Saving money is of utmost importance to small business owners. And, oftentimes, cutting back on spending and putting some money aside can seem impossible.
If you’re struggling to keep your business afloat, consider these 10 simple ways to save:
1. Cut out paper. Make your office paperless to lower storage and printing costs! Scan and share documents digitally as well for increased savings and efficiency.
2. Get event sponsors. Whether organizing a trade show appearance or seminar, snagging a sponsor will help reduce expenses. Most companies will contribute in exchange for advertising at the event.
3. Utilize business forms and templates. Why buy forms or create your own when you can download, customize and print them for free? For example, Entrepreneur offers hundreds of templates at its website.
4. Use bundled services. Stop paying separate phone, cable and internet bills. Lots of companies will bundle several services together, adding up to huge savings for small businesses.
5. Hire temporary employees. Don’t pay for employees to sit idle in the off-season. Instead, hire temporary employees to manage surges in business.
6. Hire recent grads. If you need a full-time staff year-round, consider hiring smart, inexperienced people. Remember, “experience isn’t everything, and it costs more.”
7. Ask for a discount. Suppliers can be flexible — especially if you’re buying in large quantities. Never be afraid to ask about discounts and qualifications!
8. Hold lean meetings. In other words, don’t meet just for the sake of meeting. It’s a waste of time and resources.
9. Lease your equipment. Equipment can be super expensive. Leasing helps you avoid upfront costs as well as repair and maintenance charges.
10. Factor your accounts receivables. Where do you find the cash to be able to make the decisions your operation needs? It could be through factoring with your typically frozen or delayed accounts receivables.