Last Updated on Mar 13, 2020 by James W
All small businesses have one thing in common; they want to save as much money as possible. After all, the more you save, the more profits you will make in the long term. There are numerous ways you can save money on business expenses and below you’ll find 5 of the best tips to do that this year…
- Slashing your printing and mailing costs
One thing that a lot of business owners tend to overlook is the cost of printing and mailing. While the internet has largely taken over the business world, the majority of businesses still need to physically print off invoices and post out their goods. It could be costing you a small fortune when it really doesn’t have to.
Recycled printer cartridges are one way to lower your printing costs. You’ll find them cheaply online. It could also be worth looking into investing in an address printer. The latter can save you an awful lot of time in printing as well money in labeling.
- Switch from desktop to laptop computers
According to Smartbiz, laptops use up to 90% less energy than a desktop computer. If you were to ditch your desktops and provide laptops to all of your employees it could help to drastically reduce your energy bills. Laptops are also more convenient as they can be carried around for remote working and taken home when needed.
- Negotiating a better price
One thing that will save you the most money is negotiating better deals with your suppliers. This includes suppliers of your products and services, as well as utility suppliers. The internet has made it easier than ever before to compare different companies and find the cheapest deals. You could save hundreds of dollars a year if you take the time to negotiate a better price – there’s always room to save.
- Get to grips with invoicing
One of the biggest headaches for small businesses is chasing up invoices. As Company Bug states, there are a few things you can do to ensure invoices are paid on time. Firstly you could offer a slight discount on invoices that are paid promptly. You can also add interest to late invoices. It might even be worth looking into using the services of an invoice financing company. They can help eliminate the hassle and ensure you get paid on time.
- Make use of outsourcing
Running a business is time consuming and often you’ll find some of your departments, such as human resources, are stretched to the limit. Outsourcing some of your work to third party companies can make great financial sense. Not only does it free up time for you and your employees to focus on other things, but it also helps make your business run more efficiently. It can actually work out much cheaper to outsource than if you were to handle everything yourself.
These are just five ways you can save money in the operation of your small business. Even if you just follow one of the tips above, it could help you to cut back your costs significantly in the coming 12 months.