Are you looking to cut costs for your small business? If not, why? Cash is king and the lifeblood of any company, so if you need to get your spending under control, then here are some tips to save money for your small business.
1. Learn to Code: There are a variety of free and low-cost services that teach web development fundamentals. Learning to code does not mean becoming a computer scientist or engineer. Learning to code means understanding the technology behind your company web site. The dividends pay off when you want to make simple changes or forecast costs for larger initiatives. One of those resources is One Month and here are their top 5 reasons.
2. Hire Part-Time Help: If you are constantly wishing there were more hours in the day, then consider part-time help. The benefits are two-fold. You do not have the financial obligation of a full-time employee, so if your work is not constant, then you have staff on call to help with busy times. You may need to find the right person to fit this objective, but based on your line of work, you can also use online freelancing sites to help. Second, you can view this as a long-term interview. As your company grows, then you are developing a history with this employee that cannot be replaced when you need a full-time staff member. You will know how they work under pressure and handle client requests. In your hiring process, then you can offer the option for full-time employment and partial equity (if you choose). If you take this route, then you know they are committed to your company mission as well because they are joining early in the hopes of future success.
3. Keep meetings to coffee or drinks: Coffee costs less than dinner, even at Chipotle.
Jason Calacanis, the investor, entrepreneur and blogger wrote about some other tips mainly directed at start-ups, but include some goodies for all types of companies.
After you implement some new cost savings, then you can see how they impact your bottom line with the Revenue Forecaster tool.
Let us know how these help.