Most small businesses need to be very cost conscious when they first start out in order to survive. Here are a few tips for how your business can start to save, as suggested in the article “25 Money Saving Tips for Small Business”
- Switch to online billing services. By using services like PayPal, you might be able to avoid some monthly and statement fees, though you will want to look into the “per transaction” fees on any online banking system to make sure that particular site will really end up costing you the least.
- Watch your printers. Printer ink can be expensive, so look into ways to save, such as using recycled cartridges, buying in bulk, or sharing printers.
- Reduce phone expenses. Take a look at your phone usage and think about ways you can adjust to save some money, whether that be eliminating a few phone lines, changing your plan, or looking into internet phone services.
- Get rid of the desktops. If possible, switch employees to laptops, which consume much less energy and have the added benefit of being mobile.
- Turn off the lights. Try to keep utility expenses down by keeping lights off in unused areas of the office.
- Take advantage of the internet. Whether for calls, conferences, business form templates, ordering checks, advertising, or sending newsletters to clients, the internet can make your work more convenient as well as more cost efficient.
- Review spending on supplies. Is it possible to buy more things in bulk? Look into trade shows, Craigslist, or buying wholesale as ways to save on office expenses.
- Consider subleasing. If you have unused office space, you might be able to arrange to sublease the space, which would mean not paying for unused space and getting some help with rent.
- Hire interns. When you are looking for seasonal staff, consider opening up positions to college students who often do internships for class credit, which will reduce your payroll without hurting your productivity.
- Cross promote. Include in an advertisement a mention of a service or item that would be a good addition to the item being advertised.
- Join community groups. Being involved in trade associates and other community groups can often provide advertising opportunities and can keep you plugged in to the latest news and techniques in your industry.
- Evaluate your mailing list. Take a look at your mailing list to see if you can weed out any inactive customers, undeliverable addresses, or changed addresses. Mailing is an expense for you, so you want to make sure you are not wasting letters. You can also save on mail by sending it in the morning so it will arrive early rather than paying for priority or express mail.
- Ask for referrals. Word-of-mouth is a powerful form of advertising, and it doesn’t cost you a dime. Include testimonials on your business’s website and ask clients to make referrals.
- Get the best deal. Request three bids from vendors before signing a contract, because often vendors will match competitor prices in order to get your business.
- Travel smart. Use travel websites to look for the best plane ticket prices. You can also save by having employees share things like rental cars or even hotel rooms. This kind of cooperation can majorly reduce travel costs.
Small businesses can benefit financially from taking a step back and evaluating what they have been spending on. Often there are a variety of simple solutions for cutting costs in an office space!