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Home Business

Proven Cost Cutting Tips for Small Businesses

msz991 by msz991
July 10, 2021
in Business, Tech
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Being a small business owner, you need to do a lot of experimenting and getting some bits of advice from others. However done, you will have to practice cost-saving measures to keep your business margins up and stable. Statistics say that 70% of people who start their own business, give up at the end of the 20th month because they lose most of their funds. Another 29% of people give up when they lose all their money. It is just the 1% that continues to pursue their desire. Let us see how to be one among the 1% that is changing the world. 

Moreover, 2020 has been a nightmare for most small business owners. So, to keep your business afloat amidst the financial grippings, you shall spend some time thinking about ways to cut your costs. Here are 8 curated tips to cut down your cost in small businesses. 

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The criterion defined to judge the best streaming service is not based on the number of TV shows and movies it has to offer. It’s a lot more than that. When we are nitpicking a streaming service subscription, we tend to look at many things. We check if a certain service offers 4K/HD streaming or not, how many screens we will be getting, content quality and a lot more. However, there are a few services that leave not a single speck of dissatisfaction in your decision. Keep reading to find out the which services we have shortlisted for you! Netflix It’s safe to deem Netflix as one of the most popular streaming service worldwide. With monthly plans that start from $8.99/mo., the service is both affordable and diverse when it comes to its content repository. Every month Netflix revamps its programming by adding new titles and removing the old ones. While it’s also common for the platform to cancel its original TV shows, it still doesn’t happen too often. Popular TV shows available on Netflix include The Crown, The Witcher, Stranger Things, Russian Doll and Dead to Me. As for its original movies, The Irishman and Bird Box are two popular titles. To learn more about Netflix and its monthly pricing plans for single user or an entire household, visit the official Netflix website to score yourself a subscription. Hulu Hulu serves its subscribers a massive lineup of classics TV shows, Hulu originals, acquired content and even anime series. It’s a concoction for every type of televisual entertainment seeker. The cherry on top is its pricing. For $5.99/mo., you subscribe to the basic Hulu plan. However, if you’re looking to upgrade your Hulu subscription with Live TV, you will have to pay $54.99/mo. With the Live TV feature, you get access to 60+ channels covering sports, local news, entertainment and much more. The only visible con to Hulu and its streaming potential is that 4K streaming is limited unlike Netflix that allows you to stream in 4K in its higher tier plans. If you have been convinced enough, you can consider trying out Hulu for a month or two. The subscription pricing is affordable and you won’t end up breaking your bank. Learn more about Hulu from its official website. Disney+ One of the most recent additions to the list of streaming services is Disney+. The Disney-owned streaming service’s monthly plans start from $6.99/mo. and are then divided into further tiers. The best part about Disney+ and its content directory is that it doesn’t limit itself to Disney classics and originals only. You get to watch content from the world of Marvel, Star Wars, Pixar, The Simpsons and even National Geographic. The platform also follows a similar strategy as Hulu and Netflix and adds new content monthly. Some titles we have to say goodbye to but some are there to stay in the long run. As for some of the most famous movies and TV shows presented on Disney+, the titles include The Mandalorian, Prop Culture, Stars Wars: The Clone Wars and classics such as The Lion King, The Good lord Bird, Fantasia and Beauty and the Beast. Getting a Disney+ subscription is an easy feat. All you have to do is head to the Disney+ website and fill in the required details to secure your monthly subscription. Amazon Prime Video Amazon’s very own video subscription service, Amazon Prime Video has been around for quite some time. The pricing plan starts from $8.99/mo. but that’s the standalone price of the service. An Amazon Prime account isn’t included in the price tag. But if you want to choose both an Amazon Prime account and an Amazon Prime Video subscription together, you will have to pay $12.99/mo. to get access to both. Every year, Amazon Prime Video steps up its game with original TV shows and movies. So far Amazon Prime Video has released noteworthy titles like The Grand Tour, The Boys, Hunters and Fleabag. If you didn’t know already Amazon Prime Video also supports HDR and 4K streaming. If that sounds like a worthwhile offer to you, head to Amazon Prime Video and subscribe away. To Conclude While you can pick from any of the aforementioned list of streaming services, you can always consider other alternatives as well. A great alternative is of cable TV. Providers like Wow TV have fused a hint of both modernism and conventionality to its TV plans. You can view your favorite TV shows on your TV set or on your smartphone while streaming on the go. The options are endless so be mindful of taking your pick!

