As a business owner, it’s necessary to keep track of company expenses as a way to maximize profit. But with all the costs to keep a business running, especially the nitty gritty overheads, it is possible that you’re losing money over several unnecessary expenses.
Here are three simple ways to cut your business costs:
1. Use free tools
Using unregistered software is a bad business practice but getting your whole staff office or photo editing software can be expensive or unnecessary. There are plenty of free alternatives to costly software so you can save up.
Does everyone really need all the features of a top of the line office software or are they good as long as they can create documents, spreadsheets, and presentations? Here are three alternatives to paid office tools: Google Docs, FreeOffice, and LibreOffice.
Your graphic designer may need an industry standard photo editing software but how many of your employees need it as well? Maybe you don’t really need one for your social media manager when there are free alternatives for editing pictures and creating graphic layouts. Check out GIMP (Windows, Mac, Linux), Pixlr Editor, or Canva.
Some video editing software come with Mac or Windows and purchasing software for pros might be unnecessary for putting together simple videos for your blog or social media accounts. Here are some free software you can use instead: OpenShot or iMovie.
2. Optimize ad expenditure
Companies can be spending thousands on online ads that don’t convert. Market Domination Media Founder Jonathan Long says one way to reduce your cost-per-click while increasing your conversions is to AB test copy and image variations of your ads. That helps you determine which ads are bringing on positive ROI from those that are not performing.
To know more, you can check out Jonathan’s article here.
3. Hire freelancers
Before you run to a recruiter or post a job opening, assess if a full-time employee is needed for that post. Do you require a content writer, web developer, or graphic designer to report to work for eight to nine hours a day, five days a week? Or do you only need them occasionally or on a per-project basis? Hiring a full-time employee can be costly as you have to provide for their office space, computer, benefits, and paid leaves on top of their salaries. So before you go out looking to hire full-time, consider hiring freelancers.
Ready to get some work done? Post a project and work with skilled freelancers from around the world.