You’re in business to make money. That’s a given. During the early stages of your business, that’s probably all you think about. But as you grow in your business, things come up. You might have a slow week, or you come to a financial crunch.
That’s the time when you have to think about saving money. We’re here to help. How about we show you 8 creative ways to save money? Please read on.
Power strips can help you save money on electricity, even when they’re off. When you plug your computer directly into an outlet, electricity is still being used, even when you’ve shut it down. But if you plug it into a power strip, then turn off the strip, electricity ceases from the computer.
Peek at the Budget
This is the first place you should go. Look at all of your operational expenses. How many of them are actually “operational”? Can some of them be reduced or even eliminated? If there’s anything you’re paying for every month that you don’t use, and could do without?
For example, maybe you have a subscription to a trade magazine or maybe an online membership for some premium content. Those things are costing your business every month. How often do you actually read them or use the content?
Maybe it doesn’t sound like a big deal, but everything adds up. A famous businessman once said, “Watch the pennies – the dollars will follow.”
Go “Free Form” Style
Businesses usually buy their forms from the office supply store, and they can be very expensive if you go through a lot of them.
However, there are plenty of free forms for business to be found online. You can customize them, download them as-is, and print them…FREE!
If you’re buying forms right now, and need to save money, look into this.
Go Second-Hand, or Go Broke!
If you’re in need of equipment, such as computers, copiers or furniture, you don’t necessarily have to go brand new, even though it is preferable whenever possible.
But here’s how you can save money. Check around for auctions selling such items, or look in the classifieds. You might even be able to find sellers online.
What’s more, there may be nothing wrong with them – some may be as good as new!
Lease Instead of Buy
If you need to rent a van for your materials, then seriously consider leasing instead of buying.
Buying will mean a huge down payment, high monthly payments, and definitely higher insurance.
On the other hand, you can save a lot of money by leasing. Your down payment as well as your lease payment will be much lower. It’s worth checking into.
Eliminate Bad Debt
If the revenue you get from an investment is less than what it’s costing you, that’s bad debt. Pay off bad debt quickly. Consider also paying yearly for certain services instead of month-to-month. This will contribute big to your cash flow situation.
You can pay a PR firm to do your promotions for you, but they don’t come cheap, and they don’t always get the results you’re after.
So why not do it yourself? The chances are good that you could come up with a great idea. Get your own marketing supplies, come up with a good offer, and get them working for you.
As you can see from this article, there are a number of creative ways to save money in your business. We hope you can use one or more of these tips.