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Top advices to reduce small business costs in 2020? Business owners want to make money, but far too many spend money unnecessarily. In fact, according to Business Insider, 82% of all businesses fail because of cash flow problems.. The easiest way you can reduce business costs is by recognizing the necessary from the unnecessary. If you’re paying thousands to a social media expert but have the highest and most positive social media presence then that’s a market differentiator. However, if you’re paying tons to an automated service line then you’re looking at a place to start when cutting costs.

Most business owners lease equipment or sign contracts for service. Every year or two, contact your vendors and ask if your contract can be reduced in any way. Expenses might include phone and internet service, cleaning services, health insurance, building and liability insurance, equipment leases, and pest control. If the vendor cannot reduce expenses, research opportunities to contract with new vendors for cost savings opportunities.

Let’s face it, there’s fluff in every company – “fluff” being all those enjoyable but unnecessary expenditures. When money is plentiful, we don’t notice the extra costs. But when something takes a bite out of our profits, then they stand out. Find the person who monitors the expenses, and set them on a mission to rid the business of anything that doesn’t bring in business or increase profitability. – Rhett Kniep, Centurion 7 Business Advisors Second only to wages, real estate leases and rents are one of the biggest line items for most businesses. Look for ways to consolidate locations, shift to co-working spaces, or adopt a permanent work from home model. The key is leaders who inspire trust, empathy and connection, plus the technology to make it all work. – Benjamin Elzweig, Active Staffing Services

In the past, most software was private, but in recent years there has been an explosion of free, open source software. Open source software is free software that can be used by individuals or businesses, and it is a great option for small companies with a tight budget. Sure, the software normally isn’t as efficient as private software, and sometimes, there is no client support, so if you have an issue, you will have to resolve it yourself. However, the software works well, and it can be used in a variety of ways. For instance, you can download open source web design software, or you can use video chat software to stay in touch with remote workers. See even more details at Reduce business costs.

A great idea to help save money for your small business is to rent a shared space instead of a separate office. It’s no doubt that every business in its embryonic stage will be small in size; meaning fewer staff members are required. Therefore, there isn’t a need to rent a large office. You can easily find a vacancy in a lot of shared workplaces as they are quite common these days. This will help you save money on the rent since the rent will be divided between your business and the other business renting the same shared space.