3 Money Saving Tips For Your Small Business
We’ve all heard the old saying “you have to spend money to make money.” That doesn’t mean opportunities for cutting costs should be overlooked. Here are a few money saving tips that may put some of your hard-earned money back in your hands:
1. Optimize Recurring Expenses
Small differences in your monthly expenses can seem insignificant at first glance, but over time they can make a huge difference in the budget of a small business. Nearly every communications provider has “bundle” packages that can save you money. Whether it’s with vendors, internet providers, or anyone else you are paying on a monthly or yearly basis, any time spent comparing different providers can pay off quickly.
2. Office Space
This is one of those business money saving ideas that may require you to rethink your current business model: Do you really need a physical office? Many small business owners have a substantial portion of their monthly income going toward their overhead expenses. Although this reality can’t be avoided for some businesses, a physical office isn’t essential for many small businesses. A virtual office can give you the ability to redirect the funds that would have gone toward rent back into your business. Finally, A virtual office allows you to have a business address, at a fraction of the cost of a traditional office.
3. Save on Travel
You don’t have to own a business to know that travel expenses can add up quickly. Airfare, lodging and car rentals seem to pop up on business trip. The biggest way to save money on travel is to eliminate any trips that are not completely essential. With modern teleconferencing, a plane ticket and overnight stay are no longer essential for a face-to-face meeting. An often-overlooked expense of business travel is the productive time that is lost. Even with Wi-Fi more available than ever, it can be difficult to work on days that you have flights.
You can even incorporate your business money saving ideas into your regular spending. So, if you do need to travel, look into business credit cards that offer airline miles as rewards. There are several great comparison tools available to find the best fit for your business. Don’t forget to plan ahead for your trips and use price alerts on sites like Kayak.com to be notified when fares drop.
Finally, these money saving tips will help you to cut costs and make your business more profitable.