Let’s look into the 6 top Cost Cutting Tips that would benefit entrepreneurs.
Don’t hire too many people
Committing to a huge workforce is very expensive. It makes sense to Hire a few key individuals with critical skills to make sure the company progresses in the right decision. Downplaying the number of employees can also help you loosen the purse strings for hires that matter. As the company grows, you can always bring in new people. So, you need to understand what skills are important at every stage of progress.
The previous tip says not to hire too many people. So, what happens when you want some things done and you don’t have the skill set for that in your team? Want a job to be done and it’s not necessary that the job should be done by a full timer? Get a good freelancer to handle this. If you have a good freelancer at hand, recurring gigs can be handled easily. And since it’s not a long-term commitment, this works out cheaper and it is strictly pay per piece of work. How do you zero in on good freelancers? Ask for references, samples and such before you go ahead.
Entrepreneurs are hard pressed for time. They are generally busy donning several caps. So, it’s a wonderful idea to get the help of a Virtual Assistant. A virtual assistant can work out cheaper than hiring a horde of people to do certain tasks. Furthermore, it rids you of the time and effort spent on mundane tasks. A virtual assistant can send emails, take calls, schedule events, man a travel desk and do much more.
Get creative with your option pool. If you think a person from another state is good for the job, explore with remote working opportunities. This makes a lot of sense if you trust the person at the other end. Employees who Work From Home can help you cut costs: Space, energy, office infrastructure etc.
Market and advertise effectively
Be smart and find like-minded neighbors to split advertising and promotion costs. Promote events together. Pitch together and make sure you are as visible as you can be without spending much. Social media marketing is a wonderful aid to entrepreneurs today. Say what you want to say without spending a dime. Paid advertising can wait until you make it bigger.
Retrieve refunds for delayed packages
Did you know every time your package was delivered late you could claim for shipping refunds? All the major carriers like FedEx, UPS, DHL, Canada Post offer a full money back if they fail to deliver the package on the committed time. If you are an entrepreneur who ships in bulk volumes, you could be shaving your shipping costs. Moreover, if you avail an automated refund claim submission service like LateShipment, you could empower your business!