Three Money Saving Tips for Small Businesses

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Will the recent Hobby Lobby Supreme Court ruling spark changes among U.S. small businesses? According to Bloomberg Businessweek, the change will be minimal because the majority of small U.S. companies are not required to provide insurance to their employees.

According to Laurie Sobel, a senior policy analyst at Kaiser, it’s unlikely that many employers will be intentionally opting out of contraception coverage since they tend to save money by reducing the number of pregnancies. Stores like Hobby Lobby will be required to pay for maternity services.

When it comes to future religious-based challenges, though, Steven Friedman, a New York attorney, sees cause for worry. “In a way, the sky is the limit because there are a lot of religious beliefs out there that don’t comport with the requirements of U.S. law,” he explains.

For now, small businesses will need to look for other ways to cut costs, rather than through denying employees access to healthcare. Here are three easy ways small businesses can cut down on everyday costs.

1. Cloud Solutions

Did you know that hardware giant Cisco announced several weeks ago that it would be spending $1 billion to develop cloud computing technology? Cloud hosting is becoming mainstream in a big way, and it’s because it makes data storage easier for businesses, while also reducing cost. According to State Tech Magazine, about 85% of CIOs are able to cut application costs by moving their company’s data to cloud hosting services.

2. Don’t Cut Out Marketing!

When companies are looking to tighten their belt, many cast an eye toward the marketing budget. While it might be an easy thing to cut — especially if you have a reasonable strong existing client base — it’s not something wise to take out of the budget. The key is to practice, instead, better marketing. Do in-depth research on your consumers, and track how much every marketing campaign brings in, in terms of profit or new customers. Did you know that email marketing generates, on average, $40 in profit for every dollar spent?

3. Think About Telecommuting

Although it might seem counter intuitive to encourage telecommuting, there are many financial advantages to having it in place. Having employees work from home can, first of all, reduce the overall overhead cost of running a business. You don’t need as large a space. Second, it can save you hiring costs. Studies have shown that employees see the option of telecommuting as a big advantage, which can keep people from leaving your company as quickly. Not only does that save you hiring costs, it also means that the people working for you will have years of experience handling your company.

Does your business use cloud hosting server solutions? Let us know in the comments. For more information see this.

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