10 Ways to Save Money for Your Business

Posted on Dec 30, 2011

Small business owners like us need to make sure we run tight ships. Spending less can help us weather slowing cash flow; cutting expenses can help realize more profit. The following are my tips for saving money – I suggest sharing them with key members of your team. It’s not just enough for the owner to be aware of spending; others on the team closer to day-to-day expenditures may also spot money-saving opportunities.  

1. Examine Your Bills.  

If it’s been a while since you looked at how much you’re spending on phone, utilities, Internet service, overnight delivery costs and similar expenses, it could be worth your while to look now. As technology brings new options to small businesses, such as VOIP, you can cut your costs by finding more affordable services.  

Do you really need landlines? If you’re a “solopreneur” or have just a handful of employees who are always on the go, then mobile phones along with Google Talk and/or Skype might be all you need to run your business

When was the last time you compared minute plans for your mobile phones? Do it now.

Scour your credit card statements for overlooked recurring charges. You may find, like we did, that we were paying almost $200 a month for a rarely used webinar/online meeting subscription. And for the few times we needed one, free alternatives like ooVoo or recorded Skype chats served our purpose.  

2. Examine Your Insurance.  

You may find cost savings if you reassess your small business insurance coverage. For example, is your coverage still right for your business needs, or could you reduce some of it to save money? By raising your deductible, you can lower the monthly premium. Just be sure you have enough cash in reserve to cover the higher deductible.  

If you’re a member of a professional organization, like a Chamber of Commerce, you may be able to get lower rates through this channel.  

Comparison shop! Schedule a meeting or call with an insurance agent to discuss options. A multi-line agent can help you sort through different carrier options. Ask about bundling, too— sometimes you get a discount for purchasing multiple insurance coverages through the same carrier.  

3. Pay Early.  

Whether it’s trash bags or copier paper, buy in as large a quantity and as much in advance as you can … if it saves you money. Planning your office supplies by shopping ahead of time can help you take advantage of sales and warehouse shopping deals. For marketing collateral and signage for trade shows and events, finish them early to avoid rush printing and delivery charges.

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From SmallBizTrends.com