5 Tips to Save Your Small Business Big Money
One of the biggest obstacles standing between you and the success of your small business is your budget. Certainty, almost every business has had a great idea or a dream that can only be accomplished financially. Instead of only relying on time itself to generate additional spending money, why not clean house and use some simple tips that can raise the bar of your budget in the short run?
- Improve your energy efficiency:
You’ve heard it before and you’ll hear it again – reducing your energy consumption means reducing your bills. There are a million DIY solutions to raising your facilities’ usage, take advantage of these or consider placing small investments into technology-based systems that will keep your needs in check. Whether you decide to install new weather strips on your doors this summer or install smart home technology, like a Nest Thermostat that allows you to control the temperature from your smart phone, your investment will put a dent in costly energy bills for the foreseeable future.
- Go Paperless:
Sometimes this idea is easier said than done. Going paperless can disrupt some employee’s preferences and workflow, but at the end of the day it’s a sure fire way to save you extra dollars. Look at it this way, the typical U.S. office worker uses more than 10,000 sheets of paper per year, which is about two cases of paper per employee. With an average price of $40 for a case of standard copy paper, this is an $80 annual cost per employee – you see where this is headed? This concept can also be applied to receipts. If it helps sway you any, remember that the trees will thank you too.
- Hire Freelancers:
The unsung heroes of many businesses, freelancers are the perfect way to supplement the cost of hiring full or part-time employees. Only need a certain service or job completed periodically? Look for a freelancer. Why put the time and money into training someone to do a specialized, infrequent task. Freelancers come in all shapes and sizes, usually with a specialization in their arsenal. While some are better than others, these on-call heroes will be on your payroll when you need them and gone when you don’t. Give them a shot!
- Reevaluate your subscriptions:
This pertains specifically to technology based applications. While businesses of all types utilize subscriptions for mailing, data storage, creation tools or other essentials – many are shocked when they find they’ve been overpaying for months or years. Tech is constantly changing, and so is the business behind them – you may be unaware of new plans that have been introduced to services that are less expensive and cover your basic needs. Often, subscription based services won’t inform you of the changes and your subscription rate could increase in price as a result. Take a look at the plans available to you and feel free to take this lesson into your personal life too.
- Buy in bulk and buy direct:
If you know you’re going to need 3,000 cartridges of black printer ink over the next year, buy it all at once. This might be an extreme example, but while the upfront cost is higher you’ll end up saving a huge percentage on the total cost per unit. It might be monotonous, but over the next year do a physical track of the resources you use to better help define your needs for the upcoming year – allowing you to better budget the cost of small items like paperclips, pens, batteries and more for next year.
In addition, you can usually tack on a few more savings if you go directly to the distributor of the product you need, avoiding the middle man at big box stores. Bulk retailers like Costco and SAM’s Club offer memberships for businesses that come with added discounts on certain products and credit if needed to help make those upfront investments more manageable.
Tags: business news today