2020 has been a hard year for most, but few have suffered worse than small business owners. With lockdowns, density limits, and other regulations putting a serious dent in earnings while the bills keep coming in, it’s understandable that you’re looking to cut costs. 

Luckily, this can be done without cutting your workforce or sacrificing the things that make your business run smoothly. Read on to discover four ways small businesses can switch up their expenses and save in 2020:

No Place Like Home

If there’s anything this year has taught us, it’s that working from home, in many cases, is far more viable than previously assumed. If this is a model that works well for your company, it could be wise to consider trading in your traditional set up for a virtual office in Melbourne

This kind of arrangement assures that you still have a central base of operations when needed and can even provide a prestigious address that may have previously been out of your budget. You get all these benefits and lose no functionality, yet you’ll slash your overall costs. 

Spaces within the office building can be booked when client meetings or staff gatherings are required, and you might even score a receptionist as part of the package. This method of operation is definitely worth looking into if your business doesn’t require staff to be on-site all of the time.

Switch Up Your Network

The last thing you should stop doing during a downturn is connecting with your customers and other external stakeholders who are important to your success. However, that doesn’t mean you can’t cut costs. In fact, our current inability to meet in large groups is the perfect cost-saving measure. 

Instead of holding or attending conferences or large networking events, consider showing your clients and partners some love with corporate promotional gifts. Little baskets of branded products serve as both a reminder of your services and a way to show some love, making them the perfect alternative to large, expensive gatherings.

Focus On Organic Traffic 

Advertising is a great way to bring customers to your website, but it isn’t the only way to get attention. If you’re struggling to keep up your ad spend at the moment, a slight reduction in outlay can help your budget short term. Having said that, you don’t want to miss out on leads, and stopping completely is never a good idea. 

To circumvent this, you should turn your attention to organic traffic. While SEO and other organic optimisation won’t pay off immediately, they’re great things to focus on if your marketing department has extra time on their hands after slowing down your paid advertising. 

Increase Sustainability 

Short-term cost saving is great, and there are always business finance options to get you through lean times. However, setting yourself up to have permanently good cash flow is a far better option. 

There are plenty of grants available for businesses to switch over to more sustainable practices, and now is a great time to make the switch. Look into what options are available in your area, and take advantage of them while things are quiet. This way, you can set yourself up for a greener (and wealthier) future.

These four options aren’t the only ways that you can switch up your expenses, but they’re some of the most straightforward. Try to remember that everyone is suffering right now, and cut yourself some slack if you’re not doing as well as you’d like. It’s nothing personal, and it is something you can overcome. Good luck!