To stay competitive, you often have to keep your prices as low as possible. But, how do you do this without chipping away at your profits? The answer is to cut costs.
Well, every business owner knows that and is already cutting costs as much as they can. But, are they cutting them as low as they can actually go? There are always ways to find some hidden areas of opportunity to be able to cut your costs even further.
Sometimes it takes a little creativity. Beyond things like paying attention to your utilities like electricity and water usage, you can often cut even further.
In this article, I will help you out with a few interesting ideas that you may have not noticed before.
1 – Use cryptocurrency
There are a few ways that using Bitcoin and other cryptocurrency can save quite a bit of money for a company. For instance, sending money to a remote employee or paying an invoice can be done with Bitcoin instead of traditional money wire transfers. This cuts way down on the fees that it would normally cost.
If your remote workers don’t already have one, make sure they get a Bitcoin wallet to be able to receive payments.
Even accepting Bitcoin for payments will help cut costs dramatically as the fees are a fraction of what a typical merchant service charges for payment processing.
Aside from just using the currency, you can employ the technology of the blockchain. Use it for inventory control or shipping logistics by integrating devices with the Internet of Things.
Streamlining your business in this way will save you more money than you can imagine without too much of a change in your infrastructure.
2 – Hire a remote team
There are many parts of your business that do not require the employees to be in the office. Of course, there are some employees whose presence is essential but for the rest, you can use a remote team.
You’ll save money on payroll as remote workers come from parts of the world where the cost of living is lower so they can accept less. Then there are the other savings from many benefits that would normally be paid to office workers as well.
Operating an office full of people wastes a lot of resources so you will see savings in electricity, water and even less need to buy, repair and replace office equipment. A smaller office costs less to rent or lease, as well.
3 – Cut down on meetings
Meetings are an important part of your business to make sure everybody is on the same page. Yet, sometimes there are just too many meetings. This can actually cost you more money.
Think of how much it costs per hour for your employees. Then think about that when you have a meeting. For every hour of meetings you are paying them to do something other than their job. By putting a dollar figure on an hour of meetings, you will surely end up having fewer and shorter meetings.