Capital is a business’ lifeblood. Sure, ambition and willpower to make it happen both play equal parts. But without money to fuel operations, a business cannot hope to establish a solid base. As a smart business owner, conserving capital spending is essential for continued operations. Below are 5 tools that will help you achieve that and more.
Upfront, laptops cost less than their desktop counterparts. A decent laptop powerful enough to manage payrolls, invoices, spreadsheets, and other business-related tasks will cost you less than $1,000. Meanwhile, a full desktop setup with a separate keyboard, mouse, and webcam will cost upwards of that. In addition, studies show that laptops use up to 80 percent less power than desktop computers that remain plugged into a power outlet at all times. Laptops, on the other hand, can be plugged off while being used and even gives your employees and yourself added mobility.
Finance Management Apps
Software programs like Mint and Page Once act as sort of babysitters for your precious capital. They are designed to connect multiple financial accounts into one easy-to-manage account, intuitively organize and categorize expenses, and creates an effective plan to stretch every dollar. Most apps are free to use indefinitely while others only offer a 30-day free trial period. Before you invest in any mobile app, assess its security protocols, functionality, and overall value.
As the world turns to sustainable, eco-friendly solutions, solar panels for residential and commercial structures have become increasingly popular, and for good reason. According to a 2011 report, in a span of 20 years while using solar panels, a business can expect to save up to $32,000. States like Hawaii offer electricity savings of up to $65,000 for that same 20-year time frame. While the initial cost of getting solar panels installed by a professional contractor may be a bit high, there are financial plans that allow customers to pay in installments thus reducing the financial blow of the steep cost.
Outsourcing is another modern practice that only came into being a few years back. It benefits both the employer and the employee as companies can outsource talent at cheaper prices while labor forces are given an optional route towards acquiring a steady source of income and livelihood. Whether you’re in need of accountants, secretaries, or web developers, outsourcing websites like Upwork and Freelancer are at your disposal.
Wielding social media properly can save a business tons of capital while still obtaining the attention it needs from consumers. Social media websites like Facebook and Twitter are visited by millions of people on a daily basis. If you can establish your brand via thought-provoking, entertaining, and useful posts and comments, you may just be able to market your brand without spending a dime. Of course, it takes time to test out which strategies work best for capturing the attention of your target audiences.
There are countless more money-saving tools you can explore for your business, whether you run a multinational, million-dollar brand or a mom-and-pop shop. Nonetheless, the 5 aforementioned tools should be your starting point as these are very simple to acquire yet offer long-term savings.
Jessica Kane is a professional blogger who writes for Faxage, a leading company that provide internet fax services for individuals and businesses.