Ten Ways Your Business Can Save Money In This Recession

Ten Ways Your Business Can Save Money In This Recession

It's not news that the Nigerian economy is treacherous and the naira is at an all-time low. Many businesses have shut their doors quietly while some others are limping along, living on hope and whatever they can get. It's a dangerous time to run a business in Nigeria.

But there's some light in the darkness. If you're wise and willing to take drastic measures, your business will make it out of this difficult time in one piece.

Your primary goal in this recession (other than to make revenue consistently) is to cut costs everywhere you can. Here are ten practical ways to save money, from the seemingly insignificant to the major ones.

1. Find the leaks in your business finances and fix them. If you can afford an external audit, get one done.

2. Review your recurrent expenditure. Can you renegotiate better deals with service providers? Can you find local sources for supplies you have been importing? Can you switch from phone calls to Skype to cut airtime expenses? Looking closely at what you spend money on regularly will expose opportunities to reduce costs.

3. Create a proper budget to manage your spending. You won't go far without a budget.

4. Do all you can to avoid unplanned spending. Every now and then, you will have unavoidable expenses outside your budget but must not become a regular thing.

5.  Monitor your finances religiously. These essential checklists will help you.

6. Don't 'borrow' money from your business account for personal use. Not now, not ever.

7. For every role, compare the cost of outsourcing with the cost of employing staff and pick the cheaper option.

8. If you have the time, do some things yourself. For example, you can sort out your own accounting with these apps.

9. Move to a serviced office.

10. Review your business model. What can you do to make it more profitable?

For more cost-cutting measures, learn how to save money on marketing your business here.

How's your business doing in this recession? Post your comment or tip in the comments section below or send it to hello@margin.ng. We look forward to hearing from you.

Five Things Nigerian Businesses Must Not Do In This Recession

Five Things Nigerian Businesses Must Not Do In This Recession

Why Your Business Should Be Online

Why Your Business Should Be Online