Add 30 Days To Each New Record In Flow 8 Ways To Reduce Your Monthly Business Expenditure

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8 Ways To Reduce Your Monthly Business Expenditure

Even the most successful businesses face two or three cash crunches in their lifetime to pay bills, pay employees, handle operational expenses, etc. becomes a nightmare. Here’s how to avoid such adverse events through cost-cutting strategies.

We’re not talking about laying off employees or cutting corners from an already tight budget. Below we are talking about practical ways to save your business a substantial amount of money every month.

Make friends with technology

Is the document submission process taking too long? Is accounting eating up your team’s valuable time? Use technology! Many companies think that investing in such products is a waste of money but few realize that time is money. Using products and services saves time and reduces the incidence of manual errors, making work smoother and allowing more scope for creativity.

Test before you buy

Experienced shoppers have only one mantra; “One must shop before one buys.” Similarly, companies should also not jump on a product and buy it for the entire team. Many products offer free trials or discounts for the first month to give your team a chance to test it out and then buy it. If the tool doesn’t offer free trials, buy it for one person before buying for the whole team. Compare various products available in the market, consider their prices, read peer reviews, etc. before making a decision.

Buy in bulk

Buying in bulk is a money-saving principle used by small and large businesses. Be it a high street retail store owner or a designer who buys fabrics in bulk to make a profit, buying in bulk is always cheaper. Buy office supplies like paper, printer cartridges etc. or essential items like tissues, coffee etc. in bulk. You can save thousands this way.

Track every little expense

Keep track of all the different expenses or buy tools to track each type of expense, no matter how small or insignificant it may seem. Small expenses often add up and create hurdles when claiming taxes. The best way to track these expenses is to save all receipts and review credit card statements at the end of the month. There are many apps and service products that help with this.

Review expenses every quarter

Purchased a SaaS tool last quarter? Don’t forget to unsubscribe once you no longer need it! If you forget, you’ll find that your business is burdened with services you never use that drain your balance sheet.

Find creative alternatives to traditional vendors

Some services are essential to every business regardless of their size. If you are looking for HR and recruitment services then don’t just rely on traditional options but explore and then choose the agency or service based on your needs.

Apply credit card rewards points to gift card purchases

Use your credit card rewards points to purchase gift cards to reduce business expenses such as employee gifts, office supplies or travel. You can save thousands with these points.

Renegotiate your payment terms and timeline with the client

If you have a B2B business and your clients are asking for 30-90 day payment terms, offer them a discount on their next purchase in exchange for on-time payment. Alternatively, you can also offer discounts on existing invoices in exchange for early payment which will boost your business growth and maintain a healthy cash flow through an invoice discounting platform.

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