Running a business is a tough endeavor. Inevitably, you’re going to run into a situation where you have to make a decision regarding expenses. What do you do in these situations? Do you have to make huge cuts in necessary expenses just to save yourself money, or lay off employees to save a little extra cash?
Thankfully, you don’t always have to take the most extreme approach to penny pinching. There are other, more respectable ways to save money, that don’t involve making huge decisions like the examples above.
Saving a few dollars here are there can really add up in the long run. With that in mind, here are some simple ways that you can save money each year, with only minimal changes in what you’re currently doing!
Negotiate Lower Prices With Suppliers
Most suppliers are used to people negotiating prices with them. In fact, they’re probably more willing to negotiate a price with you rather than lose you as a paying customer, so you have the upper hand in most negotiations. If you feel like you could be getting cheaper prices from your supplier, let them know. Telling them that you could do business with another supplier could encourage them to match their competitor’s prices, too.
Outsource
Need to get some work done, but can’t afford to hire more full-time employees to do it? Considering outsourcing some of your work to freelancers. It could be something like web development, or it could be freelance blog writers. Whatever it is, outsourcing your work will shave off a few extra dollars on your budget, plus, you’ll be getting important work done at a quicker pace, therefore reducing your expenses for time-consuming projects.
You can find lots of great freelance work on sites like Freelancer and Upwork.
Reduce Unnecessary Subscriptions
Do you have subscriptions to software, social tools, or ad campaigns that you forgot you were paying for? It’s easy to subscribe to an inexpensive subscriptions service and then completely forget you have it. Sometimes, this happens when you sign up for a free trial of something, and then forget to cancel it before the trial period is over. A few bucks a month for a subscription may not seem like much but could add up to hundreds or even thousands of dollars a year in charges, depending on how many you’re subscribed to. Make sure you’re checking all of your expenses, maybe do an internal audit, and eliminate unnecessary subscription services.
Credit Card Rewards and Points
You probably already have a few company credit cards that you use for things like travel expenses for employees, new tech, office supplies, etc. But do you know what your current credit card company offers as far as rewards points for purchases? You could be racking up points that will seriously deduct expenses later on. For example, if you have a credit card that’s just used for travel expenses, and that card earns you a certain amount of points per purchase, you could quickly earn enough points just from using the card to maybe get employees discounts on hotels, plane tickets, dining and more. If you need to do some research on which credit card companies will work for your needs, check out Nerdwallet.
Every dollar counts when you’re trying to save money. Use these tips, and start cutting your expenses today!
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