The success of a small business often hangs on little details, like successful marketing or saving a few bucks here and there. If you’re starting a new business or need to overhaul your current business, these three tips will get you thinking about creative ways to save money by keeping a flexible business model, by going green, and by organizing your payroll program.
1. Keep your company flexible. Many young adults are switching jobs every few years, so let your business adapt to this trend. Happy employees will want to stick with a good company– that’s nothing new– and you will save money if you don’t have to keep training new employees. But having a rotation of employees can also be a good thing; not only do fresh faces bring creativity and energy, but they can bring new opportunities to expand and market your business. A young employee, for example, usually has extensive social media knowledge and experience, which are great platforms for marketing your business at little to no cost.
2. Go digital. A March 2014 story by CNN reported the findings of a 14-year old teen who claimed that switching the typeface used on government documents (Times New Roman) to a thinner typeface (Garamond) could save the country millions of dollars annually. While the findings of his report are still being disputed, one thing is clear: if changing a typeface on printed paper can save millions of dollars each year, then doing away with paper completely could probably save billions. This isn’t to say that a small business will save billions of dollars by keeping everything paperless, but cutting paper out of the annual budget is certain to save some money. Although the cost of a digital program may seem steep at first it will pay off in the long run.
3. Let someone else take care of your employee payroll program. Small businesses shouldn’t waste time on anything that isn’t their core business. Business owners lacking experience with finances and payroll taxes can easily become overwhelmed by the calculations and paperwork required to maintain a successful payroll program even for just a handful of employees. Outsourced payroll processing will save a business time and money, which can be invaluable for the success of a small business. Many payroll processing companies can even offer HR management solutions in addition to a basic payroll program solution.
No matter how you go about starting a small business, one thing is clear: staying creative and flexible is key for adapting to the digital world. Fortunately there are many services that your business can use to keep everything in order, whether it’s employee management or payroll program solutions.