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How to Save Money and Cut Business Expenses

cutting business expensesJust like your personal finances, business finances are often on a tight budget. And in business, the more you can save on expenses, the more you can invest back into your business – or deposit into your bank account. It makes sense to be frugal and look for ways to cut back on expenses.

#1 Use Loyalty Programs at Office Supply Stores

Many of the major chains of office supply stores offer loyalty programs. When you’re regularly buying ink, paper, and other important office supplies it can add up quickly. You’ll receive nice checks in the mail which you can then apply to your next purchase. It’s a good way to save a few hundred dollars a year on office supplies.

#2 Free Shipping

Shipping is expensive. It’s especially costly when you’re ordering electronics that are heavy and often require a signature. Make it a rule of thumb that you never buy anything unless there’s free shipping. Amazon offers an annual membership that provides free shipping. It’s $80 a year; however, if you order a lot of products online it can still be a significant savings.

#3 Team Up

You have specialty skills that you can offer to others. Find people who provide specialty skills that you need and trade services. For example, if you can write a good sales page but you need a graphic designer, then find someone who is interested in trading. You’ll save money on design costs and you may get a new client in the process.

#4 Group Discounts

In some instances you can collaborate with other business owners to get group discounts. This is common for health care insurance but it can apply to a number of other products and services as well. For example, you might team up with other people to get a warehouse membership and buy office supplies in bulk.

#5 Open Source

There are many wonderful technologies available to help you run and operate your business. However, if you purchase every technology you need, it can add up quickly. Save money by embracing open source products. Research the product to make sure that it’s still being actively developed and meets your needs.

Other money-saving ideas include:

  • Cash back credit cards
  • Project bidding sites – outsource on sites that require service providers to bid on projects
  • Buy repurposed and refurbished office equipment instead of new

Take a look at your regular expenses. How can you cut back to save more money? Add up the potential savings to help motivate and inspire you. How will you spend, or save, your new-found cash?