3 Ways to Slash Your Overhead Costs in 2018
Profitability is of utmost importance to every small business owner. So while you’re working on boosting your revenues with new clients and returning customers this new year, we’ve put together a list of three ways to slash your overhead costs so your 2018 can be a little more profitable.
Scale Back Subscription Costs
While you may think that $10/month social media posting service is worth it, most subscription services have a free alternative that you can find with a simple Google search. List all your subscriptions and how often you used them last year. If it is less than going a la carte, or you can easily find a free alternative, cut it! Doing so will force you to find workarounds and free versions instead. If you have the elbow grease, you can save some serious green in 2018.
Trim Down Travel
Business travel can be a necessary evil. But not always. Too often we’re eager to jump on a plane, rent a car and book a hotel room just for a three-hour meeting. Sometimes, it’s worth the effort, so brush up on my tips for saving on small business travel.
But sometimes you can get just as much done with a good teleconferencing service. Join.me for example is a simple, affordable option that doesn’t require any annoying pass codes, and makes sharing screens a snap. Add in the video chat feature to make it even more personal and you’ll find yourself saving thousands in unnecessary travel costs.
Running a business takes a lot of time and going out to lunch is convenient and a good excuse to get out of the office. But have you done the math on how much your lunches are costing you? $12 a day on lunch comes to $3,120 a year! Now add your coffee tab and you can start to see the real opportunity cost of eating out. So lower your lunch costs in 2018 by committing to going out to eat only when entertaining a client. Not only can you claim it as a business expense, you’ll likely eat healthier too!
Running a small business is not easy and while there are ways to reduce some of the work, it’s not always worth the extra cash. Use 2018 to take your expenses seriously. Your bottom line will thank you.