10 ways businesses can save money in this economy
Saving money as a small business can be tricky; money might be tight already if you are a new business. We think most business owners will welcome the opportunities to make your operations more cost-effective. We have 10 ideas to help you accomplish this.
- Simplify staffing by trying a Virtual Assistant; you will save on in-house space and office expenses. Also if you think that hiring someone and training them will take time that you don’t have you may want to reconsider that. After all since you are working 14 hours a day at merchandising, ordering, packaging, time with vendors, general office work, there are not enough hours in a day to train help. But in the end you will be better at your business if you can focus on what you do best – running a business.
- Ask all your vendors for bulk rates or reduced purchase prices. Many will have something for you to save with.
- Go green automate your business with on-line tools. Today you have so many choices of CRM’s, Databases to store your work and contacts, SEO, emails/mail, templates, accounting on-line or Aps to name a few. You’re not only going green your saving a lot of time, , these types of software or sites will walk you through most processes
- Barter goods and services with your vendors – see if any of your vendors are willing to swap services for discounts or at cost.
- Take a closer look at your expenses and go generic as much as possible – anything from coffee and filters to refillable printer cartridges or business cards.
- Do your own marketing. What can you do yourself. You know everything about the business you have built and you have the enthusiasm to present it from the heart.
- Stay on top of your billing, pay on time – the amount wasted on late fees by most businesses is staggering
- Use Gmail or Skype for your business phone line, you can assign a phone number and have a free phone line for Gmail will call anywhere in the US for free and Skype will go overseas free depending on the type of account you pick.
- Have fewer meeting and save your own time as well as the cost of paying employees to attend. Also travel expenses – many meetings do not need to be done face to face. Look in to on line conference lines.
10. Regularly review your budgets. Over time things like introductory offers run out and you end up paying more for the same service you once had a smart rate on like cell phones, internet, and company credit cards.
Cutting your expenses means one thing: more profit for your business. By looking at these areas, you’ll be able to increase your own efficiency and your profits – even in the current economic climate.