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Cash Flow Concerns? Cut Small Business Spending in These Three Areas

Don’t let your overhead hang over your head! Take control of rising small business costs with these three cost-savings tips.

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2. Man-hours.

As a small business owner, it’s important to assess the productivity of your employees. Flexibility helps. For example, if you have a call center that’s open until 8 p.m. but rarely receive calls in the later hours, an adjustment can cut costs.

Let your managers decide whether to keep specific employees on the clock, but you can oversee these decisions by implementing a system that accurately measures specific areas of your business’ productivity.

Nuxiba is a great tool to help you keep track of overall numbers, but also individual statistics—a great way to start an incentive program for strong performances. By offering bonuses to accurately reward those who deserve it, you’ll boost employee satisfaction and cut staffing costs in the process. Why shouldn’t you invest more where you see the largest returns and less where you don’t?

3. Travel logistics.

If your business requires a ton of driving, GasBuddy is a website and mobile app that finds the closest gas stations with the lowest prices. Keep your vehicle maintained with balanced tire pressure, gas treatment formulas and even gas-saving devices.  With some research, you can find safe and effective solutions to save you more dollars at the pump.

Also, planning your days on the road ahead of time—whether for multiple meetings and networking opportunities or because your business requires the constant travel—will save you time and money. Run your route through Google Maps or MapQuest’s Route Planner to see a bird’s eye view of your path to optimize it for most efficient travel.  These tweaks really add up and can eliminate unnecessary travel costs.

 

Don’t let your overhead hang over your head! Take control of these costs and help your business function like an affordable, well-oiled machine.

Cut costs and direct more capital towards employee compensation, new equipment and other initiatives for overall business growth. And with the entrepreneur often getting paid at the end, these changes will definitely increase your bottom line, which often suffers greatly from unrestrained and unneeded preventable costs.

What are your favorite cash flow tips? Did you enjoy this article? If so, subscribe to YFS Magazine and never miss an update. Don’t forget to make our friendship official and join Young, Fabulous & Self-Employed entrepreneurs on Facebook.

Photo Credit: Qipai

Nick FriedmanNick Friedman is President and Co-Founder of College Hunks Hauling Junk and College Hunks Moving, the largest and fastest growing US-based junk removal and moving franchise opportunities. He started the business in college with his best friend in a beat up cargo van, and now has over 35 locations nationwide.

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