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10 Ideas for Your Business to Save Money - Sophia Belnap - Blog

10 Ideas for Your Business to Save Money

Every business needs to be conscientious about its operating budget. Here are ten effective ways that you can reduce your business’ overhead costs.

1. Use Programs That Can Help You Track Expenses Easily

A program that is specifically designed to help you track spending will make it easier for you to budget and identify areas to improve upon better than a typical accounting software program. An expense tracking program can help you categorize purchases easily and break down spending habits over a variety of different time periods such as a week or a quarter.

2. Use a Renewable Energy Source

Commercial Solar Panel Installation at your business facility can help you reduce your ongoing energy expenses. You can install panels that can power part or all of your facility to reduce or eliminate your monthly energy bill. In addition, you may be eligible for a tax deduction on your federal returns or a rebate towards the cost of installation through a state program.

3. Buy Used Office Furniture and Equipment

A lot of the items that you need in your business’ office don’t really need to be new. Many retailers offer used office furniture that’s in excellent condition at a sizable discount.

4. Buy in Bulk

You can save on many of the general supplies that you need such as office supplies or cleaning materials simply by buying in bulk. Purchase from retailers that offer savings on bulk-volume orders and offer free delivery. Instead of budgeting your supply purchases for a month or waiting until you’re nearly out of something to order more, stock up. In addition to getting savings on the purchases, you’ll use less staff time to make orders.

5. Choose a Credit Card for General Purchases With a Great Rewards Programs

All of your business’ general purchases should be made with a credit card with a good rewards program. Typically, your best bet will be a card that offers you a good cash back percentage. When you’re choosing a card, however, be mindful about the interest rate and keep an eye out for any hidden fees.

6. Get Store Credit Cards With High Cash Back Rewards

If your business makes a lot of purchases from an individual store that offers a store credit card with a great rewards program, then it probably makes sense to sign up for one. For example, Lowes and the Home Depot offer credit cards that can get you a discount on your purchases as high as five percent.

7. Be Smart About Printing

Many businesses pay more than they need to for their printing than necessary. First, try going paperless to the extent that you can. If you need to do a relatively large volume of printing, however, you should lease a multifunction printer/copier rather than purchasing one. A good machine is expensive, but even the best machines tend to need ongoing service. If your staff has to try to figure out fixing a printer themselves when something goes wrong, it can cost you valuable staff time.

8. Outsource Human Resources Tasks

A lot of simple HR tasks can end up costing you a lot in staff time and would be more effective to outsource to a company that specializes in HR services. In addition to helping you save money; outsourcing can help ensure that HR matters are handled consistently and are compliant with any applicable legal regulations.

9. Switch to Voice Over Internet Protocol

Most companies don’t really need traditional landlines anymore. If you’re paying twenty dollars or more every month for each phone line for your business and you have several, you’ll probably be better off switching over to a VoIP service. In addition to costing less, VoIP usually offers better call quality. You’ll still have access to all of the same features that you need such as individual voice mail boxes. For faxing, you can use a fax to email program that will enable you to send and receive faxes via email instead of a fax through a phone line.

10. Always Bid Out Projects and Services

When your business needs to do any type of improvement project, you should get at least three bids to make sure that you’re getting a competitive price and you can find a company that you’ll like working with. In addition, contracts for ongoing services for everything from printing to pest control should be bid out several months prior for their expiration. Don’t renew contracts automatically; do some due diligence so that you can be confident that you’re getting the services that you need at a good price.

Business owners and managers can improve profitability significantly with some thoughtful money saving strategies. Always keep an eye out for savings, and remember that operating cost-effectively doesn’t mean trying to get by with less than what you need.

Publish Date: August 15, 2020 12:04 AM

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