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8 ways to save money for small business owners

Ask any small business owner, and they’ll tell you that they’ve constantly had to struggle with a tight budget, given their uncertain revenue stream. While financial constraints have forced small businesses to close down, what you have to realize is that there are measures you can take to save money on overheads costs and therefore increase your bottomline.

Here are 8 ways to save money on your small business, just by tweaking certain practices you’ve been doing.

1. Set up an online office space.

If your starting an online business, this shouldn’t be difficult. Setting up an online office space is much cheaper than an actual, physical office. You can do this by setting up your own website with free or low-cost web hosting. There is one challenge you have to overcome though: you have to make your online office space pop up amidst all the other websites offering the same services. How you do this will depend not only on your skill set but also on your ability to find the right people to design your website or online profile for a low cost.

2. Spend only when necessary.

Do you really need a new laptop? Can you sustain a $30,000 monthly payroll? Do you really need to buy all those apps for managing your online office? These are questions that are inextricably linked to spending money—and the no.1 rule for this is to spend only when necessary. If there is a cheaper way of doing things, readily opt for that way without second-guessing.

3. Do comparison-shopping.

When it comes to shopping prices for goods and services, the Internet is at your beck and call. Sign up for updates on the cheapest deals, compare and contrast in different websites, and never settle for a purchase unless you’re absolutely sure that it’s the cheapest in the market with the best quality. You can also check out deal sites for rare deals that you might need to run your business.

4. Exchange with other small businesses.

BE part of a local business community, which will allow you to gain traction and make connections with other local businesses that offer different products and services. Maintaining your connection with them will pay off in the long run in one way or another; you never know when you might need their services and work out a deal that can be mutually beneficial for your business. For example, if you are a web design business, you can talk to an auditing firm within the same business and exchange your web design services for free accounting hours.

Saving Money for Small Businesses5. Use free communication tools.

Whether your small business is running purely online or only partially, there’s value in using free communication tools such as email and Skype. They’re just as reliable as other paid communication tools like snail mail and faxing, and sometimes even faster.

6. Go green

Constantly prefer energy-efficiency technology over their non-green counterparts. Energy-efficiency is the name of the game for most small businesses, and some have even used this choice in their brand platform.

7. Go for a smaller ISP

Unless you exceed your bandwidth limit to insane proportions, you might want to consider a smaller ISP. This is especially preferable if your dealings over the Internet are limited to email and chatting with your clients and employees. However, it may not be a viable option if your business largely deals with sending large files across the Internet, uploading them, and video-chatting with clients. For smaller ISPs, check out The List and compare prices.

8. Go for word-of-mouth marketing

Advertising is one of the driving factors to your small business, and there are several ways to do this without spending too much. One is through word-of-mouth marketing. Get as many deals and referrals from your friends, family, and neighbors. Get them to try your product or service, and word will spread around in no time!

 

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