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Cost Saving Ideas for Small Business Owners
When you start a Singapore company in the initial business setup, it is important to cut costs so that you can increase your profitability. Business owners often work hard to cut costs in several areas, and they can get quite creative in cost-saving measures. Although many small-business owners equate saving money with making sacrifices, you can quickly and painlessly apply a number of cost-saving ideas without affecting your employees or operations.
Use Free Software
No business can run effectively without investing in relevant software. Commercial software packages often carry high price tags and even standard office suites can cost thousands of dollars. Instead of investing in an expensive software, reduce technology expenses by embracing free and open-source applications. Instead of paying thousands of dollars for an office suite, use open-source word processing and spreadsheet applications like Open Office or Star Office. In addition, businesses can create, edit and save office documents using free online services such as Google Docs. Open-source software can also fill an array of other business needs that range from accounting packages to word document processing.
As a business owner in a Singapore company, you ought to embrace the concept of hiring employees to do work you cannot do yourself. Instead of hiring a full-time or part-time employee, consider outsourcing important but short tasks like blog updates and social media management to a freelancer or specialized company. Not only will you pay only for the actual time worked, but you don’t have to pay CPF, medical and dental benefits for these workers.
Advertising costs can have a significant affect on a Singapore company’s bottom line, but you can reign in these expenses by sharing them with a complementary business. When printing flyers, for example, printing one side with your business’s information and reserving the other side for another advertiser allows you to split these costs with the other advertiser.
Many retailers particularly online retailers offer coupons that provide hefty discounts on everything from printers and toner to domain name registration. Using coupons can save a significant percentage off retail prices, and a quick Google internet search can often yield coupons ready for use with business setups.
When you start a company, most business setups prefer to use brand new office items, furniture, etc. Though business setups may want the newest equipment, they can save a significant amount of money by investing in gently used equipment. It doesn’t take a rocket scientist to figure out that using used but in good condition office items like laptops, tables, chairs, etc can significantly reduce your business expenditure, thus saving you money as a whole.
Get Venture Capital Seed
Write a good business plan of a few pages to get that venture capital seed for your business start-up. Most rich investors and government bodies do not mind giving out money for new start-ups to succeed in their business ventures. These are small companies with superb business ideas and model but may not have the financial means to carry them through.