Money Saving Hacks to Help Save Your Business Dollars
Do you ever find yourself saying, “I wish money grew on trees?”
“Yup!” We’ve all have been there!
Sometimes we find ourselves having to make difficult decisions in business and life when it comes to making financial decisions. We constantly weigh the pros and cons of each situation in order to get the best outcome.
Some of us tend to be more frugal with our money and some of us are a little more “liquid” when it comes to spending money. In business, we know that sometimes you have to spend money in order to make money.
But everyone likes to save money, right? (…. especially us small business owners!)
Luckily, we’ve got you covered with some great tips to put some cash back into your business’ wallet!
Check out these great hacks to saving money for your business:
Piggyback your advertising
- Don’t waste money on mailing and printing costs, instead combine them together. For example, when a customer makes a purchase or when you send an invoice, put a flyer, coupon or newsletter inside of there--this will save you in mailing costs!
Share with your neighbor
- Looking to cut advertising costs? Look to partner with another local business or a neighboring business. For instance, host an event together and split all the advertising expenses or split the cost of a sign or banner for your businesses.
Something borrowed, something new
- Need equipment? Look to buy used! Sometimes you can find used equipment that has been barely used. Don’t know what to do with your old equipment? Sell it and put that money towards a new item.
Give a student some experience
- Many colleges and universities are always looking for businesses to participate in intern programs. A lot of these programs are at no cost to you as the student would receive course credit, instead of pay. Also, this will help spread word of mouth about your business!
Clean up your client lists
- Check your database for duplicate names and verify all addresses and phone numbers, as you may be sending duplicates to some or to faulty addresses and numbers.
Know your deductions
- Home-based business? Contact a local tax expert or consult with the IRS to see what tax deductibles you are eligible for.
- Maybe you own a pool service and you need an electrician to fix your machine, offer them service in return--it’s a win-win!
Get involved with your trade
- Join local trade and business associations, by doing this you can learn about your industry, meet others, generate new ideas and take advantage of association benefits, (many come with lots of discounts and support groups!)
These are all easy and doable tips to help save your business a few extra dollars in the short and long term. While money may not grow on trees, it’s important to make every dollar count, big or small!
Have any great tips? We’d love to hear!