{"id":32993,"date":"2021-07-01T15:29:28","date_gmt":"2021-07-01T07:29:28","guid":{"rendered":"https:\/\/easyparcel.com\/blog\/sg\/?p=32993"},"modified":"2026-03-25T10:07:45","modified_gmt":"2026-03-25T02:07:45","slug":"5-ways-to-save-more-money-on-your-business","status":"publish","type":"post","link":"https:\/\/blog.easyparcel.com\/sg\/5-ways-to-save-more-money-on-your-business\/","title":{"rendered":"5 Ways To Save More Money On Your Business"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"32993\" class=\"elementor elementor-32993\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7dc7aaee elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"7dc7aaee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a702481\" data-id=\"5a702481\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-73b26760 elementor-widget elementor-widget-text-editor\" data-id=\"73b26760\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The cost of running a business is high. Even with technology or decreased cost of labour, you may find yourself on the tipping point of breaking even. Looking for ways to reduce the cost of running your business without jeopardising what you\u2019ve worked so hard for?\u00a0\u00a0<\/span><\/p><p><strong>Here we suggest 5 ways to lower your business costs while maintaining efficiency and productivity.\u00a0 <\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b5060c1 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"b5060c1\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h2&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;no_headings_message&quot;:&quot;No headings were found on this page.&quot;,&quot;marker_view&quot;:&quot;numbers&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tTable of Contents\t\t\t<\/h4>\n\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__b5060c1\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__b5060c1\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<div id=\"elementor-toc__b5060c1\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07c1a4a elementor-widget elementor-widget-heading\" data-id=\"07c1a4a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#1 Lower Production Costs <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95fd327 elementor-widget elementor-widget-text-editor\" data-id=\"95fd327\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Lowering production costs can help to reduce business expenses while improving efficiency. There are several methods to cut manufacturing costs.\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Negotiating with your suppliers to reduce prices is one method. While negotiating, you can offer larger deposits to encourage your suppliers to agree to a reasonable price reduction. Alternatively, do in-depth research and let your suppliers know that you are considering more competitive deals. Finding the most affordable yet quality suppliers could improve efficiency.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Cutting material costs is also one of the simplest ways to reduce manufacturing cost. Simply tweaking the design of your products and swapping to more cost-efficient materials can help to reduce costs significantly.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Also consider optimising employee productivity. By improving the skills and productivity of workers, businesses can increase the overall output and reduce unnecessary labour costs. <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ea1ef2 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8ea1ef2\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74af5fc elementor-widget elementor-widget-heading\" data-id=\"74af5fc\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#2 Consider Cheaper Marketing Alternatives <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a74c1ea elementor-widget elementor-widget-text-editor\" data-id=\"a74c1ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Paid advertising is often seen to take a toll on a company\u2019s budget. While it is not advisable to cut out paid advertising entirely, consider exploring other marketing methods that are cheaper and achieve similar advertising goals.\u00a0\u00a0<\/p><p>One of such methods is boosting your social media presence on suitable sites. Consider investing more effort in nurturing your Facebook, LinkedIn, Instagram and Twitter accounts, and reach out and connect with your audience. With the tech-savvy population growing everyday, social media marketing can reach wide audiences at low costs.\u00a0<\/p><p>Furthermore, ask existing customers to write glowing reviews on telegram or social media channels to boost your reputation and popularity. Offering referral programs could also lead to sales hikes or increase in downloads significantly. Therefore, relying on modern marketing alternatives, such as social media, could help to cut business costs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bca3e58 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"bca3e58\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f465d99 elementor-widget elementor-widget-heading\" data-id=\"f465d99\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#3 Prudent Financial Management <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a374f0 elementor-widget elementor-widget-text-editor\" data-id=\"9a374f0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">While this seems the most self-explanatory, it is also often overlooked by many companies. Many firms often devote themselves to running the operations, compromising the attention spent on detailed budgeting and financial management. To start, gather the management of your team and collate a couple of business goals your company wishes to achieve. SMART goals would be effective in forming a framework.