5 Cost Saving Tips for Business Owners
Every small business owner is concerned about retaining profit, and how to make their bottom line grow. One of the ways that small business owners are able to run their business in a profitable manner is by strategically apply cost-saving practices.
Here are five cost-saving tips for small business owners:
Seek Used Equipment
One of the big ways that businesses can save money is by purchasing used or refurbished. When looking to replace electronics, such as a printer or copier, it is always smart to research refurbished options. In most cases, these items have been repaired or had parts replaced, and typically come with some type of warranty. When in the market for office furniture, there can be a huge price savings between new and used.
Meetings can be costly, and really add up quicker than you realize- especially when they aren’t local. Rather than spend the extra money on travel and hotel-stay, opt for a teleconference. Many different providers offer teleconferencing services- both for conference calls, as well as video. This can be a great option to help save both money and time.
Reduce Paper Use
Not only is cutting down on paper use good for your company’s bottom line, but also for the environment. A few ways to implement this includes: printing/copying double sided, reusing wasted paper for notes, and customizing margins to get the most printed on one page.
Pay Invoices Early
Many different vendors offer discounts to incentivize businesses to pay invoices early. The most common offer would be a 2% discount off of the total when businesses pay in full within the first 10 days of the 30-day window. This can provide a huge cost-savings to businesses.
Utilize Social Media for Advertising
In comparison to traditional advertising, such as television commercials and billboards- social media advertising can be just as effective and much more affordable. The cost to run an ad can be significantly less expensive, and producing the ads is also relatively cheap. It is also very popular to utilize social media for advertising without actually paying for promoted advertising space. With time and effort, you can build a following organically to reach many current and prospective clients without actually spending any advertising dollars.
About the Author
Kristi Desepoli is an associate financial advisor at Heritage Financial Advisory Group. Heritage specializes in investment management and financial life planning for business owners, executives, and doctors.