Penny pinching tips
Small business owners understand the importance of tracking expenses because they can quickly get out of control and you will find yourself bouncing payments and even missing payments. With the economy focused on saving versus saving, it is important for small business owners to look at a few ways they can cut expenses and save money. Here are some great penny pinching tips for small businesses:
1. Contact your vendors and look for ways to cut your bills. Do you have a vendor that handles all of the printing and mailing of your marketing pieces? Contacting them and asking them if they can combine some of your orders with other companies is a great way to save a few extra bucks. You may have to wait a little longer for the materials to be printed, but it will save you money because the printer doesn't need to reset the press or add different paper.
2. Combine some of your advertising campaigns with other campaigns. Every piece of mail that leaves your office is a piece of advertising. Adding a small mission statement at the end of the envelope is a great way to market your business. Look for opportunities where you can combine things to save money like stuffing a flyer in orders that are sent out to customers.
3. Build relationships with some local companies and discuss some advertising strategies you can do that will benefit both of you. Buying an ad in the newspaper and splitting the cost with the other company is a great way for both of you to get the advertising you need for half the cost.
4. Start using social media sites and online marketing to your advantage. Writing informative blogs and participating in discussion groups is free and it's a great way to market your business. Work on building relationships with your customers online and then encourage them to spread the word about your business. This is a great way to gain attention from a new audience and you won't spend a dime.
5. Start cutting utility costs in the office by installing motion sensor lights that are energy-efficient. Encourage your employees to cut energy costs by turning off things like printers and computers when they are not in use. Even though these devices go into "sleep mode" they will still suck some power and you are paying for utilities when no one is even using them.
6. Instead of buying everything brand new, look into purchasing recycled, used, and refurbished equipment. You can provide your employees with all the equipment they need to do their job and you don't have to take out a loan to buy it.
7. Start having pot luck lunches at the office instead of taking your employees out to lunch. While it's nice to treat them once and awhile, it can add up quickly. Instead you can still have all the fun of spending the lunch hour with your employees in your own office by divvying out some of the foods to bring for lunch. To compensate, let your employees leave a little early since you can't afford to buy them expensive lunches.
8. If you cannot afford to keep graphic designers and bookkeepers on full-time, try purchasing software that can teach you how to do it. You may have a hard time with graphic design so you can always hire an independent graphic designer to do work for you once and awhile. As far as bookkeeping goes, you can purchase QuickBooks or another software program and it will walk you through the entire process so you can easily manager your books.