Saving money is one of the most important things a business owner needs to do. Oftentimes, cutting back on business expenses and putting that money aside seems like an impossible task. If you’re worried about how much money you’re saving, and would like to save more, test out a few of these simple ways to save!
1. Go paperless. Making your office paperless (or mostly paperless) can help lower storage and printing costs. Scanning and digitally sharing your documents is just as efficient, if not more.
2. Try obtaining event sponsors. If your business attends events, like showcases or seminars, obtaining a sponsor can help reduce event related expenses. Most sponsor companies will contribute monetarily in exchange for you advertising their company at the event.
3. Utilize free forms and templates. Don’t waste money purchasing pre-made forms or your time trying create your own. There are many websites that offer hundreds of free downloadable, customization, and printable forms and templates. Consider doing a quick online search before buying a form template again.
4. Bundle any services your company uses. Would you still pay separate phone, cable or internet bills if you could bundle those services together and pay less? You probably would, right? Check to see if any of your providers have bundle packages available.
5. Consider temporary employees. If your business has an off-season, or if you only need someone to do advertising sometimes, consider hiring temporary seasonal employees or get in touch with some freelance workers for those special occasions.
6. Look into hiring students or recent grads. If you need full time or part time employees year round, don’t pass up resumes sent in by college students or recent graduates. They need the experience and are generally eager to learn. You can also hire them on at a lower rate than someone who’s been working in your specific field for 15-20 years. It’s a win-win situation for both parties involved.
7. Don’t be afraid to ask about discounts. While there are some things you’ll need that have a set price, suppliers can be flexible. Items purchased in large quantities typically have a reduced price, as well. Don’t hesitate to ask about what kind of discounts are offered.
8. Hold short and to the point meetings. Try not to meet just for the sake of meeting. This wastes your time, your employees’ time, as well as resources. Depending on what happens at your company’s meetings, meeting less often may help save some cash.
9. Consider leasing equipment. Equipment can be very pricey, depending on what kind of business you have and what equipment you need to function. A way to avoid purchasing such an expensive item is to lease it instead. You do still need to make payments on it, but you’ll avoid the initial loss of money that comes with making a big purchase.
10. Factor your accounts receivables. Factoring your invoices frees up money that’s stuck in your accounts receivables. This puts the money you’re owed in your pocket almost immediately, making saving up cash easier.
To learn more about invoice factoring and our other funding services that can help your business out, contact us today!
Post written by Senior Copywriter “Nikki Wakefield” of CoreFund Capital, LLC.