![]() ![]() Allowing my team to work remotely reduces the total costs for office space. It’s very convenient for me, and I have saved a lot of money from using it.ĭennis Bell, Founder and CEO of Byblos Coffee The system will do it for me and automatically sends payment on the scheduled time and day. However, automation is much more reliable as I don’t have to check the time sheets one by one. I can do the payroll tasks manually or automate it. I just had to input the salary rate and dates covered for the computation to be accurate. It’s helpful for payroll as it automatically calculates the salary and wage of my employee. It’s a handy tool that can monitor and track my employee’s work hours too. Instead of hiring a payroll manager to handle it, I found Hubstaff as a useful tool to help me with it. Thierry Tremblay, CEO & Founder of Kohezion We trained them to take care of customer queries, nurture leads, and participate in other revenue-generating activities for our business. ![]() Additionally, we outsourced our payroll services so that employees responsible for it could focus on more profitable tasks. We switched to a bi-weekly payroll reduced admin and processing costs by 40% and improved cash flow. Especially if, like many small businesses, you don’t have an advanced payroll processing system. Consider administrative and payroll processing costs. One of the critical measures a small business can take to cut operating expenses is to stop weekly payroll. Chances are that you’ll never have a more captive audience!īlake Sutton, Operations Manager at Electrical Knowledge Or, you can turn to inexpensive, target-heavy email marketing and newsletter campaigns. ![]() Look at HARO (Help a Reporter Out) to place quotes that will supply a backlink and promote you as an expert in your field. With digital marketing on the rise, some of the more expense, less-effective methods can be replaced with better, more innovative strategies. Marketing expenses are a great place to start when you’re assessing your budget. For example, our customer support manager has a passion for social media, so if he can take care of it part-time, it would have zero impact on our payroll. We trained talented people on our team to do several jobs. We introduced a B2B referral program, leveraged our social media channels with freelancers’ help, and negotiated deals with content creators. We reduced marketing costs, representing approximately 7% of our total costs, and switched to free forms of advertising. At our company, we found creative ways to cut marketing expenses and grow revenues at the same time. ![]() While cutting operating expenses is a great way to free up cash, I believe it should not affect the top line and the brand’s reputation. Do you need Slack and Teams? Do you need Zoom and RingCentral? Is the free version of Canva sufficient? It only takes a few minutes to change or cancel a subscription while the payout continues monthly in terms of cost avoidance. Are there any that aren’t being used at all? Any unused licenses? Duplicate subscriptions? Do you have similar services provided by more than one provider? Go through your logins and ask your employees to do the same. Look at all the recurring SAAS subscriptions your business pays for monthly. Ram Shengale, Founder of Fantastech Solutions This can help you save some good amount of money every single month that can help you save a few extra thousand dollars annually. Or even better, switch to free alternatives if there’s one in the market. If you’re not using all of the features in a service, you can think of downgrading. My tip would be to audit the tools and services you use every 6 months and see if you’re actually using and benefiting from them. Using these tools and services is a great idea, but soon the amount of monthly recurring costs can increase and drain a good amount of money from your monthly budget. Nowadays most small businesses depend upon using online tools and services to manage their businesses and increase productivity. ![]()
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