If you’re in business, you already know that there’s always more expenses than you planned out right around the corner. Sometimes, it’s a pesky rental fee, other times, it’s something more pressing. As a business owner, part of your job is to ensure that you do what you can to save money without cutting down on quality. If you’re not sure where you can safely cut corners, these options definitely can help you out:
- Consolidate your software using a different terminal. You don’t need time-keeping software, a scheduling set, and a separate e-commerce service. The right mobile terminal can allow you to get everything you need, in one affordable package. Most people who do this see bills drop almost immediately.
- Cut out the advertising that doesn’t work. Software can actually allow you to figure out what ads actually attract customers to your business, and which ones are just wastes of time. If you stop pouring money into ads that don’t work, you’ll save a decent chunk of change – all without seeing any impact on your business. If you’re already optimizing your advertising, then you can also do similar to your company’s inventory. Using merchant analytics would allow you to see what’s selling – and what only looks like it’s selling. Either way, there are many ways to trim the fat of operating costs without upsetting clients.
- Close your storefront earlier on days when business is slow. Assuming that you have realized when your slow days are, there’s nothing wrong with closing shop to save more money. After all, paying your employees for hours where they will literally be doing nothing but sitting there isn’t productive to anyone.
- Consider downsizing your storefront. It’s true, mainstream retail is suffering due to the rise in popularity of e-commerce. If you find yourself struggling to meet rent, you might want to consider getting an e-commerce platform and doing business online instead. It seems to be working well for Amazon, wouldn’t you say?
- Get a terminal that has PassThrough technology. PassThrough technology is one of the fastest and easiest ways to see your savings pile up without upsetting your customers. With this technology, the standard 3.99% fee you usually have to take in order to charge a customer’s credit card is passed onto the consumer instead of you. PassThrough is no longer just for fledgling businesses. Bigger businesses also tend to see a huge benefit to using this technology. For a typical business making $100,000 per year, this averages out to savings of over $3,000 per year. For a bigger business that earns $5 million annually, savings will often accrue to over $150,000 per year. That’s a lot of money you could be saving!
The truth is that there’s always a new way to reduce cost while still keeping up quality, but it’s up to you to figure out what is worth trimming and what isn’t. If you want to start saving, it may be time to give us a call – we can help PassThrough some savings on to you.