In today’s economy, saving money is always at the forefront of people’s minds. Whether you’re the head of a household, the CEO of a Fortune 500 company or the owner of a small business, saving money is important.
For owners of small businesses, providing a great product and superior customer service, while minimally spending money is vital to the success of their business. No worries: saving money without risking your company’s reputation is possible. From location to promotion, here’s five ways to save your business money:
1. Work from home. According to the U.S. Small Business Association, leasing commercial office space is one of the largest expenses incurred by new businesses. If your business isn’t customer facing, consider doing all of your business out of your home. Bonus: home-based businesses can receive tax deductions for their rent or mortgage, utilities and maintenance expenses. Visit www.irs.gov for more information.
2. Buy used equipment. Purchasing pre-owned printers, computers and office furniture could save you up to 60% off retail price. Check classified listings, local auctions and rent and sells chains (such as Aaron’s) for the best deals.
3. Offer hands-on experience. If you can’t afford full-time employees, consider partnering with local colleges and vocational schools to offer for-credit internships for students. Students will gain valuable work experience in their field, and you will gain an extra set of hands.
4. Become an expert. Offering your industry knowledge to write an article, guest lecture or host a workshop is a great way to get your business’ name out in the public, for free. Sharing your knowledge helps build your credibility and establish trust in your brand. Free coverage from local newspapers or television stations magnifies your help by extending your reach (and ROI!).
5. Keep credit cards in check. If you frequently have unpaid balances on your credit cards at the end of each month, shop for a card with a low interest rate. If your balance is paid, search for a card with no annual fee. Like your current card? Call your credit card company and let them know soliciting competitors are offering more favorable interest rates or no annual fees, and ask if they’ll match (or eliminate) yours.
Cash flow is a major determinant of your business’ success. Take heed to the above steps to help you save more money than you spend, provide great product and customer service and ultimately keep your business afloat.