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The criterion defined to judge the best streaming service is not based on the number of TV shows and movies it has to offer. It’s a lot more than that. When we are nitpicking a streaming service subscription, we tend to look at many things. We check if a certain service offers 4K/HD streaming or not, how many screens we will be getting, content quality and a lot more. However, there are a few services that leave not a single speck of dissatisfaction in your decision. Keep reading to find out the which services we have shortlisted for you! Netflix It’s safe to deem Netflix as one of the most popular streaming service worldwide. With monthly plans that start from $8.99/mo., the service is both affordable and diverse when it comes to its content repository. Every month Netflix revamps its programming by adding new titles and removing the old ones. While it’s also common for the platform to cancel its original TV shows, it still doesn’t happen too often. Popular TV shows available on Netflix include The Crown, The Witcher, Stranger Things, Russian Doll and Dead to Me. As for its original movies, The Irishman and Bird Box are two popular titles. To learn more about Netflix and its monthly pricing plans for single user or an entire household, visit the official Netflix website to score yourself a subscription. Hulu Hulu serves its subscribers a massive lineup of classics TV shows, Hulu originals, acquired content and even anime series. It’s a concoction for every type of televisual entertainment seeker. The cherry on top is its pricing. For $5.99/mo., you subscribe to the basic Hulu plan. However, if you’re looking to upgrade your Hulu subscription with Live TV, you will have to pay $54.99/mo. With the Live TV feature, you get access to 60+ channels covering sports, local news, entertainment and much more. The only visible con to Hulu and its streaming potential is that 4K streaming is limited unlike Netflix that allows you to stream in 4K in its higher tier plans. If you have been convinced enough, you can consider trying out Hulu for a month or two. The subscription pricing is affordable and you won’t end up breaking your bank. Learn more about Hulu from its official website. Disney+ One of the most recent additions to the list of streaming services is Disney+. The Disney-owned streaming service’s monthly plans start from $6.99/mo. and are then divided into further tiers. The best part about Disney+ and its content directory is that it doesn’t limit itself to Disney classics and originals only. You get to watch content from the world of Marvel, Star Wars, Pixar, The Simpsons and even National Geographic. The platform also follows a similar strategy as Hulu and Netflix and adds new content monthly. Some titles we have to say goodbye to but some are there to stay in the long run. As for some of the most famous movies and TV shows presented on Disney+, the titles include The Mandalorian, Prop Culture, Stars Wars: The Clone Wars and classics such as The Lion King, The Good lord Bird, Fantasia and Beauty and the Beast. Getting a Disney+ subscription is an easy feat. All you have to do is head to the Disney+ website and fill in the required details to secure your monthly subscription. Amazon Prime Video Amazon’s very own video subscription service, Amazon Prime Video has been around for quite some time. The pricing plan starts from $8.99/mo. but that’s the standalone price of the service. An Amazon Prime account isn’t included in the price tag. But if you want to choose both an Amazon Prime account and an Amazon Prime Video subscription together, you will have to pay $12.99/mo. to get access to both. Every year, Amazon Prime Video steps up its game with original TV shows and movies. So far Amazon Prime Video has released noteworthy titles like The Grand Tour, The Boys, Hunters and Fleabag. If you didn’t know already Amazon Prime Video also supports HDR and 4K streaming. If that sounds like a worthwhile offer to you, head to Amazon Prime Video and subscribe away. To Conclude While you can pick from any of the aforementioned list of streaming services, you can always consider other alternatives as well. A great alternative is of cable TV. Providers like Wow TV have fused a hint of both modernism and conventionality to its TV plans. You can view your favorite TV shows on your TV set or on your smartphone while streaming on the go. The options are endless so be mindful of taking your pick!

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Tip #1 – Avoid spending money on meetings

When you are starting a small business, you inevitably need to be meeting your co-workers and employees often to discuss the progress or to formulate new ideas. Most of the people focus on fixing the meeting in a reasonably good restaurant. This decision brings with it the burden of spending money on food; the money which could be used somewhere else even productively. 

As you become a business owner, you should pay your workers. And in that stage, it is highly advisable to spend most of your funds on developing your business. As an alternate way, as long as the meeting doesn’t involve any business dealings, you can have it on online platforms or phone calls. 

