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Best Ways for Small Businesses to Save Money

If you’re a small business owner, you know the importance of saving money at every turn. You’ve been looking for ways to cut unnecessary expenditures and increase profits while doing right by your customers. If you think you’ve run out of solutions, there are some options you may not be aware of.

save money

Buy Used Office Equipment

Believe it or not, you don’t need the newest computer or phone for your business. Buying a refurbished laser printer for your small business can lead to as much as hundreds of dollars in savings. The same goes for buying used computers in good condition, and you can even choose gently used chairs or desks. Check your local newspaper or go on social media to find gently used equipment, and you might be surprised at what turns up.

Negotiate With Your Vendors

Even if you already have an agreement with your vendors in place, you may be surprised at how willing they are to accept slightly lower rates. They need your business just as badly as you need theirs. Successful negotiations can lead to hundreds of dollars off of your monthly operating costs. You have nothing to lose from discussing the matter with your vendors at the very least.

Choose Greener Options

Not only is it easier to go green than you might expect, but it’s also a lot cheaper. The simplest way to go green is to switch away from paper. A lot of banks working with small businesses offer incentives for going paperless. Instead of providing paper receipts to your clients, you could choose e-mailed receipts. You can also choose to scan documents instead of printing them. That will save a lot of money on ink. You can put all of your equipment on a power strip and turn the strip off when you’re not working, which will save you a fortune on energy bills.

Go Open Source

You may be tempted to buy expensive accounting and scheduling software because it promises to clean up your business. Before you spend the money, you should take a look at the many free open source alternatives that can be found online. Not only will you save money when you download these options, but they usually offer free updates every year or so. This means that you won’t have to keep spending exorbitant amounts on the latest software.

Tidy Your Mailing List

As effective as direct mailing can be, it can lead to heavy costs if you haven’t bothered to update your mailing list. If you haven’t seen or heard from certain customers in a long time, then you should consider striking them from the list. The USPS offers free clean-up services that can correct or remove wrong addresses, and they can also update your list with new ZIP codes. Cutting down on unnecessary mail can save a lot of money in the long run.

Once you do all of these things, you’ll see a lot less red ink when you go through your balance sheets. Every small business owner wants to make it in this cutthroat world, and these simple tips can help you do so.

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