Choosing either could result in a positive cash flow and a successful company. However, simple as it may sound, saving money the WRONG way by using the cheapest service, can result in the complete opposite: wasted time and money.
Here are tested and proven ways to save money in 2017:
Other than money, there are two resources any company can’t survive without, time and space. Space being a commodity needed for inventory, documents, decluttering and other miscellaneous reasons. As well as, space costs money. Taking advantage of cloud storage and even offsite, self-storage facilities has proven to save businesses money.
We talk about this all the time. We worked hard to move clients to paperless. The safety of not having a pile of ‘kindling’ should the unfortunate situation of a fire happen would in itself be all we need to focus on. But a more common reason for going paperless is the easy access, meaning time efficiency for your company, which is cost effective. Research and find a cloud storage program that will grow with you need. Set up an efficient accurate ‘filing’ system to implement and go paperless. With all change, it takes time to perfect and adapt, but it is much easier than once feared.
Leasing or buying used equipment
Office equipment take a large part of budgets for startups, as well as growing companies. Consider buying used or leasing. Many people are hesitant to go this route, due to reliability. Research to find a trustworthy company in your area. Doing this one change can prove to be one of the biggest costs savings you may make all year.
Don’t Waste Time
Space costs money, so does time. Many of the previous cost saving tips also directly or indirectly save time. The time you save can directly result in increased profit. Managing your time and having time saving options for your employees, focusing on productivity and effective processes will save you lots of money. There are many more ways to save time than picking thru timesheets with a fine-tooth comb. Research and invest in automation tools, such as Toggl. This also results in less errors, which in turn circles around to saving time. In addition, hiring a company for your bookkeeping, marketing, or other needs, simply because it costs less, will most often end up costing money. This will also waste valuable irreplaceable time. Don’t save money for the wrong reasons. You get what you pay for, a statement that has proven true for decades.
Enabling Remote Work option
With the need to collaborate and manage the workflow from several different directions, allowing the employees to work from home is more useful than ever. Saving space (we talked about a few minutes ago) saves a lot of office expenses, like utilities, rent, and equipment needs. Research companies that have found great success with this, and use their model to get started with your company.
No matter if you are a startup or growing established company, with 1 employee or hundreds, all business-minded individuals should be willing and open to seeing opportunities to save money. For more money and time saving tips, contact us. We can help!