Many businesses are looking to find new ways to stay afloat due to the pandemic’s impact on cash flow in recent times, amongst other things. One of the best ways to get your business back in decent financial shape is to cut your business costs.
2. Team up with other businesses to negotiate bulk deals
Another way you could potentially save money on essential business supplies is by teaming up with other small businesses in your area that use the same/similar supplies. By teaming up, you can put a bulk order in with the supplier and benefit from the, often generous, discounts that come with doing so.
If you haven’t already digitalized your business, now is the perfect time to do so because not only has the technology to do so, including cloud computing, never been more available, but it has also never been cheaper.
Okay, so this isn’t always possible but if you run a business that manufactures a product and you end up with one or more waste products, as a result, see if those products can be sold on instead of recycled or sent to the local dump.
We tend to think of price comparisons as something we do as private consumers to get cheaper energy bills or car insurance. Still, there is no reason why you cannot always use them to find more affordable business insurance or bank accounts, for example, and doing so at least once a year is a great way to shave some of your costs without it causing you any pain.