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If you are trying to cut down your costs, whether you are going through a dry spell or just want to save a bit more, it is easy to make lots of tiny savings. You might switch to cheaper paper or change to off-brand coffee, but in the long run, these savings will only get you so far.
Instead of making everyone drink some terrible instant coffee, you could look at areas where you can make cuts that may make a big difference fast. Sharpen up your negotiating skills, and let’s get started.
Fuel and Energy Consumption
No matter what sort of business you are, you are bound to have some energy costs. In a fluctuating market that is increasingly volatile, it is all too easy to get sucked into a contract that looks like a good deal one day and decidedly isn’t the next.
If you have machinery as part of your business, you could look at a solution like a propane coop to get a better deal. For the rest of us, regular shopping around is probably for the best. Don’t just look at the big names. Get a wide variety of quotes and see if you can negotiate prices. Always make sure that you have room to leave the contract early without paying a penalty. This way you can shop around when it suits you and save extra money.
Outsourcing and Freelance
As a business looking to expand, you might find that you need new staff, but you can’t be sure how successful it will be. Hiring is always an expensive process and so if you are going to hire a permanent member of staff, it might be worth asking a recruiter to help you find the best suited people. If the role is not integral to your business, outsourcing is probably the best solution and will ensure that you get high quality work too.
Another alternative is to get a freelancer in to complete a short term project. Freelancers might be a little more expensive in the short term, but if you only have a short project, it is a lot easier than hiring someone and then letting them go only to have to hire again in a few months time. Plus, you never know when a great freelancer might be looking to settle down for a bit so you could end up hiring them full time once you are sure of your position.
Join a Business Association
Business associations are great for their members because it gives you a way to save money by trading in kind or by negotiating better deals. While you will need to do the same for your associates, this is a mutually beneficial way of doing business and will get you a large network of contacts too.
Though there is nothing wrong with making smaller savings, looking into these bigger areas can help you out faster and save you more.
