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Finances are arguably the most important factor in any business operation. This is especially true for small businesses—while they’re crucial to our economy, it’s hard to manage all the expenses. Here we introduce the top money-saving tips for small businesses.
Employees are a high expense for both small and large businesses. One of the ways to counteract this is by outsourcing work to freelancers or agencies when possible. Additionally, you could hire interns, as many students opt for unpaid internships that offer experience or college credit. Another way to reduce your employee cost is by allowing four-day workweeks. In fact, some businesses have found that their workers are more productive during four-day workweeks than five-day ones.
Any large deal in business is always negotiable. Now, that’s not to say you should negotiate a price that you wouldn’t be willing to pay for if you were in their position. For example, if you’re looking at spending $5,000 total, taxes and fees all included, you shouldn’t try to negotiate a price of $10,000 down to your budgeted number. It’s not going to happen. Be real and ask yourself before making a counteroffer, would I take this deal?
Paper can quickly get very expensive. Now, there are times when paper copies and prints are required, and anyone who owns a printer knows expensive ink and toner cartridges are. The best solution for this is going with remanufactured printer cartridges. They’re much more affordable than the manufacturer’s cartridges, and they’re held to the same standard to provide an equally high-quality print.
One of the top money-saving tips for small businesses is to stop spending money on traditional marketing such as billboards, mailings, and brochures. Instead, you should take advantage of affordable alternatives, including social media and email marketing. With how far these marketing channels have come in recent years, you’ll likely see a return on investment before you know it!
If you have a retail location near other stores, consider splitting a bill to do a sidewalk sale. This will not only save you money on marketing the event yourself, but it provides exposure for everyone. In addition, this could help you find new customers that may not have found you otherwise. It also brings the community together, and you get to meet other business owners who you share real estate with.
As you’ve probably noticed, there are several ways to save money as a small business, from reducing paper use to negotiating to relationship building (bet you didn’t see that one coming). The bottom line really comes down to reducing any unnecessary costs, and if there’s ever a doubt before making a purchase, then you probably shouldn’t do it.
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