As any experienced entrepreneur can tell you, owning a small business requires one to take on a wide variety of responsibilities. From meeting with clients to recruiting top talent to oversee projects, the life of a small business owner is anything but uneventful.
Although every task a small business proprietor performs is important, few are as important as managing their enterprise’s finances. This is particularly true during a business’s first year of operations when funds are typically scarce. Whether you’re a seasoned entrepreneur or first-time business owner, the following pointers will prove useful in helping your enterprise save money.
Don’t Rent More Workspace Than You Need
When opening their first business, many entrepreneurs adopt a “go big or go home” mentality. In many cases, this mindset inspires them to rent workspaces that are unnecessarily spacious and expensive. While envisioning your first foray into business ownership as a smashing success is perfectly understandable, it’s also important to stay grounded – especially where money is concerned.
So, when seeking out your first workspace, take the size of your staff into careful consideration and make your decision based on how much space you actually require instead of how much you’d like to have.
As your enterprise grows, and you expand your workforce, moving to a roomier location may become a viable option, but for the time being, efficiency should be your foremost priority when shopping around for the right workspace. Furthermore, there are a growing number of cost-effective alternatives to a traditional workspace.
Allow Employees To Work From Home
Some employers disparage working from home, as they believe it makes workers less productive. However, the research simply doesn’t support this. Furthermore, as the COVID-19 pandemic has taught us, reporting to an office every day is unnecessary for a large chunk of the workforce. In addition to setting the stage for increased employee comfort and productivity and a better work-life balance, the ability to work from home can be a boon to busy parents and people with other types of family obligations.
Many people who work office jobs spend a good portion of the day trying to look busy, as they’re afraid that they’ll be labeled unproductive if they’re not perceived to be constantly working. Conversely, being able to telecommute relieves workers of this pressure and enables them to complete assignments at a steady pace – without having to constantly adjust their speed for fear of managers looking over their shoulders.
Not only is working from home a preferable option for many members of the workforce, allowing certain employees to telecommute stands to save you a bundle in operating costs. The fewer onsite workers you have, the smaller your physical workspace will need to be – and the smaller the workspace, the cheaper the rent.
This also means spending less on utility costs, refreshments, and office supplies. So, outside of team members you absolutely need onsite every day, provide everyone in your crew with the option of working from home – with the understanding that they’ll need to make occasional appearances at the office, of course.
Seek Out The Best Deals On Office Supplies
Office supplies and assorted computer equipment are likely to account for a significant portion of your expenses. To avoid spending an unreasonable sum on these necessities, you should actively seek out retailers that provide discounts to small business clients. Additionally, certain coupon sites can prove highly conducive to getting the best deals on office equipment. Small business discounts aren’t limited to office supply retailers, either.
Many snack manufacturers and various food services also offer convenient discounts to small business clients, which can prove tremendously helpful to businesses that provide refreshments to employees. Instead of being a single job, small business ownership is essentially a series of occupations.
In addition to serving as a client liaison, talent recruiter, and general overseer, many small business owners take on the role of a financial manager. Given how many fledgling enterprises close their doors within their first year, apt financial management is particularly important during the establishment phase.
Fortunately, saving your small business a small fortune each month isn’t nearly as daunting as you may think. With the previously discussed measures at your disposal, you should have no problem cutting back on unnecessary spending and bolstering your business’s finances.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.