How to reduce costs for your small business

You’re in the trenches everyday doing what you can to keep your customers happy and grow your dream. In the last couple of years there have been a lot more hurdles in the way of you growing that dream from supply chain struggles to inflation and labour shortages. Owning a small business has always had its challenges, but the last few years someone dialled those challenges up to ‘11’ and broke off the knob.

Here are some numbers that put those small business challenges into context. Nationally, 85% of small businesses experienced financial challenges in the last year, according to the Small Business Credit Survey. The National Federation of Independent Business Optimism Index found that optimism among small business owners is at its lowest level in nearly 50 years (Source*).

You’re already spread thin. So what can you do to find ways for your business to save, while also saving your bottom line? Running a small business is not for the faint of heart, which is why Elavon tries to help those business dreams keep growing with every product, resource and tip we can pass along.

Small business efficiency tips

Here are some strategies that could potentially help your business reduce costs without cutting into profits.

• Raising Prices: In response to the high inflation rate, 40% of companies have raised prices, while 39% have absorbed some additional costs (Source*). Nobody likes rising prices, but when your business is faced with increased operating costs, sometimes it’s necessary.
• Adopting New Technology: 27% have adopted new technology to automate processes (Source*). Using new technology can cost some money initially, but with the right services, software and products, it will save you big bucks in the long run.

Reduce costs for your small business with Elavon

At Elavon, we understand the endless and frustrating small business challenges you face every day. That’s why we provide products and services to help innovate small businesses as well as sharing strategies and resources with you online. We’re rooting for your success. Here are some of the payment solutions that could help you become more efficient and save money.

• Our Commercial Card Optimization program ensures that all of commercial transactions qualify at the lower interchange rates available, leading to substantial cost savings for the business. Those lower rates add up to savings for you.
• talech point of sale (POS) systems help owners gain a better understanding of business trends with sales reporting so you can track and analyze things like peak sales cycles, ways to reduce costs, gain revenue and expand sales opportunities. Getting the big picture of your business trends allows you to get to know your customers even better and find out exactly how they use your business.
• Reduce credit card acceptance costs altogether by charging the cardholder a surcharge amount on every credit card transaction at the point of sale. The surcharge amount covers your acceptance costs for that transaction, meaning you can keep more of your revenue every month. Cardholders can avoid the surcharge by simply using a different payment method (debit, cash, or check). You don’t pay a fee if your customers take on that cost.

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Looking for even more ways Elavon can help your small business save? Contact us today.