Increase Profitability

6 Ways to Reduce Expenses at Your Small Business

6 Ways to Reduce Expenses at Your Small Business
 

New businesses have a 50/50 shot at surviving past the five-year mark, so identifying unique ways to save could mean the difference between success and failure.1 Bonus:  When implemented correctly, cost-cutting strategies can also save busy business owners time and energy, providing you with more than just financial relief.

Capitalize on free publicity

Consider free or low-cost marketing efforts. Social media channels are free to set up and can have a broader reach than even traditional (and pricey) advertising channels like television or radio.2 (It’s no wonder 50 million small businesses have taken advantage of company Facebook Pages).3 For those already using these platforms, tools like IFTTT and RiteTag can help automate and optimize your posts to better reach your target audience.

Research startup-friendly partners

Some businesses, like cloud providers and invoicing companies, may provide a limited number of free or deeply discounted services for small or newly founded businesses.

Save the planet while saving your budget

Save paper and printing costs by filing away important documents in a secure cloud storage system instead of in old-fashioned hanging folders. And by spending a little more upfront on energy-efficient appliances such as workstations and servers, you’ll likely save on future utility bills (and might be eligible for a tax credit, to boot).

Shop around for effective workforce solutions

Conduct research for different ways to process payroll or track employee hours. If you are handling most of the bookkeeping yourself, finding the right low-cost provider could save you time and money.

Find affordable ways to upgrade

Did you really need that NEW office furniture at double the cost of the “gently used” piece? There are plenty of consignment stores in major metropolitan cities (and online) so you can find an inexpensive piece that still reflects the appearance you’d expect in your office.

Rethink your personal finance options

Talk with your accountant about savings options that might not be so obvious. Plans such as 401(k)s or IRAs may provide the opportunity to stash pre-tax income while saving money for the long term.

Want more ways to cut costs and boost your bottom line? Visit the SunTrust Small Business Resource Center for more information that can benefit your small business.

1 “Surviving Your First Year As A Small Business Owner,” May 11, 2015, Forbes

2 “The Disadvantages of Traditional Advertising,” Feb. 12, 2015, The Houston Chronicle

3 “By the Numbers: 90 Amazing Facebook Page Statistics,” July 14, 2016, DMR

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