POSTS TAGGED : business costs

5 Ways to Reduce Inventory Holding Costs as a Small Business Owner

They say that many small businesses permanently close at some point within their first few years of operating. One of the reasons for this is the continuous expenses businesses require in order to keep up and running. Unfortunately, these expenses don’t go away, even if the business isn’t profitable or making sales at all.

Inventory management

Inventory holdings costs are one thing that may burden small business owners. So, how can we reduce these costs and, in turn, help make running a small business more affordable so that business owners can be more successful? We have some useful tips for you.

1. Don’t Overstock on Items

It’s easier said than done at times, but it’s critical to make sure you aren’t overstocking on items.…

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3 Types of Tech That Can Reduce Business Costs

Keeping costs low is an important way to minimize waste and increase profitability. When you’re running a small business, it’s vital to make the most of your budget. By reducing overheads where you can, you’ll be able to invest more resources in other critical areas and generate higher profits. Fortunately, technology makes it easy to minimize business expenditure.

Cloud tech cuts costs

photo credit: Pixabay

To find out how you can drastically reduce your outgoings, take a look at these three types of tech that can reduce business costs now:

1. Cloud Storage

Switching to the cloud means you won’t have to rely on physical servers to host applications, store data or run platforms.…

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How to Prepare Your Business From Unpredictable IT Costs

Handling a business is no cakewalk. Every day comes with a new challenge, and there is no perfect solution to anything. Its uncertainties characterize trade. For some, it enhances the excitement of working while, for some, it becomes wearing. However, for everyone, unpredictable costs turning their heads up amid the session become a considerable challenge, particularly the IT costs being the most expensive of all.

IT costs management

These are a few tips for you to keep in mind while planning and managing your way through the unpredictabilities.

The Budgeting team

A budget team becomes a critical part of your business. The right set of people who know exactly what they need to do can be crucial in sailing through the hard times.…

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4 Things you Can Automate to Cut Business Costs

Automation isn’t just for large corporations, SME’s can leverage it to enjoy benefits as well. Both B2B and B2B companies can use automation to streamline business processes and reduce costs. Given most businesses are looking to do more with less, automation of business processes is rising in the enterprise ‘to do’ lists.

Entrepreneur using business software

If your staff, management, and other personnel are required to do repetitive, multiple tasks to conduct operations, it’s an indication that automation opportunities exist. The potential for long-term savings and human error minimization further supports the case for automation for SMEs.

Here are some areas that can be automated to save time in execution and reduce expenses:

1. 

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