This month’s tips revolve around saving money in your business especially during the summer months for those businesses that naturally slow down.
1. Have a plan for booking holidays.
If planned properly, having some of your key staff take a well-deserved holiday, especially when kids are out of school, is important for culture and employee satisfaction. Ensure you have at least one key team member in town at all times and have a process for holiday requests so the process is clear to everyone.
2. Have a back-up team!
Sometimes needing extra help is inevitable. Interview and test quality candidates to come in as relief if that’s possible in your business. I was once that relief for an ad agency and any time a key team member needed to be away for an extended vacation or leave, I was top of their list. The benefit to having pre-vetted me was they knew my availability and work style and it was plug and play for both of us. They were also able to budget based on pre-renegotiated rates.
3. Unplug it.
We once worked with a restaurant owner who brought in DJs on the weekends. We noted the amount of equipment they left there during the week that was all plugged in and seemingly on. Unplugging electronics when not in use can save you hundreds of dollars every year. If it’s not equipment that requires resetting or recalibration, it’s a simple money saver.
4. Order in bulk.
Small businesses don’t like to tie up capital when they don’t have to. But if your business cycles are clear with established up and down times,
pre-ordering supplies in bulk can not
only save you money, but also a lot of time. Look back through invoices from the past 2-3 years and note what your costs are and if nothing else, pre-schedule orders for times when you know are busy. Set it and forget it!
5. Manage weekend mode at your office.
While most business have addressed this to save money and help be green, there is still a lot of movement in smaller businesses with office moves. Be sure to have heating, cooling and lights automatically switch off or to cost saving modes when you’re closed.
6. Utilize down time.
Most businesses don’t shut down entirely over a quiet season, but you definitely don’t want to waste the time you’re paying for. So have a list of tasks employees can tackle over the quite months such as reviewing costs with vendors, locating open boxes of supplies needed at a discount, and reviewing software subscriptions to see if they are being used actively.
7. Bring your own food!
For owners and employees alike,
eating out and buying coffee can really add up! Bring snacks to prevent hunger distraction and make a little extra at dinner and bring leftovers. If nothing else, buy lunch from a grocery store if one is nearby instead of dining out. Except for client meetings and special occasions, of course!
8. Ask for reduced hours.
Imagine being trapped in an office on a gorgeous summer day with nothing to do. Most of us hate being trapped indoors on a beautiful summer day, so have you ASKED your team if they might prefer to come in later or go home earlier during slow periods in lieu of overtime when it’s busy? We’re not HR experts or employment lawyers so be sure to check in with experts to see what can legally be offered before proposing it to your team!
9. Bonus time.
If there really isn’t anything great for your team to do, have you considered becoming super boss by giving them paid time off? Just a day here and there but think about how to reward them when it won’t hurt the business. Even one day off with some passes to a waterpark or a zoo would make you the best boss ever! They say you can’t buy happiness, but we think you can suggest loyalty in business with perks.
10. Educate your team.
If paid time off isn’t in your DNA, then why not pay for a video course or a workshop leader to come in and improve your team’s skills? They’ll appreciate being paid to learn and improve and not be bored!
11. Outsource Strategically
Hire contractors for tasks that require special training or ongoing education such as bookkeeping, social media, and IT Management.Pay only for what you need, when you need it and never have to pay to keep their training up to date.
12. Take Advantage of Tax Deductions Work with a seasoned bookkeeper or accountant to ensure you’re claiming all eligible deductions properly. Yes I said properly! The tricks I learned from a seasoned bookkeeper, yes they were all legal and above board, have saved me thousands of dollars over the years! And for pete sake, have someone who knows what they are doing do your books!
13. Lease Equipment
Instead of purchasing new
equipment and paying in full, explore leasing options. While you may have some interest to pay, it’s all a tax write off! This helps with cash flow while ensuring you have the latest and greatestand fastest of equipment for your team. Believe it or not, this can greatly boost moral as well!
14. Go Remote or Hybrid Where Possible
If your business model permits, reduce overhead by downsizing office space or adopting shared workspaces. Even partial remote work can cut costs on utilities, rent, and supplies. Side benefits are new networks and potential revenue from referrals!
15. Review Subscriptions & Licenses
Review all recurring payments for tools, platforms, and memberships regularly. Schedule this during your slow season. Cancel unused services or switch to lower-tier plans. Many businesses pay for overlapping or unnecessary software without realizing it.
16. Review Payment Processing Fees
Compare providers or renegotiate your credit card and POS transaction rates
on a regular basis. Even small percentage reductions can mean big savings over time, especially for high-volume businesses. Explore organizations that provide a discounted rate for payment processing.
17. Track your MROI
If you’re wondering what MROI is, then you’re probably not tracking it. It stands for Marketing Return on Investment. We repeatedly learn of businesses who take the time and spend the money on marketing but get lazy when it comes to tracking. Using only their main phones number or website address in all places.
If you don’t track it, you won’t know what’s actually working. You’ll only have an illusion of what is, but it will not be reality. A simple trackable link, or digital phone line could save you a lot of money.
18. Partner for Co-Marketing
Team up with complementary businesses to share the cost of events, advertising, or promotions. You can leave your business cards at each others’ businesses, distribute marketing materials when purchased are made to your customers and share social media content. You’ll reach new audiences without doubling your spend.
19. Hire Experts
While it always feels like more money, it rarely is. The cost of an unskilled person is sometimes immeasurable in time lost, extra hours paid for without getting results and mistakes made.
20. Barter for Services
Leverage platforms like BarterPay to trade your expertise or products for things you’d pay for otherwise including marketing services, graphic design, client gifts and even staff incentives.
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