Monday, June 15, 2015

Money Saving Tips for your Business

Running a business can be expensive.  Supplies, people, technology, all add up.  Here are some tips to help you save money while still driving your business to success!

Employees are vital to making a business run, but come with salary and benefit costs.  You can conserve by using part-time employees with no benefits.  Explore internships or mentoring programs that cost little to nothing. You can have the human resources but for less.

Penny Pinching Promotions
Advertising can be pricey, especially when you don’t always know what will create a return on marketing investment. Partner with your neighbors for shared radio and print ads. Drawing attention to your area can be a win-win for both of your piggy banks. 

Never take list price as your price. Work to negotiate savings. Things to consider are increasing the volume of your purchase to secure a price break. Explore free or discounted shipping. Review payment terms. The longer you have to use the money before it is in your vendor’s hands the better.  Get competitive quotes and don’t be afraid to pit vendor against vendor. It will keep your vendors honest and help you secure additional savings.

Bulk Buying
Evaluate buying supplies in bulk. Items like janitorial supplies, printer toner, or paper are great options to stock up on. Compare prices and look at the per unit price to be sure you are getting a value.  Factor in your availability of storage space for these bigger purchases.

Explore bartering services or products.  This allows cash to stay in the business while you provide inventory or services in exchange for something you need.  Do the math to verify you are doing an even exchange. This is a great option to keep money within the business.

Get Involved
Research trade associations and local community business groups.  Networking is the key to many successful businesses.  You will meet other like-minded professionals who can share tips on vendors, split advertising costs, or might be willing to barter.  You never know until you ask, but you first need to build your business connections.

Saving money takes a little effort, but well worth it when the benefits hit your bottom line!  Do you have additional savings tip? Please share below.

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