Hi, this is our series on how to run a business. We develop it to share with you our experience and put together what we learn studying and meeting best entrepreneurs. Today we are talking about 5 ways to cut business costs. Let’s get started!

1. Use your time as much as you can

Time is your most valuable resource. Improve your time management and make every day of your company productive. Make sure your team has clear instructions how to make the work done. Delegate tasks, so you do not spend time on repetitive tasks, such as answering e-mails, picking up phones etc. Instead, use this time to focus on what matters the most – set up goals and directions for your business, and make sure they are followed. Prioritize tasks that really bring your business forward.

2. Work online

Many companies go online these days – and they are right. Probably, you also do not need to pay for your office space as much as you do. Organize work of your team remotely.

You can use online platforms like Zoom or working space platforms like Croissant that organize offline office exactly for the amount of time you need.

3. Get virtual employees

You can get virtual reception or virtual assistant for your company. There are many firms & freelancers offering such services online. They will answer on your calls, e-mails, take care about your calendar, make appointments with your clients. They serve multiple companies in parallel, so you will pay much less than for your own receptionist. Usually you get a free trial to check if it works for your business and then decide if you want to continue or not.

4. Use flexible employment

You don’t have to hire employees for full-time. Pay exactly for the amount of work you need. If you need one-time specific service – use platforms like Fiverr or Freelancer where you can hire an expert who will serve you for an affordable price (often much cheaper than in your country).

5. Use free or low-cost alternatives

You might spend thousands of dollars on costs, such as marketing, webpage promotion, software and licenses. But you can save lot if you try cheaper or even free solutions and find out they actually work for you. In marketing for instance, try using your personal network and social media channels. Grow your network, get to know other companies and entrepreneurs. Many business owners we have met, get clients through their network and friends. You can grow your network by connecting on LinkedIn and other social media platforms. Participate in groups where your potential clients are, so you keep up-to-date with trends, exchange information and advertise your business.

Thank you for reading this article. What way to cut business cost works for you? Share with us your experience, leave your message and let us know your questions.