Small business owners are notoriously stretched pretty thin. With so much personal and financial investment in their ideas, small business owners must work tirelessly to increase bottom line and maintain the high quality their customers have come to expect. In order to save money, many entrepreneurs and small business leaders look for ways to save cash on the actual products or services they offer.
While efficiency in all business aspects certainly improves revenue, there are plenty of other ways to save money as a small business owner that do not require changes in product or service offerings. Here are four places to look for savings in a small business budget:
  • Utilities. While it may be impossible to completely cut out any of the utility services your company uses, take the time to look over the line items on your bills. Do you really need all of the services for which you are paying? If you currently use phone and internet from separate providers, consider going with one company to bundle savings. Another idea is to get rid of landlines completely and just rely on the wireless phones you and your employees already use. If your employees are willing to use their cell phones during business hours, offer a monthly stipend. Look for simple ways to improve utility efficiency in areas like water and electric and encourage employees to follow your tips. Small savings on several utilities will add up over time and give you more cash in your operating budget.
  • Office supplies. Ever heard the phrase “never grocery shop while hungry?” Well, the same concept is true for everyday office supplies, like printer paper and ink. Do not wait until you have run out of something to head to the store to replace it. Buying items individually costs more per unit, plus wastes time in the purchasing. Instead, make it a habit to order office supplies monthly or quarterly and in bulk–you can order items like pens from Vistarprints, for example, in large quantities. Plan ahead to reduce the amount of impulse buys you are forced to make and keep an organized inventory of office supplies on hand.
  • Marketing. Small business owners who want to save cash should take a long, hard look at outbound versus inbound marketing techniques. For many small businesses, outbound tactics, like business cards and community outreach, are still very effective – especially in local markets. Other outbound strategies like newspaper advertising, for example, may not be as effective depending on your industry and target audience. Look for ways to bring new customers to you, rather than chase them down. Have a well-developed website, utilize social media and include your company name in industry and community online directories.
  • Rewards programs. Use a company credit card that has a cash back option on all purchases. Earn travel miles and rewards by joining a club with a particular airline and always booking through that entity. If you are going to spend money on these items anyway, you might as well earn a little bit back. Before you spend another dollar on anything for your small business, decide how you can best make that purchase count.

Saving money in a small business setting does not mean a need to cut corners on goods and services. Save smartly by looking for ways to trim operating expenses that do not directly relate to company offerings, and enjoy more cash in your business account.