Whether you are watching your own bank account, or are in the business world, the economic crisis makes us all more careful with the ways we spend our money compared to before.
People are constantly on the lookout for legitimate ways to make extra money and spend less at the same time.
Usually when we look at our budget and spending habits, we check to make sure we can afford to live.
We tend to make an effort to save the hard-earned dollar in the areas it is feasible. When it comes to your small business, you can do the same.
Here are 6 ways you can slash your spending and watch your finances:
1. Use social media.
Paying for marketing services proves to be costly to say the least. However, thanks to social media, there are lots of portals that provide easy ways to market for free. Take advantage of your Facebook or Twitter accounts, and make these websites your first stop to build a fan base and followers and spread your name.
Not only are these sites free of charge, you can also add the perfect personal touch to your business, especially if you run your customer service operations through your page. Plus, 65% of adult internet users visit social media sites, and 71% of adult internet users buy products online, so social media is an easy way to reach a lot of customers with minimal work on your part.
2. Buy second-hand equipment.
Money is usually scarce for business owners, especially during the pioneer days. Before running out to purchase the newest tablet or phone and the accompanying high price tag attached, consider buying business necessities second-hand or leasing office equipment.
Printers, furniture and copiers are easy to find in good used condition, and can save you big money over buying brand new. As you earn additional profit, you can slowly replace your used items with brand new technology to help your business stay up-to-date.
3. Re-evaluate your staff.
Do you need all of the staff that you employ? If your work is subject to fluctuations throughout the year based on the season or for any other reason, re-evaluate your staff. Why pay people money to sit around and twiddle their thumbs?
Consider the option of temporary employment. When your workload gets too high, temporary employment allows you to seek out the help you need via contracts and freelancers. Look for local college students who have interest in gaining work experience. They can bring in new, fresh techniques and likely teach you some things you did not know.
4. Go green.
You may have to fork over a little additional money to invest in environmentally-friendly light bulbs and other related products on the front end, but once everything is in full swing, you will use less water and electricity. Save more than just the world; save yourself money in the long run by instilling energy-efficient methods into the workplace.
5. Take advantage of free software.
Software licenses are far from inexpensive. Take advantage of the bevy of freeware applications that are accessible for download. You may even find that they are equal to the quality of the copies that are commercially available.
You can also download newsletter design programs or use free trials to access them and save yourself a lot of cash.
6. Clean and cut your mailing list.
Chances are you have a database that is outdated, so take the time to clean up your list and make sure the entries are current and relevant. If you are sending mail to the wrong address and the recipient is not interested in your products or services, your money is basically being thrown right out of the window. Tidy up your database so you send mailings to only people who are interested in your business.
By cleaning and cutting your mailing list, you save money on printing, paper, stamps and envelopes with each and every letter you no longer have to send.
7. Re-evaluate your loans.
Small business owners frequently take what they can get when they are first getting a small business loan. Over time, as the business becomes more stable, they can usually refinance for MUCH better rates. If you go through the refinance process and get a better interest rate it could save you thousands of dollars in interest.
Small business owners walk an exciting and empowering path that exemplifies the American dream. However, it is essential for business owners to have a solid money-saving plan in place to prevent the financial hardships that accompany business ownership. With the help of the ideas above, you will save yourself some money and enjoy the perks of owning your own business at the same time.
Megan Totka is the Chief Editor for ChamberofCommerce.com. Browse over 11 million listed businesses on ChamberofCommerce.com.
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