5 Ways to Reduce Your Business Expenses Right Now

5 Ways to Reduce Your Business Expenses Right Now

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man with a steamroller crushing costs Who knew that running a business cost so much money?

All facetiousness aside, you’d be hard-pressed to meet a business owner that doesn’t have woes and worries about their budgets for the day, week, month, year, etc. There are only so many costs you can cut before it becomes necessary to stop or risk impacting your bottom line, and unless you can really justify it, raising your prices can do much more harm than good.

So what’s a business owner to do? In what areas can we stop, or at least cut, our spending to bring it back to a manageable level?

The Intuit Small Business Blog offers some answers to these questions with an article they recently posted entitled 5 Ways to Reduce Your Business Expenses Right Now.

As the name of the article implies, it offers some detailed suggestions on things that business owners can do to save some money here and there – not by eliminating certain aspects, but by taking actions that help reduce the costs associated with them. Here’s a look at one of their tips:

1. Outsource. You don’t have to manage a multibillion-dollar corporation to take advantage of outsourcing. Consider, for example, the cost of website development. Services like Elance, Freelancer, and oDesk can help you find and contract highly qualified developers who generally charge a fraction of what you’d pay a local hire. (They compete with one another for your business, so they tend to bid competitively.)

We’re firm believers in the idea that there are several advantages to outsourcing certain services. There’s no doubt that hiring someone on a contractual or freelance basis will help reduce a good deal of expenses that come with a new employee, and with some dedicated searching you can definitely find some very talented individuals who are willing to work in this manner.

The post continues with a variety of tips that cover different cost categories, so be sure to check it to see if these are any areas in which you might be able to reduce some expenses.

What do you think? Do you need to cut down on costs at your business? Did you find these suggestions useful? Do you have any additional suggestions that you have found worked?

Copyright: lucadp / 123RF Stock Photo

Juliet Aurora

About The Author

Juliet Aurora is the CEO of AIS Solutions and Co-Founder of Kninja Knetwork. Through both of these businesses she fulfills her mission to Educate and Empower those around her. In 2017, her firm was named Intuit's Global Firm of the Future, the first time the title has ever been awarded to any firm outside of the US. She has also has been named as one of the Top 50 Women in Accounting, one of the Top 50 Cloud Accountants and one of the Top 10 Canadian Influencers in the Bookkeeping Industry. Her passion for education is channeled through the Intuit Trainer Writer Network, hosting Kninja Knowledge Webinars and most recently, developing a Cloud Accounting Course for the next generation of accounting professionals.

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