Author: Liz Frome
Going through the last 10 months I have tried to think of a variety of ways to help cut back on The Job Shop’s overhead. In going through this process one key thing that has really helped is; IT NEVER HURTS TO ASK! Of course, the top thing that comes to mind when looking to save money is to go through all your monthly bills and see where you can cut back.
How I started was to make a list of all the bills I pay in the month with amounts and contact information and I started making calls and sending emails until I was through the list. When I had finished my list and made calls to our vendors; I saved The Job Shop over $4,000 a month. One of the BIG items The Job Shop can save money on currently is rent. Commercial Real Estate rent prices are at the lowest in San Francisco since the 1990’s and has dropped 35%. This is a big task to tackle but we do have time now during Covid19 and there are many great office spaces out there currently. I tried to negotiate with our current landlord, and he was not wiling to reduce the monthly rent. I have started looking for new space and it seems if The Job Shop does move, we will be able to save $3,00 to $3,500 per month and will have additional savings with renegotiating some of our contracts due to the move.
Sometimes it seems overwhelming but once you start the process it becomes a BIG positive that you are doing something for your company. Please do keep in mind there are a lot of friends out there that would be more than willing to help; all you must do is reach out.
I have listed below 12 other ways that may save your company money; it may take some time, but it will pay off in the end. You can of course google many more ideas that can be relevant to your company; there are many tips out there!
1) Set an example
One of the best ways to help your business save money is to set an example for the rest of your business. Social influence is a mindful tool.
2) Hold less meetings
Meetings done right will move projects forward and help your business grow. When meetings are done poorly, they will quickly become a thorn in the side of your business.
3) Move away from traditional marketing
It is expensive to run ads on TV and print. You can turn to low-cost forms of marketing. New forms of digital marketing are also low-cost and can provide large payoffs. Effective social media marketing can be done in just 6 hours a week.
4) Buy supplies in bulk
Typically, things are cheaper when you buy them in bulk. All frequent-used items should be bought n bulk to save your business money.
5) Go paperless
Paper is always going to cost money. Software can create infinite amounts of digital documents with minimal cost.
6) Hire interns
There are a lot of graduates looking for jobs or internships. They will do anything to work in a company for some experience.
7) Less traveling
Plenty of meetings can now be done with online applications. Taking unnecessary trips will do nothing but waste your company’s time and cost a fortune for traveling expenses.
8) Avoid interest at all costs
Debt is the enemy of any business. Some suppliers will overwhelm you with interest so always try to make interest-free deals.
9) Guest posting on other blogs
This is like giving a speech at an event because it is another value exchange with someone in your industry. Guest posting on other blogs is low cost to each party but provides business access to each other’s audiences.
10) Volunteer to give a presentation at industry events
Giving a speech is a great way to build your brand at a low cost. Consider getting maximum value out of it by also recording your speech and offering it back to website visitors.
11) Use interactive calendars
It takes time to find out the availability of colleagues. To combat this, simply have shared and open calendars.
Of course, The Job Shop loves this last tip the best.
12) Hire temporary workforce
Occasionally, your company might have a specific task that isn’t necessarily vital in the business operation. Hiring a full-time employee for it will be wasting a lot of resources and you will be required to give them all their benefits as full time employees. It will help you save a lot of expenses while minimizing your workforce and keeping the necessary employees that contribute daily to your company. So call your staffing agency today! It can also be both easier and quicker to cut costs than to increase revenue; especially during a Pandemic. Cutting costs is key for business success. If you ignore it, you’re shooting yourself in the foot. It’s that simple. Be savvy, reach out, and remember sometimes change is scary but it can help you save money.