5 Effective Cost Cutting Strategies for Small Business Owners

Does it look like your business is going down the drain? Are your finances bleeding faster than you earn?

It might be time to consider a few cost-cutting strategies.

This doesn’t mean quitting! You simply need to know where to cut costs and where to redirect attention so you can pick the business back up. That’s where we can help. 

Read our guide below to learn a few cost-saving initiatives:

1. Optimize Office Space

Do you utilize a physical, brick-and-mortar retail space? If you do then you need to rethink how you use that real estate. Try to rearrange and optimize the available space. If you can, try to leave some space open.

Is there enough space left for another business or individual to utilize? Rent it out. You could save cash this way and get some help paying for the office space. Optimizing your office space could also boost productivity, giving your staff a better layout to reach important objects or utilities.

2. Say No to Traditional Landline

Look at your office desk. If there is a traditional landline, you’re already spending more than you should. Get rid of the landline and opt for modern alternatives.

For one, you could focus on VoIP services. You could utilize a free conference call service too. Even mobile phones work better than traditional landlines because of the abundance of messaging apps.

Conference call services allow you to host calls among multiple people at once, which is great for hosting business meetings. Messaging apps work great as long as everyone has a stable Internet connection.

3. Automate When Possible

It’s no secret you should get on social media. Focus on networking instead of traditional marketing. Today’s consumers want to engage with businesses instead of being passive marketing ad recipients.

That said, don’t waste time and money posting on social media platforms all day. You don’t have to sit in front of a laptop all day. Instead, use tools like HootSuite so you can schedule posts ahead of time. 

If used right, you can plan and schedule several months-worth of social media marketing. You can further automate by using chatbots. However, make sure you update your chatbots with better AI to ensure they provide consumers with high-quality answers.

4. Going Paperless

Why would any business in 2019 and beyond still rely on paper databases? Managing cabinets of documents is a nightmare and costly too. Get rid of all that wasted paper and go paperless.

Start by getting your whole business connected to a central network and the Internet. You should then implement a powerful tool that functions as both the work OS and as an educational resource for employees.

The final step is to use cloud networking/storage. This ensures all your data stays on a platform you can easily reach but is also protected through high-end encryption.

5. Online vs Traditional Marketing

Traditional marketing is still clinging on for deal life but it’s quickly fading away. More than half of the world’s population accesses the Internet.

It’s time to shift where you spend your marketing budget and prioritize the online crowd. Going online is one of the most effective cost-cutting strategies since it’s not about abandoning advertising — it’s about shifting to a new, better platform.

This means putting in more money for a PPC campaign, proper SEO, good on-page optimization, and a better website. 

Use These Cost-Cutting Strategies!

Don’t fret if your business seems to bleed cash and spiral out of control. It’s not the end yet. Follow these cost-cutting strategies and shift your marketing budget to more efficient methods.

If you need more help, we’ve got your back. Read our other articles here and discover great tips and tricks to keep your business going!

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