Money Saving Ideas for Small Businesses


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The difficult economy means that many small businesses are struggling to stay afloat and make a profit. This leaves them with two options – either they can increase their income somehow or they can cut costs. Cutting costs is the easier option because there are always savings that can be made. This is particularly important for recent start-ups because they have to stretch their finances for as long as possible until their ventures bear fruit.

Firstly, try to be sensible about the purchases you make. Do not fritter away your budget on non-essential purchases. You should try and negotiate every purchase that you make because if you do not ask for a discount then you will not receive one. If you habitually purchase your supplies from the same vendor it would be sensible to, at the very least, go window shopping for a cheaper alternative. If you don’t mind profiting from the misfortune of others, bankruptcy auctions are a great place to find bargain fixtures and fittings.

Comparison-shopping online can potentially save you a fortune on all manner of products. There are websites dedicated to finding the cheapest vendor in a particular industry. Remember that cheaper is not always better, so research all purchases before you make them.

If you have to use specialist equipment as part of your business, leasing is often the cheapest option available to you. You could also try bartering with other businesses in order to receive their goods or services in exchange for yours. This works particularly well if your business involves a skill or expertise that is in demand.

Another option is to purchase equipment which is either used or reconditioned. The potential cost savings here must be balanced against the increased likelihood of equipment failure and the consequences that occur as a result. However, the general rule is that you should always purchase the cheapest functional item.

There are other simple ways of keeping costs lower. Keep track of your office supplies usage and identify where you can make savings – perhaps you are re-ordering stationary at times when you don’t actually need it? Try to come up with some creative ways of lowering costs.



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