Whether you’ve been in business less than a year or 30 years, saving money is always important for a successful bottom line. Saving money means you need to compare prices, services, and products carefully to get the most out of each dollar. You can also save money using the following pointers gathered from the experts.
- If you have invested in sales and promotion online, then make sure you take every opportunity to let people know your website address, Twitter name, and Facebook page. Include it in all ads and promotions including business cards, business stationary, e-mail signatures, and comment signatures.
- Take advantage of any free opportunities, many of which you can find online. There are free e-mail accounts, website hosting, scheduling software, and promotional sites (like Facebook). You should also take advantage of trial offers for software you are thinking of investing in. Many times you can try before you buy.
- Look for local groups of retired accountants and CPAs. These groups offer free help with taxes and even help you with business advice specifically focused on your business. The Small Business Administration also offers many free opportunities and information dealing with small business needs.
- Consider bartering. More and more small businesses are using the barter system and saving money. You are basically trading one service or product for another. No money exchanges hands. You do need to record your barter for tax purposes, but you are dealing with the wholesale price, not retail.
- Create a budget! It helps to have everything planned and written down so spend the time and write up a formal budget for your business including a look at weekly, monthly, quarterly, and annual summaries. Once you have your budget made, it is important to review it on a regular basis and to keep to the budget so you don’t have any surprises in your cash flow.
- Learn to say no. Time is money, so learning to schedule your time wisely is vital in order to avoid wasting your time. If you have an opportunity to enter an arts and crafts show, learn to ask some questions before handing over your money. How many people attended last year? Do they have an advertising budget? If you are asked to donate to a charity, ask how the item will be used and if your business will be promoted. Not every opportunity is equal and it’s best to say, yes, to opportunities that create interest in your business.
- Watch for sales and watch for equipment at discounted prices. Even in this age of buying on the Internet through auctions, sales ads, and online stores, it might be more cost effective to buy local and buy on sale. If an item you use on a regular basis is on sale, then stock up. Watch shipping costs when buying online and if you can get the same product locally compare the costs. Buying bulk can also save money and help the environment since less packaging is needed.
Here are a few great sites to learn more about saving money in your business.
- 50 Ways to Save Money in your Business from Entrepreneur – includes some great promotional and marketing tips.
- PowerHomeBiz.com has an excellent article on ways to save money. Money Saving Tips for Small and Home Business Owner includes ways to increase revenues and cut down on costs.
- How can you not read Outrageously Creative Tips for Saving Money & Growing Your Business from the Small Business Trends? Well-written and packed with some great ideas.
Learn more about FaveCrafts’ resident craft expert, Maria Nerius.