We’ve all heard the old saying “you have to spend money to make money.” That doesn’t mean opportunities for cutting costs should be overlooked. Here are a few small business money saving ideas that may put some of your hard-earned money back in your hands:
Optimize Recurring Expenses
Small differences in your monthly expenses can seem insignificant at first glance, but over time they can make a huge difference in the budget of a small business. Nearly every communications provider has “bundle” packages that can save you money. Whether it’s with vendors, internet providers, or anyone else you are paying on a monthly or yearly basis, any time spent comparing different providers can pay off quickly.
This is one of those business money saving ideas that may require you to rethink your current business model: Do you really need a physical office? Many small business owners have a substantial portion of their monthly income going toward their overhead expenses. This reality can’t be avoided for some businesses, but a physical office isn’t essential for many small businesses and sole proprietorships. A virtual office can give you the ability to redirect the funds that would have gone toward rent back into your business. A virtual office allows you to have a business address, at a small fraction of the cost of a traditional office.
Save on Travel
You don’t have to own a business to know that travel expenses can add up quickly. There are the costs of airfare, lodging, car rental and tons of other expenses that seem to pop up throughout any business trip. The biggest way to save money on travel is to eliminate any trips that are not completely essential. With modern teleconferencing apps, a plane ticket and overnight stay are no longer essential for a face-to-face meeting between business acquaintances. An often-overlooked expense of business travel is the productive time that is lost. Even with Wi-Fi more available than ever, it can be difficult to work on days that you have flights.
You can even incorporate your business money saving ideas into your regular spending. If you do need to travel frequently, look into business credit cards that offer airline miles as rewards. There are several great comparison tools available to find the best fit for your business. Don’t forget to plan ahead for your trips and use price alerts on sites like Kayak.com to be notified when fares drop.
We hope some of these business money saving ideas will help you to cut costs and make your business more profitable.