Theoretical advice is always nice, but if you’re in a constant struggle to keep your business afloat, you’ll need real assistance from those who’ve actually been in the same boat. To that end, here’s a quick look at some money-saving tips that are real ideas that can help you to cut your costs and make your business grow.
Hire Temps
Yes, employees are essential if any work is to be done, but their costs – from what they’re paid to insurance to office space – can be a massive chunk of any business budget. So, keep your full staff to a minimum. For example, if you’ve got a small medical practice, use a nursing temp agency during busier times and only have a few full-time nurses on staff at other times. You’ll be surprised how much this can save you.
Shipping
If you check prices and compare them when it comes to shipping, you might want to add negotiating terms to that so you’ll be able to ensure you’re getting the best prices. If you save even a few pennies on shipping your products, those pennies fall to the bottom line and really add up.
Advertising
Do you know how much you might be able to save if you cut down on traditional advertising and go with lower-cost alternatives? This is actually quite a popular option for many small businesses due to the various options in advertising and internet marketing. It really is possible to cut traditional advertising and its costs and still have a worldwide reach.
Find Sponsors
Events can be massive draws for customers, both new and old. Many businesses depend on events from seminars to galas in order to expand their base of customers. You might think about getting sponsors for your events to help you with the cost of them in exchange for advertising during your event. It tends to be a good trade for the small businesses having the events as well as for the sponsors paying for it…especially when the two happen to be in related fields.
Negotiate
What you’ve traditionally paid your vendors doesn’t necessarily need to be what you pay them from now on. See, the vendors want to remain in business and they’re also dealing with an economy that isn’t spectacular. Many will be willing to negotiate and give you better prices when faced with the option of losing you as a customer. You might be able to negotiate and get better prices on everything from your phone bill to office supplies. You definitely won’t lose anything by attempting to get a better price!
Think Farther
When your supply of cash begins to get low, as it does at times, don’t let that close the door on you getting the things you need. Try to barter. You might exchange your products and/or services for what you need. Just as it is with negotiating with your vendors, the worst that can happen is that you’ll hear a negative answer, and you never know when you’ll actually get a yes.
Stop for a minute and take a look around you. There are always ways to scrimp and save a bit of money. Sometimes you need to be a bit creative, but it’s possible. If hiring temps, negotiating, finding sponsors, looking farther than the cash box, using alternative advertising, and getting lower shipping costs can add to your bottom line, what else can do the same? Remember, even pennies add up over time. Try one of these options for just a month and see how much you can save.
