7 Money-Saving Ideas for Small Business Owners

As a small business owner, you work hard every day to grow your business. You watch your expenses, slash overhead, and recruit wisely. But are there better ways to cut costs?

 

Here are seven tips to help you save money while continuing to grow your business:

1). Embrace a mobile workforce

Telecommuting is revolutionizing the way we work. Today, any employee with a computer and a cell phone can easily be connected to the home office. To save on overhead, have your employees telecommute – and never pay for office space again.

2). Open your doors to interns

Internships can benefit both sides. Interns can gain valuable real-world experience doing administrative tasks while you free up time for your full-time employees to concentrate on growing the business. You still get necessary tasks crossed off your list while interns add to their resumes.

3). Go green and save

Going paperless saves money otherwise spent on printer paper, toner, maintenance calls for a broken down printer… you get the picture. Digitizing your client files, invoices/financials, and internal memos can also help you save costs related to filing space.

4). Consider open-source software

Licenses for software can quickly add up to hundreds or even thousands of dollars a year. To cut down on expenses, try using free open-source software. Free options like OpenOffice can still help you get the job done – minus the price tag.

5). Limit time around the conference table

Meetings can be helpful, but they can also burn time that could otherwise be spent on completing projects or landing new business. Setting time and topic guidelines for in-person meetings can help people get the most out of meetings, while preventing sessions dragging on and eating up billable hours.

6). Purchase, don’t rent

One way to reduce overhead is to purchase equipment instead of renting it. This works for copiers, computers, printers, and even office furniture. While low monthly payments may seem like a good deal in the short term, in the long run buying is almost always cheaper.

7). Let others help!

Small businesses are often challenged with tight deadlines and limited resources. Relying on fulfillment services such as those offered by Ohio Valley Goodwill Industries can help solve these challenges. You can adjust staffing up or down without the hassle of interviewing, hiring, and training staff yourself every time you have a big order to get out.

Are you looking for ways to save money? Contact us at Ohio Valley Goodwill Industries to arrange a free tour of our facilities. We have over a century of business experience and an expert, dedicated workforce that’s eager to see your business grow.

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