8 Ways to Cut Your Monthly Business Expenses

Make technology your friend. – Is the submission of documents taking too long? Is accounting taking up too much of your team’s time? Make use of technology! Many businesses believe that investing in such products is a waste of money, but few understand that time is money. Using products and services saves time and reduces instances of manual error, resulting in smoother work and more room for creativity.

Before you buy, try it out. – Seasoned shoppers all agree on one thing: “One should shop around before buying.” Similarly, businesses should not rush to buy a product for the entire team. Most products offer free trials or discounts for the first month, allowing your team to test it out before purchasing it. If the tool does not provide free trials, purchase it for one person before purchasing it for the entire team. Before making a decision, compare different products on the market, consider their pricing, read peer reviews, and so on.

Purchase in bulk – Buying in bulk is a money-saving strategy used by both large and small businesses. It is always cheaper to buy in bulk, whether it is the retail shop owner across the street or designers who bulk buy fabrics to make a profit. Purchase essentials such as office supplies such as paper, printer cartridges, and so on in bulk, as well as products such as tissues, coffee, and so on. You could save thousands of Rands this way.

Keep track of every single expense. – Keep a record of all miscellaneous expenses or purchase tools to track all types of expenses, no matter how minor or insignificant they appear. Small expenses can quickly add up and create bottlenecks when it comes to filing taxes. Saving all receipts and reviewing credit card settlements at the end of the month is the best way to track these expenses. There are numerous apps and service products available to assist with this.

Review expenses every quarter

Have you purchased a SaaS (Software as a service) tool in the last quarter? Don’t forget to cancel the subscription when you no longer need it! If you forget, you will find that your company is burdened by services that you never use, weighing down the balance sheet.

Look for innovative alternatives to traditional vendors.

Some services are required by all businesses, regardless of size. If you are looking for HR and Recruitment services, do not rely solely on conventional options, but rather investigate and then select the agency or services based on your needs.

Use credit card rewards points to buy gift cards. – Use your credit card reward points to buy gift cards to cut down on business expenses such as employee gifts, office supplies, and travel. These points can save you thousands of Rands.

Re-negotiate payment terms and timelines with customers. – If you run a B2B company and your customers request payment terms of 30-90 days, offer them a discount on their next purchase in exchange for prompt payment. Alternatively, you could offer a discount on current invoices in exchange for early payment, which can help your business grow while maintaining a healthy cash flow via invoice discounting platforms.