5 Money Saving Tips For Small Business Owners

Money Saving

It’s no secret that being an entrepreneur has its perks. You get to set your own hours, you have the autonomy to curate your staff based on your needs, and more importantly, you pursue something you are ardently passionate about. With all these rewards not many folks are eager to go down this road. Who could blame them? I mean the financial bit is very tricky. Monthly budgets often leave just a few hundred dollars of wiggle room. But with the following tips, you’ll be able to maximise these rewards.

1. A Penny Saved Is A Penny Earned

You really need to tighten the grip on those wallet strings to make certain you save enough not just to stay afloat but to expand. You could buy in bulk, take advantage of the slashed deals on PromoCodeWatch or even look at electronics that have been refurbished. Another way of going about this is encouraging your team to find ways of saving money. I saved a ton on utilities when my employees collectively made a point of turning off their computers whenever not in use, as opposed to leaving them in hibernation mode.

2. Hire Remote Employees

This trend of hiring remote assistants is spreading like wildfire among many companies even the well-to-do ones. All you ought to do is outsource your duties to remote employees who earn on a flat fee per every accomplished duty or an hourly basis. I was a bit skeptical at first seeing as it can sum up to pretty high figures. However, after careful analysis, I realised it’s rather economical in comparison to having a full-time employee who works at his or her own pace. You can go a step further and hold video conferences in preference to in-person business meetings.

3. Have A Buddy-Buddy Relationship With Your Suppliers

Your vendors are an integral part of your business success and having a good working dynamic will go a long way. Start by professing your loyalty to them and not just in words but with actions as well. Don’t be the grumpy old boss. When going through contract terms do this while playing golf or even over drinks. This way you will have a leeway to negotiate better prices.

4. Make The Most Of Social Media

In this technological era, it’s no secret that social media is one of the most inexpensive yet effective forms of advertising. Instead of splurging all your money on marketing gurus, just carry your message to Twitter and Facebook. Depending on your trade, Instagram has also proven to be an upcoming marketing avenue.

You have the option of directly posting on these social media platforms or utilising clickable banner ads on. Whichever way you settle on, I guarantee it will be way cheaper than conventional advertising methods.

5. Sharing Space

For those who do not work from home, you’ll agree that rent is a pretty big overhead. One way of cutting down on cost is by sharing office space with other companies on the same wavelength.

Karthik Krishnan

The passion for technology has never failed to fascinate in every stage of Karthik’s life and it continues. The interest is not just in what it can do for Karthik, instead of how he can contribute to the changing society. Starting from a young age, he has always been interested in technology.

  • Katie Harrington

    It’s incredibly difficult to grow your business using unpaid Facebook and Twitter alone. Social media is an important component of marketing, but other types of marketing, notably inbound, have a far greater ROI.

  • If these tips are followed accordingly, surely we can save a lot. First point is so true “A Penny Saved Is A Penny Earned”. Exactly if it is saved it is equal as earned.