Sun. May 19th, 2024

It certainly does not take a genius to work out that money is, frankly, the most important thing to do with your business, and the more you have and the more you take, the stronger your company will become as a result. 

Hundreds of businesses, of an array of different sizes and across a wide plethora of different industries, have been forced to close due to an inability to afford to carry on, and one of the most important ways to continue to be profitable is to save money.

Continue reading to discover how to save your business money in the new year. 

Employ the 80/20 Rule

If you are not already familiar with the 80/20 rule, then you should be.

Essentially, the 80/20 rule, which is often referred to alternatively as the ‘Pareto Principle’, centers around the fact that, as a rule, around eighty percent of visible effects on your company come from around only twenty percent of causes. 

Visualizing and enacting the 80/20 rule, and more importantly, educating each one of your employees in the same way too, will help you focus only on the processes which are working properly within your business to increase your profit margins. 

Source Outside Network Support

Another way to save money across the entirety of your company is to start being much more business-minded when it comes to the different departments, and more specifically, partner with a third-party company when it comes to your IT and networking support.

Working with a prestigious and established Managed Services Provider Seattle will not only result in immediate response times, any time of the day or night, but comprehensive business protection, much-increased levels of security and safety, and considerable money savings across the proverbial board. 

Cut Down on More Traditional Advertising Strategies

Cutting down on the more traditional types of advertising and marketing, such as physical material like flyers, brochures, and leaflets, in favor of the promotion of a readily-available QR code is one way to immediately reduce your outward expenditure

Furthermore, if you are currently using a third-party source to produce your advertising material, you should consider handling such matters in-house at a vastly decreased cost. 

Consider Leasing Essential Equipment

Pick up any ‘how to run a business’ style book and you will most certainly see, in some form or another, a checklist of essential equipment, computers and associated computing software, which will be promoted as being essential to your company. 

However, there is a growing trend, not only in the United States, but further afield as well, for instead looking to lease equipment, either on a temporary and sporadic, or indeed, a more permanent basis, that you need to maintain your business operations. 

Usually, there will be no down payment required, and what is more, you will more than likely also be able to involve yourself in a certain amount of negotiation when it comes to the monthly payment terms too. This certainly makes equipment leasing worth considering.

By Manali