Effective Money Management Tips for SMEs

A successful business doesn't just require a good business idea but it also needs to have efficient money management skills. This is especially important for small and medium size enterprises as they require constant growth in this vast corporate world. Knowing something and doing something are two different things, therefore you must always remember that the key to success lies in your hand which is only effective with money management in business.

So the first question to ask yourself is ‘Where do you start from’? In case you find yourself confused and run out of solutions, the best option is to consult professional guidance. At Bizcostsavers B2B Marketplace, our goal is to help all SMEs construct and adapt efficient solutions to reduce your costs and manage your funds well through our online business listings, community forums and resource materials. Here are a few pointers which can help you start:

Reduce Labour Costs

One of the biggest costs you will incur is undoubtedly related to labor. Instead go for alternative solutions such as outsourcing and hiring interns. When you outsource you avoid paying as much as you would to a full time employee. When you outsource, you employ a person for a short term project for limited pay. This will also allow you to obtain specialized services from the person you outsource the job to. The other option which is hiring interns can be very beneficial too. Interns require experience while you just need to get the work done therefore there is no cost included in this equation.

Shared Offices

Infrastructure can be very expensive for small and medium size businesses, which have tight budgets. With shared offices you can enjoy the benefits of shared rent, networking and obtaining potential clients or investors. In terms of cost you will be sharing it with other offices and enjoying all amenities such as conference rooms and cubicles. Along with management of money you will also be enjoying added benefits that will help enhance the growth of your company.

Save Resources

Reduce your bills by adapting the green initiative. In your office you can reduce consumption of paper and electricity bills as well. Buy CFC bulbs for lighting and install solar panels to reduce your bills. Apart from this you can utilize used office furniture instead of spending a large amount on new furniture. You might think that used furniture will look bad to your clients but that’s not the case. There are many stores and warehouses that have used furniture in great condition for use. Imagine the huge cut in costs just by opting for these small solutions.

Barter

If you are looking for a harmonious as well as a cost effective solution, then bartering is the answer for you. In this age old but effective method, you exchange services instead of cash with another company. Basically both companies will perform services for each other instead of dealing with cash. Such a move will help you network and socialize more with companies from different sectors. 

By using these few solutions you can be ensured of the fact that your money management skills are on the right track. So don’t waste any more of your precious funds, consult us for some constructive alternatives today!  

4 Ways to Save Business Costs on Infrastructure

For any business, whether established or new, the primary factor of concern always remains business costs. How do you cut costs without hurting your company? One of the biggest areas where you tend to shell out a lot of money is on the infrastructure. It is an obvious fact that you require a nice office where you can meet your clients and potential investors.

Additionally, the way your office looks can also create an impact on your clients. It is a normal human tendency to think that everything classy requires large amounts of money. However this is not true anymore because of the various options that help you reduce your costs and project your company in the best way. At Bizcostsavers B2B Marketplace, we help you to connect with vendors providing alternative cost saving solutions for infrastructure and office space. Find out how you can offer an amazing office infrastructure by paying just a minimal amount:

Shared Offices

This contemporary solution involves many business organizations working together in one office space. You basically share the costs with the other companies. This ensures that you get the best facilities at premier locations for a fraction of the cost you would have to pay for traditional offices. Along with costs, you have the availability of various added benefits such as great networking, inspirational ideas and a wide diversity of individuals from different sectors of business. Today many established and start-up companies prefer to opt for shared office spaces because they have realized the importance of cutting costs for better profits.

Home Offices

This is a very popular option which many companies are opting for today. Home offices basically mean that your employees work from their own home which helps you save transportation costs, costs of resource usage and electricity costs. When employees work from their own homes, they make use of their own resources like the kitchen and broadband at their own expense rather than using up these resources at your office. Many individuals today prefer to have home offices as this seems to be a very convenient option as well. So trying this alternative would surely do you some good! 

Used Furniture

If you are planning to buy new furniture for your office then just stop for a second and give a thought to used furniture. There are many online stores that sell used furniture which is in great condition for very little compared to new ones. Some companies tend to get rid of their furniture which is not very old at some storage or warehouse facilities, so by contacting these people you get a wide range of furniture for a minimum amount. Think about the amount of money you will be saving for future business costs.

Serviced Offices

Imagine having an office in a prime business centre where you do not have to worry about maintenance. This is one of the most convenient and cost effective options for any company, which is exactly why you must have a look at serviced offices. These offices have flexible options in terms of lease and you wouldn't have to worry about stocking the kitchen or employing people to clean the whole office. All these small things are taken care by the management, thus allowing you to concentrate completely on your business. The best part is that you get all these benefits at a comparatively lower cost.

So utilize these smart solutions to the maximum and be ensured that you have saved a lot of money for your business. We provide such strategic and competent solutions which will work wonders by cutting maximum costs for your company. So without wasting any further time, make a choice and enjoy the satisfaction of cutting costs for your company.

5 Ways of Bootstrapping Your Start-up

One of the biggest challenges associated with laying the foundations of a start-up in the corporate market is funding. Not everyone is lucky enough to get funded by venture capital or angel investors; you generally have to put in money from your savings or loans. When the budget is tight, your priority lies in keeping it more realistic and sufficient for a good amount of time.  In such situations, bootstrapping for your start-up becomes absolutely essential. Bootstrapping is the concept of keeping your budget low and realistic by utilizing the resources that are readily available to you.

