3 Ways to Cut Costs in Your Business

by / ⠀Startup Advice / September 30, 2021
3 Ways to Cut Costs in Your Business
We live in an innovative, technological, information-filled age. Everything is always getting faster, easier, and more affordable. At least, things get cheaper if you apply the right tools and solutions in order to cut business costs. As a business owner, you probably find yourself looking for ways to save some money in your company’s operations from time to time. If that’s the case, there are some things you could try in order to help you trim that budget, reduce your overhead, and ultimately boost your bottom line. 

Here Are 3 Ways to Cut Business Costs:

1. Use Data Observability to Get More Out of Your Data

Now, businesses are overloaded with new incoming streams of data, and inefficiencies in managing and processing the data can be extremely costly—both in terms of money and internal productivity. Are you scaling and optimizing your data? Data observability works to optimize complex modern data supply chains so that your business doesn’t have to come to a halt from an undetected data pipeline break. Acceldata, a data observability cloud solution, proved data observability’s worth by saving True Digital more than $3 million by identifying over-provisioned software, improving visibility into data systems, and recognizing ways to scale and optimize data systems. Investing in a data observability platform enables organizations to create data-driven initiatives that align their business and data strategies. It does this by providing comprehensive, cross-sectional visibility across hybrid data lakes and warehouses within a business.  Data-driven business success leads to:
  • Improved operations;
  • Data democratization for data consumers;
  • Lower infrastructure requirements;
  • Increased data operations productivity;
  • Competitive business decisions.
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All of these benefits lead to greater reliability, performance, and productivity for a company. Consequently, this can translate to greater revenue through both reducing operating expenses and boosting income.

2. Use a Website Builder to Cut Down on Costs

Everyone needs a website these days. The quarantines and shelter-in-place orders created by the coronavirus pandemic made a website an absolute necessity. Even local vendors and restaurants had to establish an online presence to ensure that their customers could find them. The problem is, paying a developer to create a website can cost businesses an arm and a leg. A website built by a professional website building agency can easily run into the thousands and even the tens of thousands of dollars. Keeping developers on staff or even on retainer to update the site can continue to add expenses, as well. Website builders make the job of maintaining a web presence simpler — and cheaper. As far as the complexity factor is concerned, a website builder like Wix or Squarespace makes it painfully easy for anyone to build a site. Drag and drop templates remove the need to mess with HTML code. You can even tailor and adjust many aspects of a template to meet individual needs. If you’re looking for a more robust online presence, such as setting up an e-commerce store, you can still use a builder like Shopify to keep the costs down. Shopify offers comprehensive e-commerce sites that are easy to build and cheap to keep running.

3. Use Workflow Automation to Reduce Overhead

A smooth workflow is essential to long-term viability. This is worth monitoring at all times. However, it’s become more important than ever thanks to the remote/hybrid work revolution that began during the pandemic.  With teams operating across the globe and on different schedules, it’s important to manage and streamline workflow whenever possible. You can do some of this with collaboration tools like Trello and Asana. These provide central repositories where employees can come together, share information, schedule projects, and work asynchronously toward collective goals in a virtual environment. Workflow apps already help reduce costs by increasing the efficiency of your team. But if you want to take the savings to a new level, you should look for a good workflow automation app to really simplify things. A workflow automation platform like HubSpot uses rule-based logic to launch and oversee various automated tasks. Next, once that’s set up, an automated workflow platform can do many different things. These things include sending emails, triggering drip campaigns, scheduling tasks, and creating reminders.  This takes these time-consuming tasks off of your plate and frees your team up to focus on other things. Whether it’s through reduced overhead or increased productivity, automated workflows are a great way to save some money.
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Concluding Thoughts

There are expenses associated with every business. As the old saying goes, it costs money to make money. But, that doesn’t mean you have to spend exorbitant amounts of cash even when it isn’t necessary. So, if you feel that your company is spending more than it needs to in order to operate, there are plenty of tools out there to help you reduce your overhead. From data observability to automated workflows to website builders, all it takes is a little research to find the best ways to cut business costs and save your company some money.

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About The Author

Editor in Chief of Under30CEO. I have a passion for helping educate the next generation of leaders. MBA from Graduate School of Business. Former tech startup founder. Regular speaker at entrepreneurship conferences and events.

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