If you’re a small business owner, you’re probably looking for smart ways to save a few pennies here and there. Running your own business isn’t cheap, and if you can save on operating costs, you’ll be able to ensure your profitability – and the continued success of your company.
How? Here are just 5 of our top money saving tips for small business owners. See how you can use each one to save big on operational costs, loans and more!
Make Use of Cheap (Or Free) Advertising
Advertising is necessary to expand the reach of your business, but this doesn’t mean you have to pay an arm and a leg to reach customers. A few great ways to get free or cheap advertising include:
- Staying active on social media websites like Facebook, Twitter and Instagram
- Putting up flyers and posters in other businesses
- Sending coupons with invoices or giving them away at the point of sale
- Asking for online reviews to help with word-of-mouth marketing
- Promoting sales by partnering with other nearby small businesses
- Optimizing your website for SEO (Search Engines)
Cut Costs in The Office
Looking to cut down on office overhead? Here are a few great ideas.
- Buy a laser printer, as they cost much less to run, compared to inkjet printers
- Buy used office equipment, furniture and other such basic necessities
- Make sure you have a system in place for controlling employee use of office supplies, to avoid excessive use or theft
- Buy generic office supplies, such as pens, note cards, sticky notes, and paper to save
- Go paperless! Try to minimize the use of paper with online collaborative and digital tools
Shop Around if You’re Looking for Loans
If you’re looking for small business loans and want to expand your company, make sure that you look for a loan from several different lenders, to ensure that you get a great rate, and can afford to repay your loan.
Get Professional Tax Help
Small business taxes can be very complicated. And if you file incorrectly, you could miss out on quite a few great tax deductions – or even get in trouble with the IRS if you’ve misclassified an employee, failed to keep proper records, or otherwise made a mistake.
It’s best to hire a professional CPA or tax attorney to prepare your taxes. It’s not cheap – but you’ll pay less in the long run and maximize your tax savings.
Make Sure You’ve got the Right Insurance Coverage
Similar to the above point, you need to make sure you have the right insurance coverage for liability, workman’s compensation, and any other coverage required, especially if you work in the service industry or own a restaurant. A lawsuit can cost you a lot of money in legal fees – even if you win the case. You don’t want this to impact your bottom line, so make sure that you have proper insurance coverage.
Follow These 5 Tips – Ensure Your Business Can Continue to Expand!
While there are many other tips we could give you about running a small business and saving money, these five are easy to implement – and can be used by just about any business owner. Think about how you can benefit from one or more of these tips and start using them at your company.