Business owners handling rising expense costsBusiness owners handling rising expense costs

Monday, February 13 2012

If you are a business owner having a difficult time managing your expenses, there are a number of great cost-efficient tactics that can lighten the burden.

Location
Investigate the real estate prices of nearby commercial buildings. If you can relocate to a building with a significantly lower monthly rent, you should do so immediately. This can save you thousands of dollars every year. In today's globalized world, location doesn't mean as much as in the past.

Downsizing/upgrading dilemma
You will need to make certain decisions depending on whether you are downsizing or upgrading your workforce. Does the space you have accommodate the workforce you're bringing in? If you're downsizing, are there opportunities to rent less space?

No more business trips
You may have business affiliates across the country or overseas that you or your employees visit throughout the year. With video conferencing programs, you can save thousands on plane flights and hotel expenses. In addition, your interactions can happen any time of the day - assuming your affiliates are in their office or available to talk – which gives you the flexibility of holding a meeting on a whim.

Advertise effectively and on the cheap
According to Flurry Analytics and The Nielsen Group, nearly one in two mobile users in the United States and Western Europe own a smartphone and spend more than 160 minutes per day on applications and mobile-ready websites. Mobile ads are significantly less expensive than magazines and television, and if marketed through a popular mobile game or app, these advertisements may be more effective than other platforms.

Social networks, such as LinkedIn, Facebook and Twitter are excellent sites for connecting and networking. Altogether, those sites have more than 1 billion accounts open. Businesses, employees and potential clients can be contacted through social groups, ad campaigns and other inexpensive or free methods.

Take a step back from the daily grind and scour your expenses before throwing away one more dollar.

Green energy tactics
Your central heating system and insulation may be costing you hundreds of dollars extra per month that you don't need to be spending. With the installation of spray foam and a heating system approved by the Environmental Protection Agency (EPA), you will maintain the temperature and air quality of your office effectively while saving on your monthly energy costs.