\u00a0<\/span><\/p><p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Thereafter, create a working budget. A working budget refers to a work-in-progress budget that can be consulted and adjusted in real-time based on economy outlook and industry performance. This allows you to work towards actual business goals and reduce business costs in real time.\u00a0\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Moreover, an important part of financial management is working on cost-benefit analyses and future forecasting. Consider the opportunity costs of any financial decision in order to prevent high interest rates that may add to business costs.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-95fa586 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"95fa586\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-52d376f elementor-widget elementor-widget-heading\" data-id=\"52d376f\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#4 Use CardsPal for Business<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b801685 elementor-widget elementor-widget-text-editor\" data-id=\"b801685\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>CardsPal is a one-stop credit card comparison platform and deals app that helps merchants showcase their deals and broaden their reach to customers. CardsPal is currently helping more than 2,100 merchants reach out to its growing user base of around 175,000 users at no cost and commission.\u00a0\u00a0<\/p><p>If your company is looking for free publicity and more revenue, consider registering for an account under CardsPal for Business. Three simply easy steps: Add your deals, personalise your brand and get recommended to engaged users! This reduces your business costs significantly as you save on publicity costs with CardsPal while reaching a wide audience! Find out more about <a href=\"https:\/\/app.adjust.com\/e33xq0i?redirect=https%3A%2F%2Fcardspal.com%2Fbusiness%2F\">CardsPal for Business<\/a>.<\/p><p>Alternatively, enjoy the CardsPal app as a user! As a fast-growing deal discovery and card comparison platform, they have over 6.1k deals powered by 2.1k merchants like yourself, from categories such as dining, shopping and more.\u00a0<\/p><p>Try it now, <a href=\"https:\/\/app.adjust.com\/8fyxjk7?deep_link=cardspal%3A%2F%2F%3Froute%3Dhome&amp;campaign=Easyparcel_edm_deals\">download the app<\/a> today.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-06ec28c elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"06ec28c\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d81ce7a elementor-widget elementor-widget-text-editor\" data-id=\"d81ce7a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-40383 aligncenter\" src=\"https:\/\/ep-website-media.s3.ap-southeast-1.amazonaws.com\/sg\/wp-content\/uploads\/2021\/07\/SG_1220x630_-_Easyparcel_banner.png\" alt=\"\" width=\"1221\" height=\"630\" srcset=\"https:\/\/ep-website-media.s3.ap-southeast-1.amazonaws.com\/sg\/wp-content\/uploads\/2021\/07\/SG_1220x630_-_Easyparcel_banner.png 1221w, https:\/\/ep-website-media.s3.ap-southeast-1.amazonaws.com\/sg\/wp-content\/uploads\/2021\/07\/SG_1220x630_-_Easyparcel_banner-300x155.png 300w, https:\/\/ep-website-media.s3.ap-southeast-1.amazonaws.com\/sg\/wp-content\/uploads\/2021\/07\/SG_1220x630_-_Easyparcel_banner-1024x528.png 1024w, https:\/\/ep-website-media.s3.ap-southeast-1.amazonaws.com\/sg\/wp-content\/uploads\/2021\/07\/SG_1220x630_-_Easyparcel_banner-768x396.png 768w\" sizes=\"(max-width: 1221px) 100vw, 1221px\" \/><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-86718d9 elementor-widget elementor-widget-heading\" data-id=\"86718d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">#5 Engage Affordable Courier Services Like EasyParcel<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ea2c3a7 elementor-widget elementor-widget-text-editor\" data-id=\"ea2c3a7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Do you track how much your business spends on logistical expenditures? Courier costs may seem insignificant but can contribute greatly to business costs.\u00a0\u00a0<\/p><p>Consider courier services that are affordable and offer efficient delivery options. Take for example, EasyParcel. EasyParcel is an online booking platform for parcel delivery that offers local, same-day and international delivery services at affordable costs.\u00a0\u00a0<\/p><p>A top choice for customers, EasyParcel offers low shipping fees without commitment. Its\u00a0<a href=\"https:\/\/easyparcel.com\/sg\/en\/promotion\/?utm_source=blog&amp;utm_medium=text-link&amp;utm_campaign=collaboration\"><b>current promotion<\/b><\/a>\u00a0also includes local delivery from S$3.20 for parcels up to 5kg.\u00a0\u00a0<\/p><p>On the EasyParcel website, you get to compare the shipping rates and book your preferred courier choice from services like J&amp;T Express, Qxpress, SingPost, Ninja Van, TNT Express.\u00a0\u00a0<\/p><p>A clear option for deal-seekers, EasyParcel offers free pickup from doorstep without minimum parcel requirements and free sign up for businesses and individuals. Moreover, all these transactions require no commitment, contract or subscription.