October 14, 2016
Cost Saving Tips and Tricks for Small Businesses
Every business owner, especially small business owners, are looking for new ways to save more money, be more efficient, and ultimately as a result increase profits. Let’s explore some ways that small business owners can save more of their hard-earned money!
Get Rid of The Paper
Paperless offices are the way of the future. Thanks to an array of business technologies it is no longer imperative to have paper copies of everything. Document scanners allow businesses to share and send documents instantaneously and they save them on printing and storage costs while making the office a more efficient place overall. This also includes offering your customers electronic invoices.
Think About Leasing
When buying equipment for your office consider leasing it instead of purchasing it outright. Not only do you avoid spending a lot of money upfront for the equipment, but you also will save on maintenance and repair costs too since most lease agreements will also cover these expenses.
Collect a portion of cash upfront from the customers that you extend credit too. It doesn’t have to be a substantial percentage, but if you collect even say 25 percent upfront from your credit customers you minimize your risks, improve your overall cash flow, and save money in your collection efforts.
Payroll Debit Cards
Issuing payroll debit cards instead of cutting checks every pay period is a great way to save money on administrative costs since the expense of cutting checks is cut out, and you lower risk of fraud, which is a major benefit since according to the Association of Certified Fraud Examiners 60 percent of all fraud incidents within a business involve employees.
Getting your business listed in online directories, like the North American Trade Registry, is a great way to make your business more efficient in terms of drawing more customers organically without spending too many of your resources on marketing efforts. Using trade registries is also a great way to generate more sales leads!