Controlling operational costs is one of the significant challenges which almost every business irrespective of their size face through the entirety of their lifespan. This challenge turns into a severe problem for bootstrapped businesses and startups, who risk bankruptcy
given the costs are not controlled.
So if you are also a business owner or are thinking to launch a business anytime soon, we mention the top 5 cost-cutting solutions, which will bring quantifiable results.
1. Try To Save Costs on Furniture
As you are starting up a new venture, there is no need to rush and start investing heavily in items which can be reused. For example, you can cut the costs of furniture by buying second-hand items such as desks and chairs. You can find out about local dealers who sell used furniture or can find out ads of companies, schools or offices who are shutting down or relocating and are willing to trade certain office items.
There is also the option of renting furniture, given there are multiple startups who have jumped into this space and have made renting new furniture easy. This initial cost-cutting solution will help you in revenue generation, and once you can generate enough revenue, you can replace your old furniture with new ones.
2. Try to Save on Energy Bills
Making your space energy efficient is going to cost you a bit initially; however, saving on utility bills is a tremendous cost-cutting solution if you wish to make some serious savings on your overall budget.
A few things which can help you save on office bills are using fluorescent bulbs, saving on desktop energy etc. To learn more ways of saving on utility bills, you can read this guide.
3. Try Saving On Shipping
Paying for the shipping costs of various office items can often throw companies especially startups off their budget. In such cases, it is wise to either arrange self-transportation of the items and or get your order shipped with the order of associates from another office, given delivery charges are often waived off if the order is huge. Even if the shipping is not free, you can get near 50% off by splitting the shipping costs with other businesses.
4. Search for Better Offers
One of the necessary cost-cutting solutions is to buy office items at great offers. To achieve this, you will be required to run between countless shops and dealers, but in the end, you will be able to secure great deals on your purchases. You further can ask the dealer or supplier to give you discounts on the overall bill given you will be making future purchases from them. Suppliers, to gain customer loyalty as well as more business, are more likely to offer you discounts which further will help you in cost-cutting.
5. Pay Online
Businesses, to promote digitisation, have started accepting payments online. To encourage people for making online payments vendors often give 5-10% discounts on the purchase. Also, by making payments online you are most likely to save on bank fees, and for a bulk order the costs come out to be a substantial amount.
So these were the five not-so-hard cost-cutting solutions which you can implement as you start your venture. If you have any other ways of cost-saving, don’t forget to let us know in the comment section below.
