Best recommendations to reduce small business costs in 2020

5 recommendations to lower small business costs today? Time is money. If you aren’t working productively then you’re only wasting time and bleeding money. Try the following to keep down business costs that come with wasted time: Minimize distractions by using apps like Focus Booster, Todoist, or Rescue Time. These apps help you focus and stay on point so important tasks don’t get forgotten. Connecteam and Toggl track hours worked (for you and your team), the time work activities or projects took, and highlighted billable hours. Make it clear how long a task should take and offer incentives if the time frame is met or takes even less time.

It’s 20 times harder to gain a new customer than it is to keep an existing one. Evaluate your customer journey. Are customers being treated professionally throughout the journey? Examine everything from the sales process to billing to support to customer service. Is the level of service hiqh-quality for every department? We’re living in an unprecedented time in which nothing is as simple as it was just a few months ago. Because of lockdowns around the globe, some companies are finding times much tighter than ever, and that can put an onus on those in positions of power to make savings across the business to ensure that it’s financially secure.

Let’s face it, there’s fluff in every company – “fluff” being all those enjoyable but unnecessary expenditures. When money is plentiful, we don’t notice the extra costs. But when something takes a bite out of our profits, then they stand out. Find the person who monitors the expenses, and set them on a mission to rid the business of anything that doesn’t bring in business or increase profitability. – Rhett Kniep, Centurion 7 Business Advisors Second only to wages, real estate leases and rents are one of the biggest line items for most businesses. Look for ways to consolidate locations, shift to co-working spaces, or adopt a permanent work from home model. The key is leaders who inspire trust, empathy and connection, plus the technology to make it all work. – Benjamin Elzweig, Active Staffing Services

Cloud computing is very popular, and it isn’t hard to see why. This fairly new technology can be used in various ways; for instance, you could host a virtual phone system from your house as a customer service line. This means you can provide your clients and customers with a reliable, affordable form of customer service – even if you don’t have an office or any employees. Discretionary expenses are costs that you want but don’t need. For instance, you may be spending money on weekly snacks for the office, or you may want to buy a water cooler. We suggest holding off on discretionary expenses if you want to save money; after all, you can always buy these items later, when your business is booming! Discover even more information on Reduce business costs.

Another way of saving money is to opt for a multi-line phone system for your small business. With the help of this system, you can use one phone to host more than one phone number. This makes it easier for you to make calls for your business. You can also make calls from your desired number by setting up a shortcut dial for it. This system is also pretty simple to install and does not cost a lot of money. Big businesses use a PBX system for these purposes, but a small business might not be able to afford it. A multi-line phone system is hosted by a cloud system and is reliable as well. That is why it is highly recommended that one should consider getting multi line phone systems for small business.