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8cdfa5e elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8cdfa5e\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ffd0da6 elementor-widget elementor-widget-heading\" data-id=\"ffd0da6\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Summary<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6e4a8c elementor-widget elementor-widget-text-editor\" data-id=\"d6e4a8c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>We hope these tips have provided insight to how you can optimise your business expenses. Understanding your business objectives and evaluating your spending can make a big difference in lowering your business costs. By cutting unnecessary costs, you can allocate these savings to areas it\u2019s truly needed in.<\/p><p>This article is contributed by\u00a0<a href=\"https:\/\/app.adjust.com\/lchtvj3?redirect=https%3A%2F%2Fcardspal.com\">CardsPal<\/a>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0361e69 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"0361e69\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2530191 elementor-widget elementor-widget-heading\" data-id=\"2530191\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Frequently Asked Question (FAQs) <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3d41201 elementor-widget elementor-widget-html\" data-id=\"3d41201\" data-element_type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"faq-container\">\r\n    <div class=\"faq-item\">\r\n        <div class=\"faq-question\">\r\n            <span>How can I save money on business shipping? <\/span>\r\n            <div class=\"faq-toggle\"><\/div>\r\n        <\/div>\r\n        <div class=\"faq-answer\">\r\n            Use EasyParcel to compare courier rates and book local deliveries from S$2.85 with free pickup\u2014start saving at <a href=\"https:\/\/easyparcel.com\/sg\/\">EasyParcel<\/a>. \r\n        <\/div>\r\n    <\/div>\r\n    <div class=\"faq-item\">\r\n        <div class=\"faq-question\">\r\n            <span>What other ways to lower business costs?<\/span>\r\n            <div class=\"faq-toggle\"><\/div>\r\n        <\/div>\r\n        <div class=\"faq-answer\">\r\n            Negotiate with suppliers, use social media marketing, and book affordable shipping with <a href=\"https:\/\/easyparcel.com\/sg\/\">EasyParcel<\/a>. \r\n        <\/div>\r\n    <\/div>\r\n<\/div>\r\n\r\n<script>\r\ndocument.addEventListener('DOMContentLoaded', function() {\r\n    const faqQuestions = document.querySelectorAll('.faq-question');\r\n\r\n    faqQuestions.forEach(question => {\r\n        question.addEventListener('click', function () {\r\n            const faqItem = this.parentElement;\r\n            const answer = this.nextElementSibling;\r\n\r\n            document.querySelectorAll('.faq-item').forEach(item => {\r\n                if (item !== faqItem) {\r\n                    item.classList.remove('active');\r\n                    item.querySelector('.faq-answer').classList.remove('active');\r\n                }\r\n            });\r\n\r\n            faqItem.classList.toggle('active');\r\n            answer.classList.toggle('active');\r\n        });\r\n    });\r\n});\r\n<\/script>\r\n\r\n<script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"FAQPage\",\r\n  \"mainEntity\": [\r\n    {\r\n      \"@type\": \"Question\",\r\n      \"name\": \"How can I save money on business shipping? \",\r\n      \"acceptedAnswer\": {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"Use EasyParcel to compare courier rates and book local deliveries from S$2.85 with free pickup\u2014start saving at EasyParcel.\"\r\n      }\r\n    },\r\n    {\r\n      \"@type\": \"Question\",\r\n      \"name\": \"What other ways to lower business costs?\",\r\n      \"acceptedAnswer\": {\r\n        \"@type\": \"Answer\",\r\n        \"text\": \"Negotiate with suppliers, use social media marketing, and book affordable shipping with EasyParcel.\"\r\n      }\r\n    }\r\n  ]\r\n}\r\n<\/script>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The cost of running a business is high. Even with technology or decreased cost of labour, you may find yourself on the tipping point of breaking even. Looking for ways to reduce the cost of running your business without jeopardising what you\u2019ve worked so hard for?\u00a0\u00a0 Here we suggest 5 ways to lower your business costs while maintaining efficiency and productivity.\u00a0 Table of Contents #1 Lower Production Costs Lowering production costs can help to reduce business expenses while improving efficiency. There are several methods to cut manufacturing costs.\u00a0\u00a0 Negotiating with your suppliers to reduce prices is one method. While negotiating, you can offer larger deposits to encourage your suppliers to agree to a reasonable price reduction. Alternatively, do in-depth research and let your suppliers know that you are considering more competitive deals. Finding the most affordable yet quality suppliers could improve efficiency.\u00a0 Cutting material costs is also one of the simplest ways to reduce manufacturing cost. Simply tweaking the design of your products and swapping to more cost-efficient materials can help to reduce costs significantly.\u00a0 Also consider optimising employee productivity. By improving the skills and productivity of workers, businesses can increase the overall output and reduce unnecessary labour costs. #2 Consider Cheaper Marketing Alternatives Paid advertising is often seen to take a toll on a company\u2019s budget. While it is not advisable to cut out paid advertising entirely, consider exploring other marketing methods that are cheaper and achieve similar advertising goals.