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Posted 05/02/2017

Ways To Save Money In Your Business

Ways To Save Money In Your Business

Saving money as a small business can be tricky—if you’re a startup especially, money might be tight already. You probably don’t have a big portion of your income that you can tuck away as savings, and you welcome opportunities to make your operations more cost-effective. We’ve compiled a list of money saving tips—ways for you to trim overhead here, and increase efficiency there, until you’re on your way to better financial health.

In this list, I will cover:

  • Nearly-Universal Tips
  • Office and Home Business Related Tips 
  • For Those Outside The U.S.

Nearly-Universal Tips

No matter your industry or location, you should be able to apply most of this advice, even if you need to tweak it a bit to suit your needs.

1. Go green

You’ve heard it before and it’s still true: going green saves green. Whether it’s a home business, office, storefront—whatever kind of space your business is using, the more energy efficient your space is, the lower utility costs you’re going to have. So go out and buy those compact fluorescent bulbs already—they can save you three quarters of your lighting bill per year! For more information on greening your spaces, check out Energy Star, a program run by the U.S. Environmental Protection Agency. 

2. Bartering

Especially with other businesses, bartering might seem old-school but can definitely still be effective. Chris Hoyt of Langua Travel has used this method to great effect with his business, using trade for B2B compensation. If you need a good or service and have something of value to offer in return, this could be a good route.

3. Retain your good employees

A high performing employee or an employee who is integral to culture and keeps up morale is a valuable asset. They make you money, and keeping them around will save you onboarding costs down the line, or the loss if their replacement isn’t as valuable to the company. Check in with your team, make sure they’re happy and that their needs are met.

4. Review your operating expenses

If you buy bagels for the office, is there a different bagel shop that will give your business a bulk or loyal customer discount? Have you ever looked into it? The day to day expenditures on simple things—coffee, maintenance, and supplies, for example, all add up. Taking a chunk of time to go through things and see where you might be paying more than you need to can save you a lot over the long haul.

Business coach Jennifer Martin suggests comparing vendors and getting quotes at least once a year to make sure everything you’re paying for is a fair market rate, including your merchant card services. Martin notes that the more money you process, the more clout you’ll have to negotiate a more favorable contract.

5. Sharing office space

Another option for cutting costs on leasing is to go in on a space with another business. Of course this carries its inherent risks, but this could be a viable option if you’ve got a close business connection, especially if you don’t need a ton of space. Read More

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Article Originally Appeared On Bplans

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