Business Money Saving Tips: 9 Ways to Increase Your Bottom Line
Business money saving tips are amazing, even when you aren’t in financial straights. Businesses of all types and size can use these money saving tips for business with better bottom lines. (and happy employees!)
Business Money Saving Tips That Can Help Your Business Grow
Tip #1: Become a Growth Hacker
Eliminate traditional advertising methods and learn the art of growth hacking is number one of our business money saving tips. The standard advertising methods of the last 15 years have changed dramatically. If you haven’t learned the art of growth hacking, it’s time. Use the free methods of advertising and learn how to leverage them for your business.
Tip #2: Outsource to Grow
Take 30 minutes and do an assessment of what it would cost to outsource versus hire full time. What is the one area that is really holding you back? Marketing? Financial? Sales? What’s the cost breakdown of outsourcing this arm of your business versus hiring internally?
There are many qualified individuals who work from home waiting to serve your business. Regardless of what you need, there are people waiting to work for you on a part-time basis. Save yourself the HR cost and employee benefits and outsource to grow.
Tip #3: Negotiate with Vendors
Ask for the discount instead of jumping ship. Most likely you’re working with other businesses just like yours. They don’t want to lose your business, so ask for the discount. Help them help you save some money when it really matters.
Bartering has always been a part of business as far back as we can trace. This spirit is alive in multiple forms, and you can barter today. The nation’s largest bartering organization is called Itex, and they’re waiting for you. Consider trading your services and products for what your business needs. Maybe you need an accountant, know that there are many available on Itex. Need an outsourced marketing team? They’re on there as well. Barter, and save your business cash for other things.
Tip #4: Cut Employee Expenses, not Employees
Often, business owners see cutting employees as the only viable option for cost savings. Rather than releasing the employees, consider taking a cut on employee expenses is the third tips of our business money saving tips.
When is the last time you did an insurance audit? Are you overpaying for your employee insurance benefits? There are companies all across America who are paying for benefits nobody uses. Find out where the wiggle room is in your policy and make some money-saving cuts.
Tip #5: Allow Telecommuting
Telecommuting has many positive benefits for the company and the employee. You are allowing your staff to save money on the cost of driving to work each day. Your company is saving money on the hard costs of business by having fewer in the office.
Telecommuting has shown in many studies to increase employee productivity by as much as 15%. Other studies have shown that telecommuters worked 5-7 hours more than their counterparts.
Tip #6: Hire Inexperienced Smart Learners
Warren Buffet once said, “In looking for people to hire, look for three qualities: integrity, intelligence, and energy. If they don’t have the first one, the other two will kill you.”
While integrity is a key factor, intelligence can come with baggage of its own. When someone has early experienced success in their field, they may not have learned how to learn from failure. At that moment when they fail, they lack the ability to learn and instead resort to casting blame.
Consider hiring inexperienced staff that are smart learners. They will save you in salary cost, and you get the opportunity to help them grow. First, check to see if the candidate is smart enough for the job available. Second, see how they have learned from their hardships to date. How they learn is possibly the most important quality in inexperienced hires. By using money saving tips for small business like this one, your business can have a hard-working staff and still save money.
Tip #7: Consider a Shorter Workweek
Would your team be more effective if you were able to give them a 3 day weekend? What if they could still get in their 40 hour week, but in 4 days? The idea of a compressed work week isn’t new, but would it be new to your company?
Looking at the Boomers and Generation X, many have the need to care for an elderly parent. Millennials and X’ers often have kids, and the ability to take a 3 day weekend is very appealing.
With a shorter workweek, your staff is able to enjoy the other parts of life. Your business saves on the hard operating costs of an office full of people, and your staff will thank you.
Tip #8: Use an Internship Program
No matter your field, there is always new blood looking for experience, there are people looking to gain industry knowledge they can’t get anywhere else. They want to be able to prove they have abilities, and your company can do that for them.
Many people looking for a start in your industry are looking to land a full-time job. They know that it’s hard to land the job they want, and many are willing to prove themselves in an intern setting. Open up your business with an internship program, and allow them to learn while you teach them. For a fraction of the price of a full-time employee, get the help you need while helping them at the same time.
Tip #9: Do an Expense Review
When was the last time that you reviewed all your expenses? The last, and most important, of the business money saving tips, is to do an expense review. Many business owners only have a vague idea of where their money is going. Imagine the savings if your financial review could save your business 5% on operating costs. Would it be worth the investment of time and resources for your business?
Take some time to strongly consider the convenience costs in your budget. How many of these costs are fixed and under contract? Could any of them be renegotiated? What costs are currently paid that are part of an old system you’re not using? Do you have an inexpensive credit card processing contract? The right merchant services provider can even provide you with free payment processing through a cash discount program.
The odds are rather high that your business has expenses that you’re not even aware you’re paying. Previous staff members can set you up for automatic payments or monthly recurring billing. Are you still taking advantage of these services? Substantial small business money saving tips can come as a part of a short expense review.
Business Money Saving Tips: What’s Next
Whatever your line of business, there is money to be saved in your current budget. Taking the time to calculate business money saving tips can pay large dividends. For a small investment of time, these business money saving tips can save your business thousands in a short period of time.
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