The pandemic’s impact on businesses has been devastating. Millions have been forced into closure, while millions more have had to downsize and lose staff. Money’s tight at the moment. If your business has been negatively impacted by the pandemic and if you want to keep your business afloat, then it’s time that you began saving. This article will outline some of the best ways that you can save money for your business.
Software Discounts
If your business operates online, then you might want to begin looking for software discounts. If you look in the right places, then you can make huge savings on software. Buying software can be very expensive. In fact, it can be borderline extortionate. Instead of signing up for a highly-priced subscription, why not buy the software at a discounted price? As seen in this helpful article on Jungle Scout, you can get up to 50% off the final price of the program. This isn’t unique to Jungle Scout, either. You can make savings on thousands of software programs if you look hard enough!
Switching Vendors
Most businesses will have a list of vendors that they buy their supplies from. If you deal exclusively with a single vendor, then you might want to consider broadening your horizons. You might have a good relationship with your vendor, but that relationship doesn’t necessarily mean that you should lose money. If you do not want to switch vendors, then you should consider asking your vendor to give you discounts. If you have been a loyal customer, then this should not be a problem. If they do not want to give you discounts, then continue looking elsewhere for a better vendor who can offer you more manageable prices.
Trade Terms
Trade terms allow businesses to claim discounts from their suppliers after paying their invoices early. Most contracts do contain stipulations for these discounts, but this is not guaranteed. The discounts themselves will often be between 1% and 2%. While they may seem insignificant, over time they can save you a lot of money. If your contract does not contain any stipulations for trade terms, then you might want to contact your business’s vendors and ask them to be included in your next contract.
Consolidating Your Services
Another way to save your business money is to consolidate its services. Combine your business’s insurances into a single insurer. Similarly, combine all of your services, from gas, electric, and water, into a single energy provider. Anywhere in your business that consolidation is possible, then consolidate! Consolidating your services can give you access to customer loyalty schemes and discounts. Consolidating your services can save you a lot of money and it can make paying your bills much less stressful. You can also consider using budget templates by monday.com for this task.
Newsletter Subscriptions
Signing up for your vendors’ newsletters can be a great way to find discounts. Quite frequently, vendors will send out a full list of all of the deals that they are offering. While you may not necessarily get products that you regularly buy, you will still get products at a discounted price that you can sell. Newsletter subscriptions are as simple as keying in your email address and waiting for the newsletter to come. Alternatively, your newsletters may be dispatched to you by post.
Partner Programs
Partner programs are initiatives launched by wholesalers to encourage their ‘partners’ to market and sell their services for them at a discount while gaining commission. Partner programs are a great way to save money on products and make a profit. If your vendor does not appear to have any partner programs, then consider emailing them and asking them if they would consider one. If you have more than one vendor, signing up for all of their partner programs can be a fantastic way to save money. Partner programs also allow you to network with other businesses.
Software as a Service
Software as a service or Web-based software, on-demand software, or hosted software, is a way of accessing applications over the internet instead of buying, downloading, and installing the software on your computer. If you have a large office, SaaS can be very useful. Rather than purchasing an individual subscription, you can sign up and gain access to useful software. You do not need to maintain the software, as that will be done by the software manager. You can save a lot of money and time by using SaaS. It might be something to think about.
Saving your business money is likely to be one of your primary concerns at the moment. While the world appears to be slowly returning to normal, times are still hard. We hope that the solutions here will help your business to stay afloat.
