Money-Saving Tips for Small Businesses

When you own a small business, you expect a tight financial ship. After all, you are competing with bigger businesses that can undercut your prices because they can afford the loss. Therefore, you need to think smart and buy smart to cut your costs and save your bottom-line. There are many money-saving tips that you can adhere to which will positively impact your profits.

Travel

Traveling isn’t a requirement of all businesses, but if you’re just getting your feet off the ground, you may be doing a lot of leg work to get your brand recognition. With travel comes costs of food, gas, maintenance on your vehicle, or plane tickets and airport commuter costs, and even a place to lay your head. If you are travelling for meetings, consider virtual meetings or phone conferences. If you must travel, plan to save your bucks on hotels, meals, and transportation. Consider travel-friendly meal prep, carpooling, or researching discounts and deals before you go.

Fixed Assets and Equipment Inventory

Every business has fixed needs – supplies, particular equipment, tools, organization, laptops, cell phones, iPad’s, and whatever is needed to operate the day to day functions. If you are a small business, you will likely continue to develop and even outgrow certain equipment; maybe rentals are in your best interest. If you do buy, remember cheaper isn’t always better. High quality will outlive and may cost less over time than purchasing the bottom dollar imitator.

Phone, Internet, & Cable, Oh My!

I think everyone knows the woes of working with internet, phone, and cable providers, but most businesses cannot operate without at least a phone. Doing the research and getting quotes is a pain, however, some providers may offer discounts to businesses with a certain number of employees.

Insurance

You should be reviewing your insurance policies every six months, at a minimum. Get quotes from other insurance carriers and opt-out of auto-renewals. Your business will most likely flux with its insurance needs as the business changes, so keep an eye on rates to get the best prices and policy for your company.