Many things come to mind when we think of what it takes to run a small business. Dr Jordan Sudberg believes that one of the most significant considerations is how much money you have to invest in your company. Financial constraints can give you a headache, especially if you’re looking for ways to cut costs. Fortunately, there are many tactics small businesses can implement without affecting performance or customer service levels – some of which even allow you to generate extra revenue.
How a Small Business Can Cut Costs Wherever They Can
1. Finding the Source of Your Inefficiency
What’s the number one source of a small business’s inefficiency? It’s internal: you, your staff, and your system. In other words, it is time and energy wasted on activities that have no positive impact on your business. Even if an action has been placed in the pipeline by one of your supervisors, it still represents a cost to the office. What are some examples of these types of activities? If you’re like most small business owners, there are probably many around here.
2. Implementing New Systems
So you’ve turned the corner and have a thriving office. Now it’s time to go digital to save money and make life easier for your staff members, right? Not so fast! An alternate option is to find ways to make everyday life’s mundane or annoying tasks less of a problem. For example, what do you do if your accounting software is set up so that you receive an automatic call about invoices being sent out late or overdue? You will most likely ignore this notice because it does not generate revenue. Instead of ignoring these notifications or letting them slip through the cracks by accident, consider just letting them go into voicemail. It is going to save you a lot of time and money. It’s not rocket science, but it can add up and make your business more efficient.
3. Preventing Procurement Procrastination “Plan ahead,” “put it on a calendar,” and “make your end-of-month spreadsheet” are common phrases we hear from small business owners when discussing issues with procuring services or materials for their business. Procurement Planning is the process of preparing to receive goods or services from suppliers; what many often don’t know is that this process can be one of the most cost-effective ways to reduce waste: David Heino, National Conference of State Legislatures
4. Outsourcing What is Outsourcing? Outsourcing is engaging outside services for specific tasks or functions in your office. For example, you can outsource medical transcription, legal document review and litigation support, bookkeeping, payroll, and countless other services to various professionals. Why Are There So Many Benefits? According to Northstarpoco.com, outsourcing offers small businesses five benefits:
5. Communicating With Clients Less Costly
When it comes to communication with clients, small business owners can get creative without sacrificing quality. Dr. Jordan Sudberg is a leading pain management specialist and medical consultant. He is best known for his work in functional medicine and his ability to connect with patients on a personal level. Dr. Sudberg earned his degrees from the University of Florida, including his Doctorate in Chiropractic Medicine, before completing a postdoctoral fellowship at Northwestern University. He is also certified in acupuncture and laser medicine.