5 Ways to Squeeze More Margin Out of Your Monthly Budget
To successfully run a profitable business, you understandably need to run a tight ship. Many business owners believe that they are watching every dime and spending mindfully. However, there may be numerous ways to reduce monthly spending that you are not currently taking advantage of. Each of these tips may be used effectively to help you improve your margin regularly.
Develop a Strategic Marketing Plan
You may be spending far more on marketing than you need to. Making a few strategic adjustments to your marketing plan could help you to save money while also improving results. For example, social media marketing may be under-utilized by your business and may be one of the more affordable marketing solutions available. Now is the right time to analyze your marketing plan and to determine if you are using this aspect of your budget in the most cost-effective way possible.
Hire Remote Workers
Depending on the type of business that you run, it may be most cost-effective for you to hire remote workers rather than in-house workers. A remote workforce can keep your overhead down by reducing the cost of office supplies, technical equipment and office space that is needed. If you already have a full workforce in-house, consider allowing some individuals to work from home to reduce overhead going forward.
Choose Contract Labor
Rather than hiring a team of full-time employees, you may employ contractor workers. This may be particularly cost-effective if you have temporary or part-time needs for services. Contract labor can also reduce the cost of employee benefits and related payroll processing.
Save on Printer Ink
Many businesses print a considerable number of documents and forms regularly. This is true for both offices, and home offices. According to needink.com, “roughly 85% of all American households have a printer, and one out of four are used in a home office.” In fact, your company may go through numerous printer ink and even copier ink cartridges weekly. You may be able to save money on this expense by adjusting your printer settings and by upgrading to machines that use ink more efficiently. Using recycled cartridges is also cost-effective in many cases.
You might be hesitant to buy used equipment for your business because you’re worried that it will just cost you money in the long run, but the opposite is often true. Aside from being more affordable than new, used equipment makes it easier for you to get your business in a way that will maximize your profits. Plus, buying used is relatively risk-free now since reviews on the internet can tell you how that equipment performs over time, helping you make smart investment decisions. Some used and refurbished equipment even come with their own warranties, further reducing the risk for you.
Power Down at Night
If you are not currently powering down all of your equipment at night, you may be paying a much larger electricity bill each month than you need to. All computers, copiers, printers and other machines can be connected to power strips and completely turned off by your employees each night. This can also help extend the life of some devices which will save you money in the long run.
Even if you thought you operate your business frugally, you can see that there may be numerous ways to save money on recurring expenses. By adopting these tips, you can begin seeing financial savings right away.
For more business advice, contact me today to schedule a talk.