Real People. Real Stories. Real Business.
Chris Bell

Four Ways to Cut Back on Small Business Expenses

Running a business can be thrilling! It can be scary too, especially if you aren’t sure if you’re going to have enough money to keep your doors open.

Every business, no matter how successful, can benefit from cutting back on expenses and reinvesting that money in their business. Save enough and you can even build a savings account that will be there if your business starts to experience setbacks.

The question is, what are some of the best ways to save on business expenses?

    1. Look for a Different Way to Pay

As a business, you likely cut a lot of checks. Postage can add up quickly, if you’re sending pay stubs in the mail. Even doing everything online can cost you if you aren’t careful about what money transfer services you use. They can drown your business in fees!

Instead, get creative about how you pay others. Remitly is a cost-effective way to pay employees who work overseas, while platforms like Zelle can help you transfer money into a business account or employee accounts quickly, while keeping fees low or non-existent.

    1. Rethink Your Office Space

Your office space is one of your biggest expenses. It stands to reason that you can save a lot of dough by rethinking how you work.

Consider a part-time office, so you aren’t paying to work there full-time. Co-working spaces can also be a cost-effective way to work in an office without paying hefty leasing fees.

You can save the most money by working from home! It has a lot of benefits for your employees too, so don’t be afraid to give it a try.

    1. Hire Freelancers and Contractors

When you hire a freelancer or contractor, you can save quite a bit of money. You aren’t responsible for paying for their insurance or taxes. Hiring them comes with other benefits too that include:

  • A quick hiring process

  • The flexibility to start and end contracts at your convenience

  • You can find the most qualified person for the project

  • You can get a fresh, new perspective

If things go well, you can work with that person again in the future. All you have to do is reach out and propose a new contract, all without lengthy interviews, new desk spaces, and all the rest of the stuff that comes with hiring a traditional employee.

    1. Volunteer Your Time

Tired of spending money on advertising, marketing, and brand exposure? Volunteer your time instead!

There are many ways volunteering can grow your business. It allows you to network with others in the community, it can generate free publicity for your company, and it can help you develop new skills that you can turn around and use to make your business better.

Running a business will always cost money, but that doesn’t mean it has to cost more money than it should! With these tips, you can save money and boost your business at the same time, securing a successful future for your brand.