At Bizcostsavers B2B Marketplace, we provide you with efficient solutions that allow you to utilize your resources in the most effective manner. We believe that by adapting the following ways for bootstrapping your start-up, you will achieve the best results of your tight investment in to the business. So have a look at some of our suggestions for you below:

Outsourcing: When you do not have enough money to hire an employee on a short term project, your best option is to outsource. The internet as a search engine holds a broad pool of talent in all fields so you wouldn't have to worry about finding the right fit. There are a bunch of web designers, programmers, writers and more available to work for you from their respective locations. You will be saving up the costs incurred by having an employee on site. To outsource people there are many specific websites out there; we help you find the most reliable websites so that you can choose from the best lot.

Interns: Hiring interns will prove to be a win-win situation for both. You will get support for your start-up at little or no cost while the intern gains sufficient knowledge and experience for the future. Interns are very useful for small hands on tasks that usually require the employment of another employee. Instead by keeping an intern you save the cost which would be spent on a full time employee. Especially since start-ups are fairly small and growing, hiring interns will benefit you as they can become involved in all aspects of the company.

Energy Efficient Solutions: Saving energy in your office will take you a long way, not only as a cost effective measure but also as an environmental saver. Simple steps such as using compact fluorescent light bulbs, using recycled products, keeping energy efficient appliances in your kitchen and adopting rain water harvesting will bring down your costs by a large margin. Not only will you be efficiently using your resources but you will also benefit from the added branding message that your company will gain by going green.

Barter: Bartering opportunities have springing up on the internet with the prominence of various business to business websites. This is one of the best solutions for small start-up to get what they need in the most inexpensive manner. Basically using this service will mean that you are providing services in exchange for other services from the person at the other end. So as you can see this method does not really involve cash flow, it’s just an exchange of services.

Shared Offices: Otherwise known as co-working, this concept has become quite the trend for start-ups today. Renting office space is a very difficult process considering high real estate costs and finding the right location. When you opt for shared offices, you will not have to worry about both those problems. Such shared offices are very vibrant and located at prime business locations only for a fraction of the cost. You will have the opportunity to explore the many benefits associated with co-working which will have a far greater impact on reducing your costs too.

Being a start-up company, you may think it is very difficult in managing a whole lot of aspects associated with it. However bootstrapping is your best and most convenient option and at Bizcostsavers we make it easier for you by providing solutions to save costs and go big. So always remember this: Cutting expenses only means one thing, more profits for you and your business. 

8 Unique Ways to Cut Business Costs in 2014

In today’s progressing economy, costs are augmenting quickly for business organizations. Whether it is the cost of office space, equipment or labor; businesses are looking for ways to reduce these costs so that they can retain maximum profits. Though you cannot completely eliminate your costs, they can be effectively reduced with the right strategies. By adopting smart options you will be able to efficiently reduce costs and in the bargain, garner more profits to venture in to other areas of business At Bizcostsavers B2B marketplace, we help you to connect with providers of alternate cost saving solutions from low cost technology to freelancers, shared office space and more. We understand the importance of reducing costs therefore we provide unique ways from which you can benefit.

In recent times, many companies are switching to various solutions that are both beneficial to them and others. Therefore we make it simpler for you by providing you a one-stop solution for all your business cost management requirements. Here are eight unique ways to effectively implement the following strategy:

Outsource

Instead of employing people on full time basis as your staff, you can bring in freelancers or independent consultant for short term contracts. In this way, you can cut costs by not having to pay full time salary with benefits as a regular employee requires. With such short term projects, you will also have the opportunity to analyse the talent of such short term freelancers and employ them later on full time basis because of their good work.

Buy Used Equipment

Utilizing equipment for your office which is even a few months old will considerably decrease your costs to a large extent. Since technology keeps improving over time, you will be able to get huge discounts on software and hardware that was recently replaced. There are various companies willing to provide office furniture which have been used but are in excellent condition. The investment here would be smart and feasible for any business venture.

Supplies

Make it a point to use recycled products in the office such as recycled printer cartridges, paper and office stationery. There are many stores which offer office supplies made out of recycled products. Not only does this reduce your costs but it creates a strong impression on your clients about your ethics and values. Make an effort to reduce consumption of paper and make everything more electronic.

Office Space

Buying an individual office space can result in high investments and liabilities, so the best option would be to share office space. Adopting the co-working concept ensures that your costs are reduced and you get an office in a prime location with good facilities. This provides other added benefits like networking, sharing knowledge and gaining potential customers. Shared office spaces are extremely profitable for new business ventures as they start off with considerably low budget and aim to reduce costs from the beginning.

Reduce Energy Consumption

Changing to CFC bulbs, adopting rain water harvesting, using energy efficient appliances and installing water saving taps can reduce so much energy consumption. In the bargain you will be taking care of the environment as well. Taking notice of small things like turning of electrical equipment when not in use can work wonders to reduce electricity bills.

Hire Interns

Hiring interns will be a constructive option for both the interns and the business since you enjoy low cost labor while they enjoy the experience of working. Though interns may require some training, you will still be getting work done for a lesser amount than employing someone for it. There will be new exposure and a change in the office environment too which is good for the company once in a while.

Work at Home

Allowing employees to work from home even once a week will bring down your electricity costs to a large extent. Invariably you may end up occupying a smaller office and reducing the cost of office space as well if your employees are allowed to work from home.

Shared Transport

Provide shared transport for your employees by contacting companies which provide such services. This will reduce your transportation costs considerably over time. Instead of providing individual transport facilities, carpooling is another way to effectively reduce costs as well. Apply this ethical solution for your employees so that they can understand its value as well.

Each business venture has their own set of requirements and liabilities. At Bizcostsavers marketplace, we help you search for the best solution for cost cutting in your company. By lowering your business overheads, your business will function smartly in the long run, setting you apart from your competitors. You may even use this as a marketing value for your company.