Money Saving Tips For Your Business

I recently changed my cell phone plan and realized at the end of the month just how much money I saved. Along with discipline, a leaner plan helped me save nearly a hundred dollars! It got me to thinking about savings on a bigger level. How can we save when it comes to our business?

If you head a large company or even if you own a small business, saving in these times is always a welcome verb. Even if business is fairly healthy, it’s a good idea to continue keeping costs low, so that when there are unexpected expenses, downturns in the market, or emergencies, you’re not shot in the knees. Here are a few helpful tips:

  1. Offer staff the option to telecommute. Back in 2005 I remember submitting this to my then CEO in order to save costs. Today, with higher fuel costs, telecommuting can save even more. It doesn’t take a genius to realize  that telecommuting allows savings when it comes to space and other amenities. If you absolutely must meet face to face, using the board room or renting a room at a daily rate from a place like Regus may be a good idea. Some managers are of the opinion that employees may “lag-off” if they work from home. Here’s a secret: the lazy employee will always find a way to do so, whether he works from home or from the office. The key is to ensure that he is accountable for set deliverables according to schedule. 
  2. Utilize software. From accounting services to virtual meetings, there is software available to meet almost every business need on the planet. Quickbooks, Evernote, Skype and many other software options exist which can help you run your business smoothly, with less costs. Check out reviews online before making your purchase and compare which ones give you a better bang for your buck. One of my former associates who now owns his company pays $200 (BBD) per month on software that would have otherwise cost him over $1,500 in the form of a human being!
  3. Ensure that you critically analyze every single expense. A company recently cancelled a subscription for membership for a golf course for their CEO who retired in 2010! Imagine that?!? Seven years later, they’ve only just realized that they were paying over $2,000 a year for something no one was using. Check and double-check when it comes to all costs to your business. Perhaps you could - like I mentioned at the beginning of this article - downsize certain plans when it comes to telecommunications, data or memberships. Make a list and check it like Santa!

Finally, no one wants to sound like a Scrooge when it comes to payment to employees, but it is vital to check the Return On Investment for each staff or team member. Is Freddy doing all the work while Johnny lazes around? And is Johnny paid more than Freddy? This type of occurrence is a malaise across many sectors, but when it comes to your business, you have the power to rectify it!

Yes, we all want to earn more. But, you know what they say about a penny saved? It’s a penny earned!

Lots of love & good vibes, Veoma Ali

Veoma Ali is an Advertising Executive, with a Ph.D in Communications and a Masters in Business Administration.