“If I only had more money…”
Have you heard that before? It’s the refrain of the frustrated business owner. In fact, you might have told yourself as much when reviewing your monthly expenses, wondering where all of the charges could possibly be coming from. Then, with great pain, you write the checks, sign them, and spend another month wishing you could only earn more money.
But what if there was a simpler solution? What if you could simply reduce your expenses quickly?
We know: you have contracts and obligations, and lowering costs isn’t always so easy. But you’d be surprised at what you can do once you know the right ways to reduce expenses, including the following cost savings ideas for businesses:
#1: Scour for billing errors. Rectifying an overcharge is the quickest way to save money; oftentimes, it’s simply a matter of contacting the company that overcharged you and making them aware of the problem. They fix it, your bill gets lowered, and you’ve found savings. The only investment it requires from you is time and labor—and, if you don’t want to handle that yourself, we think we might have a better solution for you at the end of this article.
#2: Look for negotiable rates. Contracts are contracts, sure. But when there is room to negotiate, you should take advantage of your position and negotiate the best possible savings for your expenses. You’d be amazed at how many businesses assume “the rate is the rate” and end up paying more for common business expenses than they have to.
#3: Optimize the service levels of your expenses. Let’s say that your business runs a “software as a service” or SaaS program. You pay for the “unlimited” version of the program, which costs you double what the next tier costs. You like having that unlimited version because of its flexibility. But what if you never even exceed the second tier usage of that software? It means you’re paying too much money for the highest tier of a service that could cost you far less.
#4: Scrutinize every expense and look for possible cuts. Are there services that your business can do without? Subscriptions that you still pay for but never use? Look for the expenses you can cut today with no effect on your bottom line except to result in more net money. Let go of attachments to old subscriptions that no longer help your business.
#5: Don’t pay upfront to have your business expenses reduced. Some expense reduction analysts require paying upfront in order to get them started looking at your bills. It’s better to work with someone that will only require their fee in the form of a percentage of the money they save you.
Naturally, you see where we’re going with this: that’s how we handle things here at SIB Development. Contact us to find out more about our expense management process and how easy it is to start cutting your expenses—and quickly.