When it comes to saving your business some money, you mean business (pun intended). The good news is that with a bit of persistence, insight, and intuition – all part of the entrepreneurial spirit – you can find ways to scale back without impacting the products, services and support your customers value. Generating savings doesn’t have to come at the cost of compromising your brand’s reputation.

At the BLOQ parq (tBp), we understand the value of every hard earned dollar. There’s so much that goes into getting your small business up and running, making it all the more important to ensure your money is being utilized in the best ways possible. We have had to evaluate and re-evaluate the ways in which we are using our financial resources in order to make this master-planned, masterpiece of a community come to life. And it paid off!

tBp is here to help you fulfill your dreams without draining your funds. Here are a few ways to cut costs without cutting the quality of your products or services.

1. Monitor Your Marketing Budget

Marketing is key to communicating your brand, your services, and the high level of quality you offer your customers. However, it’s easy to overspend on marketing that is too vague and not targeted to the right demographic. It’s possible to optimize your marketing on a smaller budget with a narrow scope and keeping your marketing efforts in-house. By taking a strategically sound approach and reinvesting in the way you roll out your marketing, the budget savings will go hand-in-hand with smarter ad spending.

2. Eliminate Office Supply Overspend

Office expenses can quickly get out of hand if not closely monitored. Although digitalization of in-office functions is commonplace, everyday office expenses for things like paper, pens, and staplers can add up. One way to reduce expenses is to choose the most cost-effective supplier for the types of supplies you need. Keeping track of your office inventory and evaluating where reusable alternatives can be used is a productive way of eliminating unnecessary office supply spending.

Businesses with four or fewer employees spend an average of $1,844 per employee annually on office products.
Source: Office Products International

3. Keep Your Software Simple

Digitizing your office can streamline organizational efforts and maximize your approach to processes and procedures. The issue arises when you realize the big-ticket software features you’re investing in aren’t optimized or even needed by your business. By bundling the essentials that work best for your business model, you can cut costs and eliminate expensive licensing fees for functions you aren’t using. If you have multiple teams, it’s good practice to meet with them to get a feel for what each department needs to keep and what they can lose.

Finding the sweet spot of proper spending for your business can be tricky. Still, with careful examination of where your money is going and how it’s impacting your bottom line, you’ll be able to identify the areas primed for scaling back. tBp knows that staying on budget can be a burden, but with our vision for creating customizable micro-retail and micro-office units, you can rest assured you’re getting the best bang for your buck! Choosing an ideal location, like the tBp community, where your business can grow is most definitely money well spent.

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