5 Business Cost-Saving Ideas for Your Sleep Consultancy

Jan 22

When you launch your business as an entrepreneur, there will be a growing period before your company will be profitable. During this time, you are likely developing your marketing plan and building your business processes – all while growing a little more each month. Once you get into a groove, you can start to optimize your operations and eliminate unnecessary expenses.

Profitability is just around the corner. The first step is to think about how you allocate your budget so you can spend smarter. Here are a few business cost-saving ideas to consider.

1. Cancel Unnecessary Software Subscriptions

Today’s entrepreneurs use a shocking number of software tools to run their businesses. Companies with 1 to 50 employees use 35 different software apps on average, ranging from accounting tools to customer management systems.

Not only will unused apps cost you money, but they can also create a cluttered digital workplace. Here are a few ways to lower these costs.

Cancel any apps or tools you haven’t used in six months.
Try to consolidate apps. It’s better to pay for a single tool that does five things than five tools that do one thing.
Look for cheaper options. You might be able to switch to simpler software that costs less.

These cancellations will help you save money immediately and in every month following that you don’t pay for them.

2. Invest Fully in Remote Work

Entrepreneurs spend a lot of money meeting clients in person, whether they are traveling to their offices or making appointments at coffee shops. One of the top business cost-saving ideas is to focus on remote work. Here are a few ways to do that.

Stop driving to meet clients. This wastes both time and gas money. Set up phone calls and video conferences instead.
Skip your lunch meetings. Many entrepreneurs meet with customers at coffee shops and cafes. These meals add up.
Evaluate the value of your coworking space. Consider how often you use the space and if there are better alternatives. You might be able to turn your guest room into a home office to save money.

If you need to travel to meet clients, bill that expense to them. Your client should cover the lost time accrued on the road.

3. Focus on Marketing Channels That Drive Value

There are countless ways to market a business, but they might not all be relevant to your company. Look at the marketing channels that actively bring in leads. Are there any that aren’t performing as they should?

Now might be a good time to pull back on wasted marketing spending so you can allocate that budget to more lucrative channels instead.

Keep in mind that some marketing tactics take more time to drive results than others. Your SEO strategy might take a year to drive results, but the organic reach could drive more leads at a lower cost in the long run. Talk to a marketing professional about your ROI and where your efforts can improve.

4. Look at Your Taxes

Make an appointment with your tax professional to review your expenses and potential deductions. They might identify expenses you aren’t claiming that could help lower your tax bill. Your company also might qualify for tax credits that can bring income into your business.

This is an adjustment to your finances that might not pay off until your next tax filing. However, tax savings are always significant and can free up funds to invest in other ways.

5. Automate Processes

Look at how much time it takes to complete tasks throughout the month and consider which processes can be streamlined or automated. This can help you save money if you have an hourly personal assistant or help you save time if you do this work yourself.

For example, if you spend two hours a week creating, sending, and recording invoices, you are losing eight hours of meaningful work each month. You might be able to get back that time if you find a better system that handles the invoicing for you.

Evaluate whether the cost of outsourcing work is more efficient than doing it yourself. The goal is to minimize administrative hours while maximizing income-producing work hours. It might be better to outsource various tasks if they free up time each week to make more money.

Test Different Business Cost-Saving Ideas to See What Works

Every business is different and you might have some essential expenses for your sleep consultancy that are optional for others. Look at these business cost-saving ideas to see which ones are relevant to you. A few small adjustments could lead to big savings that increase your profitability.

If you don’t know where to start, the Sweet Sleep Academy team is here for you. Our team of expert coaches and mentors will make sure you are on the right track and on the path to success.

Sarah Lougry