5 Ways A Small Business Can Save Money

If you are just starting a business, read these tips so that you can save money for future investments.

More often than not, a small business starts out with a shoestring budget. Funds and resources are low so everyone in the company has to stick to a budget. As a small business owner, there are a lot of things that you can do to save money.

1. Buy used furniture

You don’t need brand new furniture to be able to finish your work. This is especially true if you have an eCommerce business. No one will see the furniture or equipment that you are using. If you want a “new” look, have your furniture spray painted. If you have friends who have printers or copiers that they no longer use just because they have a new one, offer to buy them. But make sure that these are still in good working condition. The money that you save can be invested in other things.

2. Use your supplies wisely

You might not notice it but you might be racking up a bill every month with your office supplies. Do you use fresh paper every time you need to jot down notes or send out a memo to your staff? You can use scratch paper instead. Tell your staff that you need to save money on supplies and that they should do the same. Lead by example. Track the number of pens that you buy each month. With computers available, pens are no longer a primary necessity in an office. Monitor your printing activities. You might be using up too much ink for things not related to the business.

3. Save on in-house processes

There are some things that are cheaper and faster to do in-house. One example is preparing your mail. Did you know that a franking machine can give you huge discounts from Royal Mail? A franking machine can also finish processing your mail in minutes. You save on time and money and delegate your resources to other important things such as getting new customers.

4. Hire freelancers and barter

If you need something done, don’t go directly to an established company. Check out sites such as Odesk.com or Elance.com to hire professionals to do the job at a fraction of the cost of hiring a company.

If you have friends who have the skills that you require, ask them if you can barter. They can avail of your product or service for free in exchange for their services. For most small businesses, this route makes the most sense because you can save a lot of money by offering something that is already there instead of offering money.

5. Take advantage of free technology

All businesses need a website but don’t go hiring a web developer just yet. You can take advantage of WordPress.org’s free website software to make your own site. If you have a physical store, your website presence is just there for support unless you also want to open an online store. In that case, you can try out eBay or Amazon first.

Use Skype instead of going out to meetings. You can save on representation expenses (i.e. food bills) and gas if you hold your meetings over the Internet. You can also use Skype to save on mobile phone bills.

Research on other free technology that can help your business grow. There are apps out there that are very useful for your business such as package tracking, inventory, etc.

Keep your eyes open for potential money savers in your company. Encourage your staff to be vigilant about saving money and you can be on your way to success.

 

This has been a Guukle guest post

This article was written by entrepreneur and blogger Dan Matthews. Please visit my fulfilment site for more money-saving strategies.