As a small business, cost-cutting is crucial to getting your operations to cruising altitude. Not to point out the obvious, but starting your own company can be a costly venture. And these costs can quickly rack up before you even are open for business.
Let’s say you can get away without having any employees; it’s just you and a business model… You’re still left with many expenses that may catch you on your heels… and in your wallet.
Small Business Cost-Cutting
When it comes to trimming the fat, low overhead is the name of the game. But sometimes this is easier said than done. So here’s a list of things to double-check for efficiency:
When your potential customer-selected what they want on your website and is ready to buy, it’s a tenuous moment. Not only do they have yet to input their payment information, but you also have to tack on an extra charge… shipping costs.
The less significant this cost is, the more likely they are to follow through with the purchase. So keeping this cost as low as possible can be fundamental to the success of your business. Enlisting third-party shipping providers is a great way to cut shipping costs because they find you the best shipping rates available.
Not unlike shipping options, your card processing rate is an expense you have to pass on to your customer. So keeping this low as possible as well can be paramount to improving your margins, driving business and preventing cart abandonment.
But how can you keep your card processing rates low? Fortunately, there are payment processors specialized in providing competitive rates. And just like accessing good shipping options- enlisting services from the right third party processor can significantly cut your payment processing expense.
Cost-Cutting Small Business Marketing
There’s a difference when it comes to marketing between cheaping-out and efficiently running your marketing for the most effective return on your investment. Basic SEO with some planning and thought can drive additional business with just a little elbow grease.
And the more niche your product or service, depending on your target audience size, the more effective your SEO can be. With a little time and dedication, you can set-up a decent website on your own. And don’t forget to set up your Google My Business.
Outsource Non-Essential Operations
On the other side of the token, outsourcing non-essential operations– such as your marketing– will save you plenty of time. Be it internet marketing, IT, bookkeeping, HR, or any other supplemental components to your business, there are organizations specialized in providing these services by the hour.
As we all know, time is money. What might take you 6 hours to implement (after you figure out how) might take professionals 20 minutes. Quick and professional implementation is what makes outsourcing more affordable than spending time doing it yourself or paying full-time employees.
No More Software
Replacing expensive software purchases with open source alternatives will save your company potentially thousands of dollars annually. Paid email service is a thing of the past, but there is still plenty of task management, word and design software you can easily replace for free. Consider Google Drive for your creative and collaborative needs and AirTable for your task management.
ShipTime aggregates data to find you the best shipping rates available. Working with the most accredited shipping providers, they also help you take the hassle out of your shipment operations with customer-centric services.
Finding you the best possible shipping rates, ShipTime provides all relevant shipping information on one screen. The ShipTime dashboard speeds your shipping quote with predefined box sizes.
The ShipTime dashboard solution also provides predefined incentive rewards and the “My Pickups” functionality, allowing you to see scheduled pickups and times. They cover all your bases when it comes to efficient tracking and delivery.
Learn more here.