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6 Tips for Saving Money as a Small Business Owner

Starting up or maintaining a small business can be expensive, which is why it is important to save money without compromising quality. It can be a fine line between making a profit with your small business and saving on costs so much that it eventually compromises the company. That is why we are pleased to offer six tips for saving money as a small business owner.

1. Virtualization
Virtualization is used across many businesses and has many benefits including saving organizational time, cutting on energy costs and being accessible from anywhere. Instead of paying for utilities at an office, employees can use vitalization at home and save business owners and the company money while still being efficient. Instead of taking up filing cabinet space in an office, virtualization allows for files to be found quickly while being saved on the cloud. With scalable cloud services, payment for virtualization can be as little or as large as you need, meaning savings for your small business all the way around.

2. Networking
Networking with other business owners can mean savings in ways you may not have been able to imagine. First off, networking is essentially a free way to market your company to like-minded individuals. By networking with other business owners, you can connect with them and potentially their clients, expanding your customer base. Secondly, by making friends and communicating with other business owners, you may hear and find out about new ways to improve your business that you may not have otherwise thought of. Free business advice from local business owners in your area is invaluable. And lastly, should you need to order a standard item in bulk, you can ask other networking companies if they need that item as well, go in on it together and save money with bulk pricing, ordering and shipping.

3. Web Conferencing
Traveling out of town for business meetings can be expensive but as a small business owner you can run a majority of meetings over the web with online web conferencing. There are free or fairly inexpensive sites that allow this with slideshow presentations, text chat, audio and video, making it an inexpensive option to traveling costs and a money saver for small businesses.

4. Rent an Office by the Hour

If you are really looking to save business costs and run a company from out of your home, you may look into renting an office by the hour. If you’ve faced the dilemma of meeting with clients at your home, there are several cities that offer the option of fully furnished offices to be rented by the hour. Some can rent for as little as $20 an hour, meaning you can save in professionalism with a real office as well as in cost.

5. Go Green
If you own an office building, one of the easiest and most sure-fire ways of saving money and cutting costs is by going green. By using energy efficient light bulbs, appliances and even vehicles, you can see a dramatic reduction in overheard office costs.

6. Use Free Advertising
Many companies dump hundreds of dollars into an advertising budget not yielding financial results. To save money, as well as connect with clients on a personal level, we recommend the utilization of free advertising that comes from social media sites like Facebook, Pinterest and Twitter. These types of social media channels are free and showcase businesses at their best, making them a good advertising alternative to spending massive amounts of money where revenues cannot be tracked.

Bonus Tip: Use Computer Checks

Computer checks can easily work with accounting programs like QuickBooks and save time and money on paper for payroll or business checks. Computer checks save gas, mileage and time from needing to go to the bank to get business checks as well as are efficient and save money in the office.

Saving Money as a Small Business Owner

There are several places to reduce cost in a small business without reducing quality of service or product. By implementing the seven tips above you can save money and be successful in your business.

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