There are many ways to save money for your SME but sometimes, getting them off the ground can be difficult. With the economy taking a downturn because of Covid 19, every business is trying to cut costs to make ends meet. Small businesses, which have fewer resources, feel this pressure more. Do not be afraid. There is a list of ways to cut unnecessary costs from the business you, so you don’t have to become another victim.
- Go Green! Energy efficient technology will save you money on computers, telephone systems and other technological tools. Many times there are tax benefits from the use of green technology. Not to mention that they will also help the environment.
- Go to open source software . An open source software solution is not so scary “You are all alone!” proposition that the big software vendors want you to believe. Open source software costs 1/10 the price of commercial products and continues to offer the same, if not more, features.
- Look for a cheaper internet provider. Unless you have a big budget, smaller providers offer just as good services for their relatively low cost.
- Think VoIP. The VoIP is basically a telephone service through the internet. Many small businesses are pursuing this cheaper alternative which can save them up to 60% over their traditional telecommunications costs.
- Buy recycled printer inks . Printer ink is one of the most expensive liquids on the planet. Search and find the best quality refilled inks instead of buying the original ones which cost 5-10 times more money.
- Re-evaluate your telephony schedule. Even if you do not go for VoIP solutions, you can definitely find a cheaper telephony plan than the one you already have.
- Look at Fast FTL freight shipping. This is a good way to save money on your shipping.
- Turn off the machines when not in use. This can reduce energy consumption by up to 25%. Shutting down the computer at the end of the day can save an extra 50%.
- Set timers. Install timers in the outdoor lighting systems, so that they operate only from dusk to dawn.
- If possible, use laptops. Laptops can consume 90% less power than a desktop computer.
- Stop paying for software. Visit sites like Download.com and try out hundreds of free programs through the free 30 day trial. Also take a look at the manufacturers’ pages for free or trial versions.
- Use online services. Should all your business meetings take place face to face? Internet-based technologies such as video conferencing and tools such as Microsoft Office Live Meeting allow you to make presentations to your customers online.
- Common printers. If you have purchased and maintained multiple printers in your office, you could save money by setting up a network that allows employees to share devices. The Microsoft Windows Small Business is an easy to install and operate solution that enables printer sharing and creating a more secure and productive computing environment.
This is just the beginning, but these tips will definitely help your business cope during the financial crisis. What steps do you take to reduce costs and save money on your small business?