How to cut down your Expenses?
These are basic ideas, but can save you significant money.
1. Reduce utility costs – The first step to reducing utility costs is to look closely at what items you are paying for. For example, phone rates have been dropping for years. If you have had the same plan for more than a year, you should revisit it and look at areas for potential savings. It will be worth looking at your office and cell phone bills, insurance bills, and even your electricity bill. For your electricity, you might not have a choice of providers, but you can look at using appliances and lighting that are designed to save energy.
2. Always ask for a discount – Frequently discounts exist for many of the items that you purchase. From toilet supplies to your internet service, your suppliers might have discounts available, just need to ask. Often, you can receive a discount for signing a contract or purchasing an additional needed service. If you don’t ask, the answer is always going to be no.
3. Cut out paper – Almost everything that you need to do for your office and marketing can be done digitally. It’s very easy to maintain your records online (on the cloud), use email to communicate, and do much of your marketing and advertising online. Not only are you helping the environment, but you’re reducing expenses and giving yourself access to all of your information from anywhere.
4. Barter whenever you can – It is likely that you work with businesses that could use your services. You can barter your classes for their services. For example, if you need a caterer for an event, you might have a student whose parent is a professional caterer. You may be able to barter class tuition for food for your event.
Review your current expenses and make changes to help increase your profits and improve the financial health of your Art Studio.
If you want to receive AWESOME business tips in your inbox each week to help your Art Studio succeed, click here!
View all Posts