When faced with taking out unsecured business loans or working capital loans, businesses can easily stretch these dollars further by instituting the following cost saving business strategies.
- Employees vs. Contractors – Hiring contractors rather than employees is an excellent option for start-up companies. Contractors do not require benefits, helping save companies money on medical, vacation and medical leave, retirement plans, social security, unemployment and much more.
- Office Space – If using contractors, rent a small office, which saves thousands of dollars on an office space. As a business grows, companies can begin to invest in a large building, furniture and more office equipment, such as computers, servers, copiers, fax machines and other office necessities.
- Supplies – Office supplies greatly vary in price. Businesses should shop around, comparing prices on technical equipment and paper. Saving money on these everyday items can greatly add up over a short time.
- Trading Services – Always confirm with accounting professionals if trading services are legal. If so, consider teaming up with marketing firms and doing work in exchange for marketing services. This is a fantastic way to double exposure and team up with reputable companies.
- Collecting Debt – Businesses always run into this problem: they need to collect outstanding debts. Businesses need to research a debt-collection merchant account company that offers excellent services and competitive rates. This alone can save companies thousands of dollars per annum.
- Training Teams – Businesses that train their employees have fewer turnovers and a higher retention rate. They also report feeling more confident and happy with their jobs.
- Marketing – An excellent way for businesses to participate in free marketing is to advertise at well-attended volunteer community events. These make an impression on community members and give businesses the opportunity to interact directly with the public.
- Online Media – Online media allows companies to rapidly communicate with potential companies, significantly changing the marketing world.
- Political Involvement – Online media allows companies to support local, state and federal candidates, while also supporting various political causes.
- Rapid Communication – Social media allows businesses to instantly share voice clips, messages, web pages and photographs with potential customers.
- Empowerment – One single comment gives empowerment to individuals.
- Giving Businesses a Voice – Businesses can communicate with groups of potential customers, broadcasting new messages, listening to customers’ concerns and much more.