Five easy ways to save money in your business

August 11, 2016

Running a small business is full of challenges, none more constant than staying on top of things financially. Even small expenses here and there can add up and many business owners find that the thing they lose the most value on is time. Menial tasks like paperwork and keeping track of expenses can eat into hours that could be spent a lot more productively.

So, how do you reduce the cost of running a small business and make sure you make the most of your time?

Here are a few things that you can implement quickly and easily

Track your money in the cloud

Cloud-based accounting is the way to go, even for a one-person micro business. Systems like Xero and MYOB charge a very low monthly subscription when you consider how much easier they make keeping track of outstanding invoices and entering expenses. They also make that horrible chore of submitting a quarterly Business Activity Statement to the tax man a dream – just click, click, click and you’re done.

Meet virtually

Travelling to meetings can eat into your funds, costing you petrol, parking fees and time, not to mention all those coffees! Nowadays it is perfectly acceptable to request a Skype, Facetime or Google Hangouts meeting instead of meeting in person. Getting together this way has the benefits of an in-person conversation. The added bonus is that if someone is running late you can get on with other tasks instead of sitting around and drumming your fingers.Save money by outsourcing
Spending money might not seem like a way to save money, but it can actually be smart when you do the sums.

For example, if your specific skill allows you to earn in excess of $50 per hour but you’re spending up to eight hours a week fiddling around the tasks that earn you nothing, consider hiring an overseas virtual assistant or a casual worker to come in for a few hours at a time. You’ll have to pay them of course, but you’ll free up those eight hours to make the money you’re actually worth and be better off in the long run.

Ditch the printer!

Printers aren’t that expensive. Paper and ink… that’s a different story. Sure, it’s tax deductible, but it all adds up. Paper is easily lost and it creates clutter, not to mention damaging the environment.

Printing out endless reports, quotes and receipts really isn’t necessary, especially when they often end up straight in the bin. Sending things electronically not only helps you save on paper, but makes important documents easier to locate if you need to refer to them in the future.

Harness the power of small business apps

Restaurant owners or event managers can tap into shift scheduling software that sends a notification to an employee on the days they are scheduled to work, minimizing the cost of absenteeism.

Remote teams can reduce phone bills and communicate via real time walkie talkie / push to talk apps that are as effective as tapping someone on the shoulder.

Mortgage brokers, financial planners and real estate agents can reduce the clutter of paperwork and streamline the client onboarding process with document storing apps that provide a fully compliant document generation and lodgement platform.

These highly affordable apps are designed with convenience in mind, with smart features that improve the customer experience while saving your precious time and money.

Conclusion

ezidox™ is a  groundbreaking app that can be instantly integrated by client facing businesses to streamline the generation, lodging and tracking of documents. Find out how it can reduce costs in your business by visiting https://ezidox.com/