6 Small Business Cost Saving Tips
This week we’re going to continue our recent string of financial tips. We covered cost-cutting mistakes and spending mistakes so to wrap things up, let’s take a look at some cost saving tips. In the spending mistakes blog we highlighted the fact that overspending is one of the most common mistakes small business make; one that can cripple the business. It’s no easy task to avoid every spending mistake out there, so lucky for us there’s some easy ways to save some money. This blog will highlight some of the smart and fiscally responsible choices small businesses can make today to steer their business in the right direction.
You probably already do the majority of your work on a computer so tip #1 should be an easy one. Printers, paper and especially ink/toner don’t come cheap and they can be one of the first things your business can cut down on. There are many free cloud based storage options out there, that you can take advantage of. At Evolocity, we use Dropbox and it’s more than sufficient. All those contracts and random documents cluttering up your work-space; just convert them to PDFs. We use PDFs and an online application which keeps almost all of our application process paperless. Customers can even sign contracts electronically with PDFs. Not only will you be saving money but you’ll be helping the environment at the same time.
This is an easy way to shave some money off of your monthly bill payments. Most small businesses have similar needs when it comes to services, be it phones, internet, TV, newspaper subscriptions, etc. Whenever possible, which is almost always with the major providers, bundle your services together.
Search for discounts
It’s easy to get into a routine and order your supplies, inventory and basically anything you need from the same suppliers over and over. Although building great relationships is crucial, sometimes there’s better deals out there. By no means does this mean jump ship from your existing suppliers but pick up some small stuff elsewhere. Keeping an eye out for the best price will save you a lot of cash over time, especially if you’re dealing with big ticket items.
Time is money and as a small business owner, your time is extremely valuable. Outsourcing projects will almost always be less expensive than doing them in house. Don’t be afraid to give up a little bit of control; you risk having entirely too much on your plate.
Work with local businesses
Aside from the fact that supporting local businesses is one of the best things you can do for your local economy, it can also save you money. The perception is often that staying local is more expensive since they can’t scale the same way massive corporations can. Local businesses will often be able to cater to your needs more precisely, not to mention you can save on shipping. It’s really a win-win situation for everyone.
Hire interns and students
This is one area where business owners are often very reluctant. Interns and students are generally there for a predetermined period of time and come with less experience than their counterparts. So why hire them? Not only will you be paying reduced wages but you’re also getting employees that are extremely motivated to gain experience and build their resumes.
We hope that these cost cutting tips will help your business to save money throughout the year. Be sure to visit our small business marketing tips section for more great advice for business owners.