Tip #2 – Let technology help you

At any point, if you feel that you should save more money in your business, turn your attention towards technology. Over the decades, technology has helped thousands of business owners save their funds and their valuable time. Starting from billing, you can bring in automation in procurement, invoicing, file sharing etc. 

If your way of accounting for your business is by appointing a person who manually enters the data, then you can go for automation techniques that finish the work automatically and efficiently. For instance, if you are using QuickBooks for accounting, you can use PayTraQer to automatically sync your online transactions into QuickBooks Online. Such applications are your one-time investment, you can save hundreds of dollars that you spend for manual data entry. You will also get precise and intact records in a faster turnaround. Try to update yourself to the trends of the world so that you can use modern technologies to work for you. 

Tip #3 –  On-point marketing strategies

There is no doubt that marketing is the key to your business. But it is evident that many companies went bankrupt just because they failed to handle the marketing properly. While starting your business, you might have an avalanche of investor funds that you could use to improve your business. But that should not make you greedy. 

Some people spend most of their funds on marketing through social media. Though social media is a great platform to promote your business, any inorganic and instant promotion of your goods or services will be a problem in the long run. At first, it might seem like the followers for your business are increasing constantly. But remember that there are chances for a sudden dip and all the invested funds will be of no use. 

So, before investing money in marketing, learn about it properly. Do some research and analyze patterns of promotions before you invest a single penny. Be mindful of your target audience and always be on the safer side because you have many families to feed. Instagram, YouTube, and Facebook are the most popular platforms where, if you spend the money wisely, you can get a lot of customers. 

Tip #4 – Lean Management Principles

One thing you must concentrate on before meeting your investor is to have the right mindset for your business. Any investor would be impressed if they know that you are a person who does not waste money on things that do not matter. For example, you need an office for the company. If you want a luxurious workspace, air-conditioned rooms and high-quality laptops, the investor will think that you are focusing on instant gratifications and that is not at all a good sign. 

Not only in your office, but you can implement lean management principles in every aspect of your business. Eliminate everything that will never add value to your company. Work on this principle and regulate your operating costs effectively. 

Tip #5 – Project management tool

It is an automation tool that keeps track of your project more effectively than humans could. Of course, these tools should be paid for the work they do, but it is an intelligent investment as they help your business grow exponentially. Another advantage of using a project management tool is that your headache of explaining to your investor each step of the project will be removed. 

Also, these tools help the teams of your firm monitor the progress. There will be so many tasks for you as the owner and if the project management is done automatically, you can concentrate on other things. 

Tip #6 –  Reduce or eliminate office space

If you have told someone that offices can be remote in 2016, he/she would not have believed it. But today, it is possible. As Covid-19 demanded everyone to stay in their houses, companies found a way to make their workers work from home. What was once theoretical is now made practical. So, if you do not have enough funds to start an office for your business, you can go with using a remote office. Video conferencing gives answers to all the problems related to remote offices. 

Tip #7 –  Use outsource staffs

On a contract basis, some outsourced workers could do your work more effectively. Unlike normal employees, you do not have to provide them with a computer, phone, or office space. And that saves a lot of your money. You can also provide the outsourced employees with less work at appropriate times, and this helps you when you have fluctuations in your sales.

Tip #8 –  Save money on HR functions

Most of the companies lost a large part of their funds in HR functions. This is because of the long and expensive process of hiring, fake job roles, and a larger number of employees turning over. If you make your HR department function efficiently, you can save money not only on the department but on various levels of your business. Go for automation to do the work that needs hands-on labor. Hiring could be done online to reduce the loss of funds. You can also use technology to process the applications of your recruitment. 

Cloud-based HR software helps a lot of business owners to maintain employee relations, payroll, and training. Choose to spend more time and energy on the HR department so that you could pick the right employees for your firm without diminishing your money. 

These are all the steps you can follow to lessen the expense of your business. If you want yourself to be one among the hundred you must be disciplined with the above aspects. Work on your mindset as much as you work on your skills because the right mindset is mandatory for a successful entrepreneur. 

Sticking to a single defined plan will not work in business. There might be instances when you need to give up on certain things to keep your funds flowing. Always choose the funds of your company instead of other pleasures. Thinking about the long run will help you control and maintain the funds of your investors and will take you to success. Your dream is too big to be thrown away for having instant gratification and short-term happiness. While you spend one part of your thinking on expanding your business, let the other part think about limiting your expenses. 

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