Running a small business can often feel like spinning plates. Between marketing efforts, managing employees, and balancing finances, your day to day operations can make you feel like you’re just treading water, rather than enjoying a successful enterprise. Money is a huge stressor, but it doesn’t have to be. If you get a little creative, you’ll find that there are many ways to help save some green in your business.
1. Hire College Grads
When looking to hire new employees, you’re probably looking for someone with great experience and references. However, this experience comes at a price—a much higher starting salary. Instead, consider hiring a recent graduate. While they may not have much experience under their belt, they are eager to prove themselves and can be hired at a lower salary. The National Associate of Colleges and Employers estimates that 7.4% of recent graduates are unemployed, so there is a large job pool of great candidates hungry to learn and grown.
2. Use Cash Back Credit Cards
Spending money comes with the territory of running a small business. Costs accumulate daily and if you’re not careful, you can get yourself into a lot of debt. Building equity in a business is difficult, so why not add a little cash into your bank account while you’re spending? Cash back cards are a great way to earn money with every purchase. Think of it like an instant discount for everything you buy.
3. Don’t Outsource Cleaning
Nobody wants to work in a dirty office, but janitors are expensive. There are still ways to keep your work environment clean and safe without paying for a janitorial staff. Invest in cleaning supplies, like those that Mailender supplies, for your office and create a chore chart for your employees. This will give your wallet a break, and it can give your employees a greater sense of community. By working together to maintain a healthy working environment, employees will feel more connected to each other and the company. This creates a happier, more productive environment for all.
4. Cut Meetings Short
While meetings are an essential part to any thriving business, they take up time that could be spent working. Meetings can cut into valuable productivity, and as such, they should be cut down to only what’s necessary. If something can be said just as effectively in an email, consider cancelling the meeting and getting the word out digitally. Your employees, and your wallet, will thank you in the long run.
Running a small business is never easy. You are tasked with the job of being a leader, director, and innovator, all while making sure your business has enough capital to thrive. By taking a step back and reevaluate your business plan, you’ll see that there are plenty of places to cut costs to help keep your company afloat.