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Ways to Reduce Expenses and Increase Profit For Your Business

Lady Happy with Laptop in Office.

There is no doubt that running business costs money. No matter the business you are into, you can’t fully eliminate costs but you can significantly reduce them by using these 6 simple but effective methods below;

1. Outsource

Working with freelancers is the best way to save up to 50% cost for your business because you won’t have to pay a full-time salary to employees who you may not need after a project is completed.

2. Use email whenever possible.

When sending simple messages, like greetings to new customers, invitation for an event and requests to vendors, do it electronically. Small costs like stamps, envelopes and paper can add up fast, so cutting the little things can make a big difference.

3. Share resources with other businesses.

Find other businesses in your sector and try to share temporary human resources and or physical resources. Be innovative, for example, you can share office space or documentation templates rather than paying thousands of Naira.

4. Hire interns.

Hiring interns is a win-win situation. An internship program can save cost for your business. You can acquire brilliant, youthful and determined workers to do minor tasks for little pay. Interns can be graduates doing their NYSC or undergraduates looking for IT placements.

5. Travel less.

You can save a lot of time and money by avoiding unnecessary trips or meetings. Use online resources like Skype to conduct meetings with people in multiple locations rather than traveling to visit them in person.

6. Ask for a discount.

Just ask whatever vendor if they have some kind of promotional offer and what it might entail. 90% of the time, asking for a discount and then preparing to walk away if it isn’t granted will actually be the trick to save you money and secure that discount. Try it!

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