Shanu Singh Guliani

10 Easy Ways to Save Money in Your Business
January 25, 2007

On a tight budget (which business storeowner isn’t?), it really pays to pinch pennies and save. In case you’ve forgotten the value of a “hard-earned dollar”, here are a few money-saving ideas to boost your business’s bottom line. Some of these tips are overlooked or forgotten and will save you more money than others, the end result is to save as much and wherever you can.

1. Don’t forget about your neighbor. Splitting advertising and promotion costs with neighbors that sell complementary good can definitely help to save money by using joint mailing lists. You could also split the costs of a promotion or event and in-turn double your traffic.
2. Be savvy when it comes to taxes. Don’t skimp when it comes to hiring a tax professional. He/She will make sure you’re deducting all you can and will keep you up to date on the ever-changing tax laws that are specific to your business.
3. In with the “old” out with the “new.” Buying used equipment can sometimes save you up to 60%. Used computer equipment, copiers, and office furniture can be purchased from auctions, newspaper classifieds, and even stores such as Aaron Rents and Sells chains. Just be sure to do your homework and read customer reviews and/or product ratings.
4. Make yourself your number one advertisement. Are you letting people know what you sell, where you’re located, and what your URL is? Put your URL on everything from your letterhead, business cards, and in e-mail signatures, wherever potential visitors are likely to see it. Don’t forget to put your URL on any promotional items you give away.
5. Network and save within your own field. When looking for insurance, check with your trade association. Many associations offer competitive insurance rates for you store merchandise as well as shipping and insuring packages.
6. Temps aren’t a bad thing. Rather than paying for employees who sit idle when business is slow, consider hiring temporary employees to handle surges in business.
7. Arrange a flat fee versus an hourly fee. When hiring an attorney, make sure you have a written fee agreement to prevent surprises. Most attorneys charge by the hour for smaller cases. Whenever possible arrange a flat fee to prevent being charge hourly for small items that will always be apart of any case such as typing or copying-and what is not. The best way is to ask for an estimate that includes the time to be spent on your case with specifications of what’s covered in that fee; then bargain for a flat fee.
8. Barter to save the upfront cash. Bartering one product or service for another is a good way to avoid cash outlays-and unload slow-moving inventory.
9. Join an association. Many trade and business associations have reasonable membership fees and offer discounts on everything from insurance, travel to trade shows, and car rentals to long-distance phone service, and even golf course fees.
10. Early payments might equal a discount. Ask suppliers if they give discounts for early payment. You’ll be surprised that your manufacturers and suppliers will give you a larger discount for earlier payments entailing more profit.

Posted by Shanu Singh Guliani on January 25, 2007 | Comments (0)