Whether your small business remained open during the COVID-19 pandemic, if it’s just now re-opening, or somewhere in-between, it seems all are trying to find ways to save some money. Believe it or not, there are some simple yet effective ways small businesses can save. It’s important to have up-to-date and accurate bookkeeping records so you know where you can make changes and then notice the impact of their savings.
Rather than onboarding a new employee, offering benefits, and training, consider outsourcing when possible. This cuts out payroll costs, which accounts for roughly 70% of a business’ expenses. By keeping your payroll costs low, you’re saving money. Outsourcing will typically be a lower cost
Saving money requires discipline and repetition. Whether you’re saving for a purpose or to simply stop spending as much money, it takes dedication and consistency. There are plenty of ways to save, but it never hurts to remind yourself of the ways you can actively improve your financial situation on a daily basis.
Are there things you just don’t have time for? Or the knowledge to complete? That thing that always sits on your to-do list waiting to be crossed off, but it just never seems to happen. You know what we’re talking about. We all have that one thing we just don’t want to do, whatever the reason may be.
This is where outsourcing becomes your best friend. For small to mid-size businesses, hiring someone full-time, or even part-time, just isn’t an option sometimes. The funds might not allow it. This is when outsourcing comes into play. Hiring someone outside of the company to do that one thing you don’t want to do saves you money. How? Simple. Rather than paying an hourly or salary employee for being in the office 9 to 5, you can pay someone for only the time they spend doin