Being financially savvy is an important trait for any entrepreneur dreaming of building the next big brand. And given today’s economy, this ability has never been more important. However, a knack for money-saving isn’t innate, but rather a skill learnt and refined throughout years of practice. To start you off, here’s 7 simple ways that can save your small business a buck or two.
Switch To Laptops
Recent studies indicate that using laptops consume up to 80 percent less power than their desktop counterpart. This translates to huge monthly savings in your electricity bill. Moreover, laptops provide you and your employees with more flexibility. This maximizes productivity while also reducing stress levels caused by hours of working stationary.
Stretch Out Your Marketing
Aside from your core marketing channels, try and incorporate content marketing via mailing like account statements and invoices to save postage expenses. In addition, capitalize on point-of-purchase opportunities by including promotional materials including discounts and fliers.
Work With Neighbors
Share advertising space and promotional events with neighboring brands to split the costs. For instance, do an occasional sidewalk sale or share distribution channels and suppliers to get special deals. This money-saving strategy works best for neighbor businesses that complement each other’s products or services.
Get a Favorable Loan
Loans can either financially cripple a business or it can help with rapid growth and development. Get approved for quality loans offered by Advance Funds Network. Terms and conditions are very clear and understandable and loan applications are usually given an answer in minutes.
Look For Complimentary Software
Free software programs for small businesses are scattered online waiting to be found by worthy researchers. You can try hundreds of software products that are either permanently free or have a limited free trial period. From apps that simplify task delegation across your employee base to apps that let you manage different marketing channels easily, the wide variety of complimentary software available online allows small businesses to save money while streamlining core operations.
Invest On Used Equipment
Buying pre-owned office equipment can save you more than 50 percent but provide the same functionality. Computers, copiers, fax machines, and office furniture are some of the items you should consider buying pre-owned. Make sure to inspect the equipment prior buying it to ensure quality and usability. Good areas to start looking for quality pre-owned equipment include auctions and newspaper ads.
Buy Supplies in Bulk
Items like printing paper, ink cartridges, light bulbs, coffee packets, and tissue paper should all be bought in bulk. This can result in up to 40 percent savings as opposed to buying on an as-needed basis. Wholesalers will gladly give you discounted rates for bulk orders. Establishing good business relations with suppliers not only save money over the long term but also ensures consistent material quality.
These are only 7 ways how you can save money as a small business owner. There are countless more practices to adopt that can help you save more dollars over the long run. As a small business owner, it is wise to learn these other updated and relevant money-saving strategies.