3 Ways to Reduce Small Business Costs Part 1

Leverage Technology

Nearly every year new integrations and software bring artificial intelligence capabilities to your business. Often so many redundant tasks can be outsourced to a software or a company with an expert in a specific software. Phone services for example have amazing capabilities without having a landline. Allowing you to be accessible anywhere and have virtual assistants keeping your business running without you.

Forecast and Budget

Its safe to say among small businesses less than 20% follow a forecast or budget. When fiscal health of a business may often determine how long a business can survive, this statistic is concerning. Creating forecasts and budgets may take some time. However, the amount of reduced spending from your team make it worth it. Technology makes this easier and easier with most accounting software providing some skeleton budgets with a click of a button. Take some time once a quarter to ensure your team knows what to anticipate financially.

Consolidate Software

Write a list of all the software subscriptions you are using. Determine where the functionalities overlap? Is your business paying twice for the same functionality? Often productivity software has hidden gems of utility you may be unaware of. Allowing you to eliminate multiple software sets. Evaluate these at least annually.