As a small business owner, any way you can save money is a must-do. And since time equals money, saving time is just as important. So without further ado, let’s get to the meat and potatoes of money-saving tips for business owners.
Instead of hiring a full-time employee who you have to pay wages, benefits, and the like, outsource your projects and duties to a virtual assistant. Virtual assistants can take over your bookkeeping, appointment scheduling, filtering your email inbox, creating power point presentations, booking hotels and flights, and they can do research on just about any subject you need them to, like your competitors, the latest industry news, popular search keywords, customer survey results… literally anything.
- Shared workspaces.
Rent is one of the biggest money suckers, and if you don’t need a dedicated office, then save money by using shared workspaces. Some cities have more than others, so your location will determine if this is a viable option for you. Perhaps you can even go in on renting and creating a shared workspace with other small businesses from your community. Shared workspaces not only save money, they promote networking. They’re only becoming more popular in today’s business world, so if you don’t have one near you yet, there’s probably one on the way.
- No more targeted Facebook ads.
P&G just released a statement that they are cutting back on targeted Facebook advertisements to almost nil because they find that they don’t work. If the company with the world’s largest advertising budget doesn’t think they’re worth spending money on, then neither should you.
When possible, eliminate extraneous employee expenses by offering work from home options. The more you can virtualize your business, the cheaper it will become to run.
Negotiate prices with your landlord, with your vendors, and whoever else you pay money too. Try working out barter system for exchanging services instead of money. It never hurts to ask.
- Use free software.
Phone calls can be made free with Skype, meetings can be hosted in Google Hangouts or GoToMeeting, texts can be sent through Viber or Whatsapp, and by all means, research open source software options before spending big bucks. Open source software exists for everything from computer operating systems to photo editing to project management to accounting.
Sometimes the best way to save a lot of money, in the long run, is to spend a small amount of money up front. If your customers aren’t paying their debts, and those debts are big enough to be a problem, then find a solicitor who can save you time and stress by doing what they do best. They specialize in collecting money that needs to be paid.
- Print online.
Brick and mortar print shops are always going to be more expensive than online printing options. You can get everything you need to be printed online for much cheaper, from advertising materials to brochures to business cards to newsletters.
- Use the Cloud.
Store everything in the cloud and cut out expensive hardware and software storage options.
These nine tips are guaranteed to save you money. As a small business owner, every penny counts. The smarter you think about curbing expenses, the bigger the budget you’ll have to spend on what truly matters – making your business even more money.