3 recommendations to lower small business costs in 2020? If your business doesn’t require a physical location then you need to don’t buy or rent one. Instead, options like working from home, shared workplaces, or switch meeting at an employee’s house every month. However, if your business does need a physical location then keep this in mind: analyze how much physical space you have so you don’t take on more than needed and consolidate different functions like using a space for dual purposes.
For business credit cards and lines of credit, ask your financial firm if you can have a reduction in the interest rate. As years of on-time payments to these vendors pass, your credit will improve, and you should be able to receive lower interest rates. If your current vendor cannot reduce your rate, consider looking at alternate funders to see what current rates they offer and if they offer any specials.
Recurring monthly charges for software, marketing tools and other subscription services are often overlooked expenses. Perform an audit of all the tools currently in use to determine which ones are necessary to the business. Inventory the list and set reminders before the recurring charges hit. Tools like trackmysubs.com can help identify potential savings. – Judi Hays, Judi Hays, Inc. Gone are the days when you “make the tough decisions” to cut costs alone. Today, the world is too complex and fast to do that and still be able to make the right decisions. If you’ve invested in a strong company culture built upon trust, the counterintuitive key action will be to ask your teams how they think the company can cut costs without cutting staff. You’ll be happily surprised. – James Key Lim, FUTUREPROOFx LLC
In the past, most software was private, but in recent years there has been an explosion of free, open source software. Open source software is free software that can be used by individuals or businesses, and it is a great option for small companies with a tight budget. Sure, the software normally isn’t as efficient as private software, and sometimes, there is no client support, so if you have an issue, you will have to resolve it yourself. However, the software works well, and it can be used in a variety of ways. For instance, you can download open source web design software, or you can use video chat software to stay in touch with remote workers. Discover extra information at Reduce business costs.
Another way of saving money is to opt for a multi-line phone system for your small business. With the help of this system, you can use one phone to host more than one phone number. This makes it easier for you to make calls for your business. You can also make calls from your desired number by setting up a shortcut dial for it. This system is also pretty simple to install and does not cost a lot of money. Big businesses use a PBX system for these purposes, but a small business might not be able to afford it. A multi-line phone system is hosted by a cloud system and is reliable as well. That is why it is highly recommended that one should consider getting multi line phone systems for small business.