As the old adage goes, if you want to make money, you have to spend it. However, you never want to overspend, and there are some areas where you shouldn’t have to spend at all. You’re probably always looking for ways to cut costs without hurting your bottom line. Give these creative money saving ideas a try.
- Find Free or Reduced Labor
If you have any contact with your old alma mater or a university in your area, see about contacting and hiring interns. These students are happy to do the work for free or very cheap to fulfill a college requirement. Also, if you have less important jobs to fill, see about recruiting recent or near-future graduates from these schools. You can offer pay at entry level instead of an experienced salary, cutting costs dramatically.
- Don’t Miss Payments
If you don’t have someone handling your invoices and bills, it can be easy to miss payments and end up with unnecessary finance charges. The amount you would save on this probably wouldn’t cover the cost of hiring a secretary to take care of these bills, so you’ll need to look for other solutions. Consider using a task management or alert system to help you make all of your payments on time and avoid nasty charges.
- Go Green
Taking steps to save the environment can not only be a good marketing tool, but also a way to save money. With energy efficient appliances, computers, and other equipment, you can significantly cut your utilities bill each month.
- Eliminate Paper
As another way to help the environment and cut costs, go paperless. Some of your customers will still prefer bills and messages they can hold in their hands, but most people will appreciate all of your bills, ads, and messages being sent to their email so that they have less papers to file and can access the information at any time. It’s worth it for both you and your customers to reduce paper use as much as possible.
- Reign in Employee Spending
A great way to delegate responsibilities is to allow your employees to make certain purchases for the company with a company card. Unfortunately, too many people take advantage of this privilege, slipping in non-business related purchases here and there that hide under your radar. If you want to stop this dishonesty and save your hard earned profits, take steps to prevent this employee abuse by asking for itemized statements, giving out fewer cards, and requiring pre-approval for any major purchases.
- Use the Right In-Memory Database
Too many major businesses find out the hard way that they’ve been losing money simply because they weren’t using a proper in-memory database management system. A good database system will hold a lot more data than your previous system while offering high performance computing solutions. It will also offer the ability to switch easily between mobile and computer websites, which is a huge plus in today’s society. A step as simple as this can help to save you thousands of dollars, not to mention the time and stress that would have resulted if your previous system had crashed.
