Do I need more cash flow? This is a question you always ask yourself, and the answer to that will most probably be yes. And this is a constant challenge to businesses everywhere as well. Businesses are constantly struggling and looking for new ways to cut costs. There are practically two ways to do that only; increase income or reduce expenses. If you can’t do raise your prices, you will have to force yourself by cutting down on unnecessary spending.
One way to answer your question is to shop online. Shopping online can save your businesses expenses in the long run, especially when you bundle it with online saving codes, featured products, campaigns and free shipping offers.
1. Eliminate The Need For An Office
Think about this, does your entire workforce really need to be stationed in-house? In KL alone, rental rates average RM6.80 per square foot monthly. Depending on the size of your office, you could be paying tens of thousands if your office is located in a hotspots such as Bukit Bintang. Instead of locating your entire staff in a physical office, you could allow your team to work virtually and your business could save over RM12,000 per year per person. Allowing your staffs to work from home do require some up-front cost; providing them with essentials such as laptops and software, but you’ll still come out ahead and find it more manageable in the end.
2. Outsource For Services You Need
One of the largest expenses businesses face are full-time employees, but they’re not always necessary. Before you start hiring full-time employees with benefits included, consider what you truly need. If all you had wanted was another set of hands working at the cash register while you settle bills at the back, a part-time employee is more than capable. Depending on the nature of your business, interns or freelance workers can also give you the support you need without the commitment and expense of a full-timer.
3. Negotiate Better Merchant Processing Rate
If the nature of your business requires you to constantly purchase in bulk using credit card as your payment option, you’re probably paying hundreds if not thousands of transaction fees to your merchant card processor. But did you know that these fees can be negotiated sometimes? If you’re always purchasing in bulks or your number of transactions has increased, you may be able to take advantage of that fact to get a lower percentage per transaction fee. Also, you should look out for your itemized monthly statement to make sure you’re not being charged for, say, a credit card terminal you didn’t use. And if you can make your transactions online or using a mobile device, it could be cheaper than a terminal.
4. Leverage On Free or Low-Cost Business Apps and Software
Back then, many common tasks require pricey software suites to be done. But that isn’t the case anymore now; most of it can now be done using low-cost productivity and marketing apps. Just start with your mobile devices – mobile apps can manage your contacts, meet deadlines, and also make business travelling easier; all at your fingertips from your smartphone or tablet. Mailchimp, makes sending email marketing messages turnkey, and Evernote acts your like personal assistant – puts everything you need to write, research, collaborate, and present in one package. Both have free versions, so you don’t need to fork out a single cent.
5. Shop Online
Instead of ordering the products you sell each month, why not consider ordering more – stock up, order in, say, once a quarter. Then ask your supplier to negotiate a lower bulk rate for bigger orders. If in a case of them not willing to do that, look for alternatives and chances are that they will be suppliers with better pricing if you look harder. OR you can check us out too!
6. Upgrade Your Technological Solutions
In today’s business world, technologies are everywhere and you it could be overwhelming. You should take a hard look at the technologies around you and see if there are any better, less expensive alternatives. For instance, do you actually need a landline? With VOIP as an established and competitive solution, software such as Skype makes fiscal sense for a small business with small budget. Depending on how many employees you have and the frequency your staff uses the phone, you could save your current landline bill by as much as half. Maybe you’ve been using the same web hosting service since and have been paying more than you asked for. Web hosting has evolved into a fiercely competitive market — the same thing applies, you should compare prices and services other providers offer, and switch to the one you find affordable and with better services. For example, at about RM5 a month, GoDaddy offers domain, website, and email hosting and also offers innovative features like unique domain extensions and search engine visibility services.
7. Hit Craiglist For Office Equipment and Furniture
Before you pull out your platinum card for equipment purchases, you should probably browse your local Craiglist to see if anyone’s selling the things you’re looking for. Most often, companies will go out of business and cash out their assets through online classifieds. If you are in luck, you can score great office equipment and furniture in fantastic condition at a fraction of the price it would be sold brand new. Also keep in mind, look out for auctions and estate sales in your town. You could stumble upon a gold mine.
Online stores have and will continue to experience tremendous growth in years to come. More and more retailers are transitioning online and retailers with an online store are responding with constant improvements towards user-friendly sites, more direct promotional events, all to entice customers.
So the next time you visit both an online store and physical store, don’t be surprised that you might find a product far cheaper online than a physical one. Also, keep in mind that online stores exist to replace brick-and-mortar stores and the services offered are pretty similar, therefore, you should do your research and compare between retailers to get the best prices and services for you and your company.
For more selection of products ranging from your daily necessities to office equipment, visit atoz2u.com. Our live chat support is there to answer any queries & help with choosing the best product based on your needs.