Everyone loves saving money and small business owners are no different. Although having a tight budget can make saving money tough, here are some money saving tips that can help your business budget.
7 Small changes that can help you save big in the long run.
1. Save Some Paper by Going Paperless
Reduce the amount your business uses paper and postage by working electronically. Going paperless is a great way to increase efficiency and reduce waste and clutter. These changes help lower costs while helping the environment.
2. Don’t Be Afraid to Shop
In addition to loyalty programs and selling in bulk, many retailers and vendors you work with may offer discounts for small businesses. Even if they don’t advertise it, take the initiative to ask. You’d be surprised how much money you save simply by inquiring.
Comparing vendor rates also ensures that you get the most for your dollar.
3. Create a Budget and Track of Expenses
Seemingly small charges add up quickly. Keeping track of your finances by creating a budget allows you to identify the best areas to allocate money. Another helpful tip is to create a log with all of your bills and due dates. Setting a “pay date” several days before the bill is due is an easy way to ensure your payment is received on time and avoid late fees.
4. Upgrade Your Tech
Nothing is worse than coming into work with the drive to get things done only to have your momentum halted because equipment doesn’t work. When troubleshooting becomes a large part of your day, it can severely cut into productivity and progress. Avoid this by replacing outdated or broken equipment.
5. Balance Transfer on a High-Interest Credit Card
Many business owners have a business credit card that has a high APR attached to it. For some its comfortable to use the same card since its already opened and is linked to many recurring business expenses. However, there are many cards that offer a 0% interest introductory rate for up-to 18 months. CreditCards.com has put together a comprehensive guide with the best offers for balance transfers. To check it out you can view it here.
6. Adopt a Four-Day Work Week
It may seem counter-intuitive, but 4-day work week can help motivate employees to work with focus and more efficiently. Reducing the number of workdays forces you to cut back on time-wasting tasks. Instead of employees having to take days off for doctor’s appointments and other responsibilities, a 4-day workweek provides the flexibility needed by everyone.
7. Allow Employees to Work from Home
If you aren’t fully convinced by the idea of a 4-day workweek, a good alternative is to let your employees work remotely. Today’s technology allows us to stay connected and work on-the-go. As long as your employees are motivated, engaged, and enjoying their job, they will want to do great work.”
If you find yourself in need of extra funds, Excel Capital Management can help fill in the gaps. Our consultants are available to guide you towards the best options for your business’ needs.
