4 Ways to Cut Costs as a Small Business Owner

4 Ways to Cut Costs as a Small Business Owner

From rent to water solutions, the smallest change can have the biggest impact when you’re a start up entrepreneur on a tight budget. Here’s how to dodge swiping your card as an SME owner.

Save yourself rent by being a digital nomad

Dubai is rapidly becoming a playground for start-up entrepreneurs. Co-working spaces are gaining traction, not just in the UAE, but around the world. Dubai now has multiple options for digital nomads who don’t have the budget to rent their own office space.

If you’re on tight budget, save yourself the unnecessary expenditure of rent, deposits, and office furniture by signing up for a membership with a co-working space. Some popular ones in Dubai include Our Space, Impact Hub, Let’s Work at the Rove, AstroLabs, and Nest.

Install a water filter in your office kitchen

Want to know how you can save 2,080 dirhams a year? Switch from a water bottle subscription to a water filter. Popular water dispenser deliveries in Dubai cost an estimated 10 dirhams a week. While this may seem like a superficial bill, every penny counts, especially if you’re a small business owner. Installing a water filter in your office will cut a hefty bill out of your annual expenses.

Encourage your team to telecommute once a week

Also known as working from home, your employees and your wallet will both appreciate a day of telecommuting. When interviewed, freelancers and full-time employees both revealed that they’re more productive when working from the comfort of home. You will not only notice a spike in employee efficiency but will also save money on petrol bills.

Additionally, if you’re a start up entrepreneur, delay the glamor of renting your own office space and turn your dining table into your office desk.

Offer a discount for punctual payment

Late payments are an unfortunate road bump every business owner has to come to terms with. As an entrepreneur, you will find that there is no smooth sailing, there is only trying your best to dodge the waves. Use the power of discounts to tempt your clients and customers into paying their bill. The psychology behind the success of discounts is that it sows a sense of urgency. Discounts with a deadline prompt customers to make a purchase decision immediately.

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