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Top Money-Saving Tips for Small Businesses

Top Money-Saving Tips for Small Businesses

Competing with the big boys is hard for any small business owner. The big boys have buying power, endless resources, and name brand recognition. It’s a lot to overcome for a small business. Then, throw a pandemic on top of all that and having to close for several months; for some, it’s too much to bear. Small business has always had to watch their pennies and make smart budgeting choices. The recovery is going to take a while, even after the lockdowns are lifted. Use the top money-saving tips for small businesses and get back on your feet.

Negotiate with Vendors

When making a deal with vendors, always negotiate. Not all prices are set in stone and there is always wiggle room. A vendor wants to do business with you as much as you want their service. You both want the same thing—an exchange of services for a fair price. Don’t be afraid to lowball them and start the haggling. That’s business, and it’s a top money-saving tip for small businesses.

Remote Work Pays Off

If the pandemic has taught the business world anything, it’s that remote working is a viable option. Many companies that would have otherwise shuttered were able to survive. Look for roles in your business that can work remotely and let them do it. The incoming workforce prefers working from home and it might open the door to better talent if that’s an option.

Control Your Shipping Costs

If you must ship products all over the country and world, then you know how much shipping costs are. They take a big chunk of the budget and are a necessary expense. Look at how you are shipping, and with who, and what they are charging. There are dozens of shipping companies and brokers out there, so shop around and find the best rates. Make sure you’re also following essential tips for saving money when shipping.

Go Paperless

Paper is a huge expense for most businesses; luckily, you can likely eliminate this cost. Making your operation paperless isn’t that difficult and it will save a fortune every month. Buying the paper, copy machines, file cabinets, and needing the storage space are all additional costs. Digitize all your forms, utilize cloud-based services, and encourage emails and IMs; then, watch the savings increase.

Buy Used Equipment

When you need a desk or conference room table, don’t buy brand new. There are warehouses full of used office furniture that some company doesn’t need anymore. You can furnish an office with “like-new” furniture for a fraction of the cost. The same goes for equipment. Instead of buying a new CNC machine, find a used one that still has the same functions.