\u00a0\u00a0 One of such methods is boosting your social media presence on suitable sites. Consider investing more effort in nurturing your Facebook, LinkedIn, Instagram and Twitter accounts, and reach out and connect with your audience. With the tech-savvy population growing everyday, social media marketing can reach wide audiences at low costs.\u00a0 Furthermore, ask existing customers to write glowing reviews on telegram or social media channels to boost your reputation and popularity. Offering referral programs could also lead to sales hikes or increase in downloads significantly. Therefore, relying on modern marketing alternatives, such as social media, could help to cut business costs. #3 Prudent Financial Management While this seems the most self-explanatory, it is also often overlooked by many companies. Many firms often devote themselves to running the operations, compromising the attention spent on detailed budgeting and financial management. To start, gather the management of your team and collate a couple of business goals your company wishes to achieve. SMART goals would be effective in forming a framework.\u00a0 Thereafter, create a working budget. A working budget refers to a work-in-progress budget that can be consulted and adjusted in real-time based on economy outlook and industry performance. This allows you to work towards actual business goals and reduce business costs in real time.\u00a0\u00a0 Moreover, an important part of financial management is working on cost-benefit analyses and future forecasting. Consider the opportunity costs of any financial decision in order to prevent high interest rates that may add to business costs. #4 Use CardsPal for Business CardsPal is a one-stop credit card comparison platform and deals app that helps merchants showcase their deals and broaden their reach to customers. CardsPal is currently helping more than 2,100 merchants reach out to its growing user base of around 175,000 users at no cost and commission.\u00a0\u00a0 If your company is looking for free publicity and more revenue, consider registering for an account under CardsPal for Business. Three simply easy steps: Add your deals, personalise your brand and get recommended to engaged users! This reduces your business costs significantly as you save on publicity costs with CardsPal while reaching a wide audience! Find out more about CardsPal for Business. Alternatively, enjoy the CardsPal app as a user! As a fast-growing deal discovery and card comparison platform, they have over 6.1k deals powered by 2.1k merchants like yourself, from categories such as dining, shopping and more.\u00a0 Try it now, download the app today. #5 Engage Affordable Courier Services Like EasyParcel Do you track how much your business spends on logistical expenditures? Courier costs may seem insignificant but can contribute greatly to business costs.\u00a0\u00a0 Consider courier services that are affordable and offer efficient delivery options. Take for example, EasyParcel. EasyParcel is an online booking platform for parcel delivery that offers local, same-day and international delivery services at affordable costs.\u00a0\u00a0 A top choice for customers, EasyParcel offers low shipping fees without commitment. Its\u00a0current promotion\u00a0also includes local delivery from S$3.20 for parcels up to 5kg.\u00a0\u00a0 On the EasyParcel website, you get to compare the shipping rates and book your preferred courier choice from services like J&amp;T Express, Qxpress, SingPost, Ninja Van, TNT Express.\u00a0\u00a0 A clear option for deal-seekers, EasyParcel offers free pickup from doorstep without minimum parcel requirements and free sign up for businesses and individuals. Moreover, all these transactions require no commitment, contract or subscription. Summary We hope these tips have provided insight to how you can optimise your business expenses. Understanding your business objectives and evaluating your spending can make a big difference in lowering your business costs. By cutting unnecessary costs, you can allocate these savings to areas it\u2019s truly needed in. This article is contributed by\u00a0CardsPal. Frequently Asked Question (FAQs) How can I save money on business shipping? Use EasyParcel to compare courier rates and book local deliveries from S$2.85 with free pickup\u2014start saving at EasyParcel. What other ways to lower business costs? Negotiate with suppliers, use social media marketing, and book affordable shipping with EasyParcel.<\/p>\n","protected":false},"author":6,"featured_media":40382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[445,164,61,443],"tags":[257,3035,3034,3036,3038,3039,46,77,3037,258],"class_list":["post-32993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ecommerce-advice","category-ecommerce-tips-and-trends","category-knowledge-base","category-small-business-advice","tag-cardspal","tag-cost-and-control","tag-cost-control","tag-cost-management","tag-cost-management-in-project-management","tag-cost-management-strategies","tag-easyparcel","tag-easyparcel-singapore","tag-project-cost-management","tag-save-more"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Ways To Save More Money On Your Business<\/title>\n<meta name=\"description\" content=\"Want to cut business costs without sacrificing your hard work? 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