Cut Business Expenses
© 2014 Katherine Williams. All rights reserved.
Chicago, Illinois 60615 ♦ (773) 405-
Ten Money Saving Tips for Small Businesses
Controlling expenses is a must for small business success. And, with an ailing economy,
One simple way that businesses can reduce expenses over time is to use lights only when necessary. Motion detectors that turn the lights on when someone enters the room and off when they leave can help.
Computers, photo copiers, printers, and other equipment consume energy whether they are being used or not. So turning them off at the end of the day or when they are not going to be used will save money.
Developing an energy efficiency program can save businesses thousands of dollars a year. The Small Business Administration provides many ideas for creating an energy efficient business.
Contracting with accountants, writers, marketing specialists, web hosting companies, and other professional service providers can save thousands of dollars in personnel costs.
One way to lower personnel costs and help others is to develop an internship program. Hiring college interns – at no cost or a much lower pay rate – makes it possible to get the job done while helping students develop the experience and skills needed to compete in the job market.
It can be difficult to decrease employee overtime. If employees have become accustomed to increasing their income through overtime pay, ending it could cause a backlash that will have to be addressed. But establishing more efficient operating procedures, hiring temporary employees (at lower rates), and outsourcing activities may make it possible to decrease overtime.
No employer wants to reduce benefits. After all, benefits are important for maintaining a productive workforce and showing employees that they are valued. In harsh economic times, however, there may be no choice but to reduce benefits such as insurance coverage and employee incentives.
Businesses, even small ones, use an enormous amount of paper, so paper-
Federal Express’s fees for sending a one pound package with standard overnight delivery start at $16.10. Sure there are couriers that charge less, but the cost of using any courier regularly can add up quickly. Planning ahead and improving work flow will help decrease the need for expensive courier services.
Buying supplies in bulk helps businesses get the best possible prices. Why not negotiate with vendors or join vendors’ membership programs to receive discounts?
These are just a few of the money saving ideas that help small businesses remain profitable. For more ideas, check out 78 ways for Your Small Business to Save Money in this Economy.
Copyright © 2009 Katherine Williams. All rights reserved.