When you own a business, staying on track with your budget is a major priority. You understand the value of a hard-earned penny. But as your business grows, you may have forgotten about that value. So, we’re here to give you eight money-saving tips. Some will save you more money than others, but the end result may add up to a bundle.
1. Piggyback your advertising
Make the most of your advertising. Include ads on invoices, newsletters, and coupons. You can also place promotional fliers in the bag with customers’ purchases. Another idea is to split advertising with a neighboring business. This may include a joint sidewalk sale, sharing mailing lists, distribution channels, and suppliers with businesses that sell complementary goods or services.
2. Look over your lease
Many people don’t realize they are being overcharged on their commercial leases. We recommend auditing your lease agreement on a regular basis with an attorney that is familiar with your type of lease. It’s smart to pay special attention to the square footage and “shared costs” you pay for maintenance of common areas.
3. Become energy efficient
Lowering your electric bill by conserving energy can go a long way. Check out these easy tips:
- Using fluorescent light bulbs instead of incandescent light bulbs can make a huge difference to your electric bill.
- Unplugging your equipment can actually save a lot of electricity. Turning off the coffee maker in the break room and asking employees to turn off their computers when they leave are simple ways to conserve energy.
- If you have unoccupied rooms, try installing motion sensors so the room’s lighting doesn’t suck up your electricity.
4. Check into your garbage pickup
When you’re trying to save money the last thing you may think of is your garbage service. Check into your dumpster service to see how much you are really paying. They may be charging you extra each month without you even realizing it. And you may be charged with a daily or weekly pickup when the dumpster isn’t even full!
5. Create a zero-waste strategy
There are a plethora of ways you can recycle at any type of business. When you recycle you are reducing waste, which means you are reducing costs. Check out some of the ways to recycle in an office setting:
- For paper reduction, enable double-sided printing on printers and copiers.
- Go through mailing lists and remove duplicate out of date entries.
- In the break room, consider using reusable items such as glasses and silverware.
- Strategically place recycling bins near every copier and printer.
6. Insurance wellness program
You can cut your health-claim and insurance costs if you offer your employees a wellness management program. Promoting a bike-to-work week or publishing an employee newsletter are just a couple of examples.
7. Receive checks in the mail
An easy way to reduce costs is to order checks from a printing company. They often cost less than getting them from a bank.
8. Buy used equipment
Consider buying used office furniture, computer equipment and copiers. Just because it has been used doesn’t mean it’s not in great shape. You never know what you can find on Craigslist!