Top 7 Money Saving Tips For Small Business
By Mike Burn
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In this tough economic climate, many small businesses are trying to save money and some to simply survive. However, it is possible to save money without looking unprofessional. These top money saving tips for small business can be applied to any size organisation but are especially effective for small businesses.
- Review your spending. If you are purchasing office supplies once a week then try buying in bulk once a month. Also look for alternative suppliers who can provide the same goods cheaper. Exchanging your goods or services? Use the website called "Barter" for goods and services that you need from other organisations to save money.
- Reduce utility bills by turning out the lights in unused areas of the office, installing motion sensor lights, installing water taps that turn off automatically or changing suppliers.
- Review your phone costs. You can change your supplier or replace your current service with an internet based service such as "VoIP", or take advantage of services like "Skype", which provides free telephone calls between people who have downloaded its software and can save a lot of money on long or international phone calls.
- Whenever possible use laptops instead of desktop computers as these consume less energy. Printer ink can be a considerable business expense. Consider using recycled printer cartridges or get employees to share printers. Use the internet whenever possible for business conferences. There are free web conferencing tools available such as "Zoho".
- If you have unused office space, then investigate the possibility of subletting the space. Consider hiring internships or temporary staff for seasonal or surges in business. This can avoid having to pay for fulltime staff being idle during slow business periods.
- Save time and money by using pre-made business forms from online sites for free. Review your mail costs. Make sure your mailing lists are up to date. Only use first class post when essential. Plan parcel deliveries in advance to avoid last minute expensive express delivery.
- Negotiate with your suppliers. Request three quotes before purchasing goods or services. Often, a vendor will match or beat a competitorís price in order secure the sale. Ask suppliers if they will give you discount for early payment. Or extend suppliers payments as long as possible without incurring penalties or upsetting your supplier.
Article Submitted On: June 17, 2014