How to Cut Your Business Costs to Turn Profit: 5 Ideas to Try Today

How to Cut Your Business Costs to Turn Profit: 5 Ideas to Try Today

This is a guest post by Diana, a full-time mom interested in topics related to marketing and latest business technologies.

Trimming down your business costs is just as important as earning in the world of business.

In fact, regardless of how big your income is, there is no guarantee that you’ll turn profit without finding a way to decrease your costs.

If you are on a shoestring budget, these tips will help you trim down your costs without too much effort!

1. Cloudsourcing.

Let’s not kid ourselves, we’d all like to be our own bosses!

Luckily, the current business climate has provided many professionals with an opportunity to achieve this dream.

People can now earn their wages by working as freelancers online and even post their portfolios and CVs on websites that specialize in freelancing, such as Freelancer, Elance, iWriter and many others.

But what does this mean for a business owner? Well, the benefits of freelancing extend into the traditional business world.

Outsourcing, or cloudsourcing allows an entrepreneur to hire professional help based on their own needs and timing.

This is perfect for positions such as website designer and graphic artist, which don’t really need to be on your full-time payroll. Cloudsourcing allows you to be flexible and invest in accordance with your own needs!

2. Interns.

Even though they aren’t your employees, freelancers are professionals; and professionals tend to charge heftily.

For a well-established, medium to large-sized company, this isn’t really a problem, but small businesses will be looking to trim down their costs even further.

Luckily, there is a way to get by even cheaper and possibly even hire people for free!

Sounds too good? Well, although hiring temps does come with its downsides, sometimes this is a valid means of saving up some money.

On the other hand, some jobs are easy to perform by anyone and there is no reason why you should use your paid personnel or hire additional workforce to perform them.

Going around local colleges and looking for interns can solve this problem. They will likely ask for nothing more than a recommendation from you and will definitely be able to perform tedious tasks that you or your full-time employees don’t have the time for.

3. Discounts.

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Always being on the lookout for discounts might take time and dedication, but it will definitely pay off in terms of cutting business costs.

This is exactly why many top retailers won’t actually advertise their discounts, which is why you need to show initiative here.

Instead of waiting for a retailer to shower you with discount offers (which is highly unlikely to happen), simply going ahead and asking them might get things rolling.

4. Careful with Buying in Bulk.

On the other hand, wholesales are a slippery slope. Sometimes, a retailer will offer a bunch of items for a ridiculously low price, and this is exactly where you need to be very careful.

For example, if you receive an offer for a thousand pens for $500, you need to ask yourself whether you really need so many pens.

Sure, this price might be ridiculously low, but once you are left with so many items, you’ll quickly realize that you won’t know what to do with them and will end up with a bunch of items you don’t really need and a wallet that is significantly lighter.

The best solution here is always knowing what you may need and what you really need.

5. Storage Space Efficiency.

Customer satisfaction is crucial and if they aren’t satisfied with your deliveries, your client base won’t keep coming back for more.

In fact, delivery efficiency is so important that your customers are more likely to disregard an occasional mistake than to tolerate not making deliveries on time.

The largest factor behind delivery efficiency is storage space efficiency. Which means that your warehouse won’t be able to function properly without adequate paraphernalia, such as an elevated work platform or two, a couple of forklifts, and a few other necessities.

This means that you should either invest a part of your budget and buy new equipment, or opt for renting.

Increasing your income is extremely important, no one is denying that. But without trimming down the business costs, a large part of your income will pale in significance.

Outsource where you can, hire interns or temps, run an efficient storage, look for discounts (but be careful when buying in bulk) and keep in mind that profit is always more important than income!

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How to Find The Best Jewelry Deals: 6 Tips to Shop Wisely

How to Find The Best Jewelry Deals: 6 Tips to Shop Wisely

Shopping for jewelry can be a daunting task. Not only do you have the pressure of choosing the perfect piece for the person you are buying for, but also the stress of selecting from the never-ending jewelers and online marketplaces. It’s overwhelming, to say the least.

With that being said, it doesn’t have to be. Armed with a little bit of know-how and a sprinkling of common sense, choosing the best piece of jewelry for the best price doesn’t have to cause you any more stress than it should.

If you are in the market for the perfect piece of jewelry for your friend or loved one, but don’t want to pay an armload, here are some excellent tips for the best jewelry deals.

Finding The Best Deals on Jewelry

1. Avoid Prestigious Brands

Companies spend millions of dollars every year on improving their brand and their awareness. The bigger the brand, the more they can charge for their products because of their perceived value. If you want to save yourself a pretty penny when shopping for jewelry, whether that’s an engagement ring, a diamond bracelet, a watch or an earring, take a look at the smaller, less obvious jewelers. The quality tends to be exactly the same, just at a marginally lower price point.

2. Shop Online

To build on the previous point about branding, another massive cost for regular retail businesses are the overheads associated with owning a brick and mortar business. Online business doesn’t have that problem. They need a domain name, hosting and a good-looking website design. That’s it!

Online jewelers tend to have far fewer overheads than a regular brick and mortar business, meaning a lot of that extra money is given to you, the customer, in the form of cheaper products.

When shopping online for expensive jewelry, make sure the vendor you choose is reputable. It’s easier to be scammed on the internet than it is in real life, so be diligent when buying jewelry online.

3. Consider Silver

Gold is all the rage right now, though, it’s always been a popular item. However, silver is becoming trendier, seen everywhere on the fashion scene. It’s also considerably cheaper!

If you don’t mind compromising on the type of metal that your new piece of jewelry is made of, consider choosing silver as opposed to gold. The amount of money you will save is enough to justify the compromise.

4. Second-Hand Jewelry

This tip on finding the best jewelry deals is not for everyone, but it’s worth mentioning anyway. Pawn shops and second-hand jewelers often stock some amazing pieces of jewelry that look as good as new, just at a heavily discounted price.

Second-hand jewelry also has the mystique and history attached to it that brand-new jewelry does not. Always make sure that the jewelry is certified before you buy it. Again, it’s easier to be scammed by a pawn shop than it is from a reputable dealer.

5. More Carats Does Not Always Equal Better

The term carat refers to the weight of a stone, not its size. If you take a 1-carat diamond and a 0.9-carat diamond in the palm of your hand, the visible difference is often negligible. However, the difference in cost between the two is usually dramatic.

Save yourself some money by considering a step down in carat. Your eyes won’t tell the difference, but your bank account certainly will.

6. Set a Strict Budget

When you don’t have a strict budget in place, it’s easy to overspend. You are more likely to justify paying a higher price for something if you are loose with your budgeting. The first rule of saving money on a purchase is to know the highest price you are willing to pay, and sticking to it.

These 6 tips should help you find the best jewelry deals online.

 If you are in the market for the perfect piece of jewelry for your friend or loved one, but don’t want to pay an armload, here are some excellent tips for the best jewelry deals. #savemoney #onlineshoppingtips #shoppingtips