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You are here: Home / 10 Things Lists / 8 Things Small Business Owners Can Do NOW to Save Money!

8 Things Small Business Owners Can Do NOW to Save Money!

June 2, 2009 By Melinda Emerson 1 Comment

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1. Track Expenses Using a Budget.  

Budgets are about planning and tracking spending -you need financial information to make business decisions.  Track business expenses by month or by quarter.  Ideally, you should have a twelve month budget, but at the very least, make a three-month budget.

2. Eliminate Unnecessary Expenses.

Club memberships or services with monthly fees can add up over a twelve month period.  Evaluate whether you actually use the private dinning room, the postage meter, the online credit alert service, or your merchant services account.  Sometimes a private memberships club will allow you to park your membership for a reduced fee.

3. Relocate to Cheaper Office Space.

Overhead is one of the largest monthly fixed expenses for a small business.  If you have a long term lease, start first with trying to renegotiate with your existing landlord.  If that doesn’t work, look for other space or consider retreating back into your home.  Contact the county where you are located to seek out HUB Zone space or see if they offer any tax abatement for locating in a certain area.

4. Lower Interest Rates on Loan Payments. 

Work with your bank to arrange for automatic debit payments.  Your bank will lower your interest rate if you agree to automatic debits.

5. Investigate if You Are Eligible For a Reduced Fees For Shipping.

I recently learned that my membership in the National Association of Women Business Owners (NAWBO) made me eligible for discounts for shipping and with rental car companies.  Check member benefits with your local chamber of commerce and any other small business organization where you’re a member.

6. Lease or Buy Used Equipment.

Unfortunately, there are many businesses large and small going out of business theses days. There are plenty of opportunities to pick up gently used office furniture and equipment.  You might also be able to pick additional office supplies.  Try second hand furniture stores, too.

7. Consider Bartering Services.

You never know who might need your services.  Start with business contacts, but do not overlook your personal day care provider, law professional, hair stylist or mechanic.  You can also join barter network organizations.  The key to bartering successfully is good verbal or written communication between the two parties. Whatever you agree to, be sure to communicate it in writing.

8. Comparison Shop for Everything.

Just as large companies require three bids to make a purchase, so should your business.  Search the internet for deals, but beware of shipping fees.  Sometimes the cost with shipping is not a better deal.  Use the internet price to haggle with your local vendor for a better price for services, such as free delivery and installation.

If you make these simple changes I guarantee that you will begin to see more money in your bank.   If this blog post was helpful, please subscribe to this blog’s RSS feed to keep up with the lastest information from succeedasyourownboss.com

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Filed Under: 10 Things Lists, Cash Flow & Finance Tagged With: bank, budgets, business expenses, how to cut costs, payments, small business cash flow help, small business info

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About Melinda Emerson

Melinda F. Emerson, known to many as SmallBizLady is one of America's leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

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