Home Advertising 11 Money-Saving Tips You May Not Have Considered for Your Business

11 Money-Saving Tips You May Not Have Considered for Your Business

As the cost of doing business rises, more and more business leaders are looking for ways to save money across their operations. Whether it’s quick fixes like eliminating unused subscriptions and tech or more long-term plays like retaining loyal talent, there are seemingly limitless cost-cutting measures you can employ to give your budget a little more wiggle room.

To offer up their own recommendations, the business leaders of Rolling Stone Culture Council outline the top money-saving tips that have worked for them and explain why other businesses should implement these strategies for themselves.

Continue (or Start) Working From Home

Stick with the work-from-home model. Statistically, businesses can save millions yearly by prioritizing remote work and meetings. Office space rentals, transit costs and office supplies add up, so if your business allows it, continue to use or adopt a work-from-home system or hybrid model. In most cases, enterprises remain just as productive and profitable, if not more so. – Cynthia Johnson, Bell + Ivy

Cut Out Unused Subscriptions

Review all of your monthly and yearly subscriptions. Are there any tools, plug-ins or paid newsletters you no longer use or don’t find helpful any longer? Unsubscribe from them! – Matt Campbell, My Wedding Songs

Bring On and Retain Top Senior Employees

Pay your employees more, and when hiring new employees, target senior hires who love to both develop strategy and execute it. The best ROI comes from hiring exceptional senior employees who never leave and who deliver more value than small teams of more junior hires. “Talent is expensive, and worth every penny.” – Tim Huelskamp, 1440 Media

Increase Prices by a Small Percentage

Share your expense creep and rising costs with your employees so they are aware of the challenges. Also, remember you can raise your prices by five percent and have a decrease in sales of 20 percent and have the same profit if expenses were constant. Small price increases offset expense creep. – Mike Parham, Bearly Awake Coffee and Adventure

Exchange Value With Other Businesses

Transform your workspace into a “Barter Bazaar” once a month. Invite local businesses to exchange services, products or expertise. For instance, a marketing expert could offer consultation in exchange for web design. It’s networking, team-building and cost-saving rolled into one vibrant event! – Arvin Khamseh, SOLDOUT NFTs

The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?

Skip Third-Party Distributors

For our commercial AV integrations division, we were purchasing many items from third-party distributors. After realizing the amount of spend we have on new equipment, we established direct relationships with manufacturers to receive dealer pricing. – Kice Akkawi, Treblemonsters

Research New, More Cost-Effective Tools

Each year I do a search on the tools I use and find where I can save. For example, our newsletter sends at one company are 300-plus a month and at another company it’s under 100 with the same services! Same for our online events — we have changed three times, but have saved thousands. Plus, it is fun to see what new technology is out there. – Susan Johnston, New Media Film Festival®

Automate Tasks for Operational Efficiency

In my experience, the golden rule is this: Prioritize operational efficiency from day one. Automation is key here. Automating tasks, even simple ones, not only saves on immediate costs but also positions your company for scalable growth. In one venture, a machine learning algorithm we implemented in our supply chain saved us seven figures annually, funds we reinvested in research and development. – Joshua Adragna, Eyerate

Invest in Marketing

So many businesses think it’s all on sales, but sales without strategy is just cold calling colder prospects. Having a team dedicated to understanding how to best reach the target audience, demographic or market is critical in lean times and, for some reason, counterintuitive. – Cate Rubenstein

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Opt for Specialized Contractors Over Full-Time Hires

My favorite money-saving tip for businesses is to opt for specialized contractors instead of full-time hires for specific projects or tasks. This approach allows companies to operate within a predictable budget while also accessing a talent pool with world-class skill sets that might not be required on a permanent basis. – Adam Ayers, Number 5

Regularly Assess Team Dynamics and Operations

To combat rising costs, I advocate for consistent team reviews and retrospectives. By regularly assessing team dynamics and operational efficiency, businesses can identify areas of wastage and redundancy. This not only saves money but also fosters a culture of continuous improvement. When teams are aligned and operations are streamlined, the financial benefits naturally follow. – Tim Haldorsson, Lunar Strategy