visitors and their canine companions, your dog park can become a treasured community hub for years to come.

Elements That Should Be Part of Your Company Retreat

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

Why Now is the Time to Make Your Office Green

Why Now is the Time to Make Your Office Green

Going green has never been more opportune! Now that environmental issues and our contributions to climate change are gaining international recognition, businesses across the world have begun shifting their practices toward sustainability. If you're contemplating...

All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips

Sales

Career Building

Family Businesses

Inspiration

Starting Your Own Business

Work-Life Balance

Communication

Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

How to Expand Your Hiring Pool

How to Expand Your Hiring Pool

A diverse workforce can bring fresh perspectives, increased innovation, and a range of skill sets to your business. To create a more dynamic team, consider expanding your hiring pool in unconventional ways.  Hire From Outside Your Industry Hiring employees with...

Tips for Starting a Dog Park Business

Tips for Starting a Dog Park Business

Conclusion

Starting a dog park business can be very rewarding, but it requires careful planning in areas like design, safety, marketing, and community engagement.

By providing an enjoyable environment for both dogs and their owners and actively involving the community through events and partnerships, you can create a thriving dog park that meets a need for Colorado Springs residents.

With dedication and a focus on safety, maintenance, and the needs of visitors and their canine companions, your dog park can become a treasured community hub for years to come.

Elements That Should Be Part of Your Company Retreat

Elements That Should Be Part of Your Company Retreat

A company retreat is an excellent opportunity for team-building, learning new skills, and fostering relationships between colleagues. Whether your team is large or small, a well-planned retreat can be an invaluable investment in your company's success. We will explore...

How to Make Employee Health a Priority

How to Make Employee Health a Priority

Prioritizing employee health is crucial for creating a healthy and productive work environment. By investing in the health and wellbeing of your employees, you can improve morale, reduce absenteeism, and build a positive company culture. Here are some tips on how to...

Why You Should Run Your Business on the Latest Technology

Why You Should Run Your Business on the Latest Technology

In today's fast-paced business environment, keeping up with technological advancements is essential for success. Implementing the latest technology can offer numerous benefits, such as improved productivity, enhanced data security, and reduced costs.  Improve...