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Cost-Saving Hacks for Startups & SMEs

By Christine Hazel 20 Sep 2019
Cost-Saving Hacks for Startups & SMEs

So you just started a business and your biggest challenge to date is to keep operational costs to a minimum while still efficiently running things. The sooner startups manage their costs, the sooner they get to save.

Some businesses adopt the “flexible expenses” approach prior to reaching o even during breakeven. Some startup owners make the mistake of cutting their marketing and advertising costs first when this isn’t necessary. Every business needs sufficient promotion (online or offline) to earn revenue. Cutting off your marketing efforts may result in profit loss. It’s going to be a vicious cycle of climbing up only to return to where you started.

How about considering cuts that don’t affect productivity or core business functions instead? You’ll be surprised at how much you’ve spent for non-necessities. Below is a list of cost-cutting hacks you might need for your growing business:

1. Utilities Management

Any business – big or small – wishes to pay less for their utility bills. The good news? This is possible!

Managing your utility bills does not only apply at home. In the office, simple efforts to save energy actually go a long way. Turn off the lights and appliances when not in use. This is also helpful to your peace of mind, knowing you did not leave your office unattended.

Find and use products relevant to your small business, then make sure to make the most of this opportunity.

2. Streamline Your Digital Storage

Digital storage can be a cause for concern. Many startups are faced with the problem of storage. It seems there’s always not enough space. Worse, companies that do offer cloud storage solutions for businesses always charge a higher price. You do not have to fall for this trap, however.

Explore your alternatives. If you look around long enough, you’ll be able to find a cost-effective solution that matches your business needs. Is $600 USD for 3 TB of space every month worth your investment? Mull over this carefully before deciding. Compare prices and stop only after you have exhausted your options. Moreover, see if you can do something about files that you do not really need.

3. Take Full Advantage of VoIP Technology

Business phone plans can be a boon to your business. Unless you’re able to allocate sufficient funds for this service, you’d best be using Skype, Zoom or some other free VoIP service to call or text clients, your staff or business partner. This setup allows you to save up on costs you cannot afford for the time being.

It’s true that business phone packages are quite pricey, though you do get to enjoy unlimited Internet and data packages. Either try pay-as-you-go plans or free up some budget and allocate it here.

Final Thoughts

As they say: “your business, your rules.” However, if you do not pay attention to best practices or the little things that are actually costing you a lot, remember that there is a steep price to pay.

How you go about your business entirely depends on you. This goes without saying that how much you can save in the long run is also up to you.


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