4 Methods for Small Companies to Grow Their Business Savings

The difference between a successful business and one that is barely solvent often boils down to a few simple decisions. By taking an honest look at your financial data and adjusting the way you run your business you can increase your savings and protect your bottom line without sacrificing service.

Trim the fat, especially in ad dollars

Chances are there are a lot of expenses that you don’t need to incur. Instead of investing in expensive in-house hardware for data and servers, divert those dollars into cloud services. Leaving a traditional ad agency may seem scary, but the internet has done a lot to level the playing field and create avenues for you to get your message in front of your target audience for pennies on the dollar. You may even want to embrace telework and green office initiatives that bring your overhead down without compromising your mission.

Assess your Health and Wellness Plan with a financial advisor

Before you consider cutting employees take a look at some of your employee expenses. Changing or managing your health and retirement plans are good ways to save money. Seeking the guidance of a corporate wealth management company is a great way to get on track. These companies offer solutions such as enrollment support, vendor negotiation support, expense analysis, and benchmarking. Such services not only benefit your bottom line but also benefit your employees.

Remember that nearly everything is negotiable

Never pay the sticker price. That’s been the motto of successful entrepreneurs for years. Negotiate rates with vendors. Negotiate with your business’s landlord. Negotiate with advertisers and don’t be afraid to barter. Two small businesses working together is a great way to bolster both enterprises and save a little cash. Networking with other small businesses can also help you find the best deals for vendors in the area. Always plan to spend more than you will, however, so that the difference can be put into savings later and unexpected costs won’t send you into the red.

Stop paying for experience; reward innovation

We all remember the frustration of attempting to get experience when all of the jobs in our field required us to already have experience. The next time you go to hire, drop the “must-have X number of years of experience” line and say “recent graduates welcome”. Chances are that new grads are willing to work for less and bring new energy to your company. Workforces that have a healthy mix of innovative minds and experience are a huge asset to any company.

Thanks to modern technology keeping your company afloat is not as hard as it once was. Embracing a new way of doing things, cutting waste from your supply chain, and seeking sound financial advise will help you grow your business savings.