Simple Ways to Reduce Business Expenses

In an uncertain economy, such as the one we are living nowadays where every penny counts, even the smallest reduction in expenses can have a big impact on your company profitability.

Reducing expenses may sound complicated, but in reality it is not! We are going to provide you with simple, common sense steps that will help you reducing your expense, especially for small business.

  1. Use the Right Technology: Using technology whenever possible can help you save money and take your business forward. Hold meetings virtually so you can save on petrol/gas money. Use online payment services, like Paga, Fawry or USSD. Google drive is a fantastic free tool that can help organize and centralize your company documents and offer collaboration tools so you do not need a million paper documents and countless physical meetings.

  2. Go Paperless: Sure, the price of paper, ink, mailing supplies, and postage is minimal but it can add up to extraordinary amounts if you are not careful. By going paperless (unless printing is necessary), you can reduce these recurring business costs. Switch to a digital invoice and bill payment system and you can file all paperwork on your computer or on your phone.

  3. Create A Budget To Succeed: Budgeting is kind of a no-brainer when it comes to reducing business costs. You just cannot make smart financial decisions if you do not actually have a clear idea of how much money is coming in and out each month. A budget allows you to have a daily view of how you can reduce business expenses.

  4. Ensure you are paid on time: If you are a small business owner, you are likely to provide credit to your regular customers on the goods they purchase. However, collecting some of these credits back on time may not be an easy task, meaning that you may need to borrow some money and pay interest to the bank. You could save hundreds every year if you can collect your money on time.

  5. Time Management: Time is money, isn’t it? So be sure to work productively without wasting time otherwise you are just wasting money.

Pesabook is a fantastic APP that can help business owners to reduce some of their business expenses. Pesabook provides a FREE digital ledger to run your business on a daily basis. You can save money and time by keeping all your documents and expenses on the cloud (no more paper!). You can get a better understanding about your expenses, helping you creating and managing your budgets. You can keep track of your debtors and ensure your money is collected on time by setting-up up and sending reminders over WhatsApp, speeding up the debt collection process. Is this not fantastic? Use Pesabook today!

Thank you for reading this piece! We hope it helps you succeed in your business!

Download PesaBook on Google Playstore Here:

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