Owning a business can be expensive. Check out these tips to Slash Small Business Costs to help you save money every day!
Running a small business can feel impossible from time to time, right? It’s all fine until one tiny expense (or even a massive, costly mistake)throws everything off balance, and suddenly, your budget feels tighter than, well, since you started this whole thing out. Now, it’s all going to depend on your business itself, but there’s a pretty high chance that some of your costs can be fairly easy to slash without lifting more than a finger (or maybe two).
But what exactly? Well, here are some of the unexpected ways to trim those expenses and keep your business running like the well-oiled machine it deserves to be.
Reevaluate Your Supplier Relationships
Sure, being loyal to your supplier might feel noble, but guess what? They’re probably not returning the favor. So, sticking with the same supplier for years often means you’re missing out on fresher, juicier deals. Besides, suppliers love to lure new customers with discounts while leaving the faithful ones hanging. Now, does any of this sound familiar?
Seriously, it’s time to shop around. Go ahead and call up a few competitors and see what they’re offering. Maybe it’s better prices, bulk discounts, free shipping, or maybe even a smile. If you find a deal, don’t be shy about sharing that info with your current supplier. Suddenly, they’ll “discover” ways to lower your costs.
Fuel Cards
If you’ve got a small fleet of vehicles, you might as well be throwing money out the window every time they hit the road. Now, that thought it scary, right? You’re supposed to be earning money, not wasting it. Well, that’s why it might be time to go ahead and look into smart fuel cards. Now, it doesn’t seem like it’ll help, but again, in the long run, it can.
It’s not just about discounts (well, those are one of the best perks) but they also track fuel expenses in major detail. Basically, you’ll know which vehicles are guzzling gas like it’s going out of style and who’s taking the scenic route to grab their third coffee of the day. Overall, it means a more efficient fleet and a budget that doesn’t feel like it’s running on fumes.
Subscriptions
Unfortunately, subscriptions are the gift that keeps on taking. They sneak into your budget, quietly draining your funds every month while you barely notice. Seriously, who’s got time to keep track of which software tools are actually getting used?
Well, it’s time to check. Just try to find the overlaps (do you really need two scheduling apps?) and ditch the subscriptions that aren’t pulling their weight. Don’t forget to check those premium plans, downgrading to a basic one could save you a small fortune without sacrificing much functionality. If nothing else, it’s a great excuse to Marie Kondo your tech stack.
Buy Smarter, Not Harder
Timing isn’t just important for comedy; it’s also pretty important to having money. Basically, if you’re not timing your purchases right, you’re probably overpaying. Plus, suppliers love to offer discounts during slow seasons or right before quarterly sales deadlines. Just think back-to-school deals for office supplies or clearance sales after the holidays.
Even better, call up suppliers at the end of the month, they’re often desperate to hit targets and might give you a deal just to seal the deal (especially in December).
You Can Try to Negotiate Your Utility Bills
Yes, by all means, utility bills are one of life’s great annoyances. They show up every month, smugly draining your account. But here’s the plot twist: they’re not as rigid as they seem. Sure for B2C, it can be a bit rigid, but not usually for B2B.
So just go ahead and pick up the phone and ask about promotions or energy-efficient plans. Plus, some providers even offer rebates for upgrading to eco-friendly equipment. And if there are multiple providers in your area, pit them against each other for better rates. Who knew paying the light bill could be such a power move?
Rent, Don’t Buy (Sometimes)
Sure, owning fancy equipment might sound impressive, but unless you’re using it every day, it’s just eating up your money. But renting, on the other hand, lets you skip the maintenance, storage, and insurance costs. For example, do you need a high-end printer for a one-time project? Well, just rent it. Need heavy machinery for a seasonal gig? Rent it. It’s cheaper, simpler, and won’t leave you stuck with a dusty pile of regret when you realize you barely use it.
Barter Like It’s 1889
Yes, this is a real tip! So, bartering might sound old-fashioned, but it’s alive, kicking, and ready to save your wallet. Plus, small businesses often have skills or products they can trade with each other. For example, if you’re a web designer, offer to build a bakery’s website in exchange for catered events.
But the trick here is to make sure both sides feel like they’re winning. So, if done right, bartering can save you money and build community connections. Now, sure, not everyone will do it, but it’s worth a shot.
Cut the Fat from Marketing
Now this one seriously can’t be stressed enough! But you need to understand that marketing doesn’t have to mean emptying your wallet into a black hole of Facebook ads and billboard costs. Sometimes, the best strategies are the ones that cost next to nothing. Instead of splurging on traditional ads, try grassroots methods like partnering with local influencers or encouraging customer referrals.
Get Creative with Office Supplies
Yes, by all means, office supplies are the silent killers of budgets. Those little expenses, like sticky notes, printer paper, and pens, well, they add up faster than you’d expect. But before you place another bulk order, pause.
Instead, just try reusing what you’ve already got. You can even turn old letterheads into scratch paper or use shredded documents as packing material. And whenever possible, go digital. It’s better for the environment and your bottom line.
Outsource with Intention
Think you need a full-time employee for every job? Well, think again. Outsourcing specific tasks like payroll, social media management, or IT support can save a fortune compared to hiring in-house staff. More businesses are actively doing this anyways.
Plus, freelancers and agencies let you pay only for what you need when you need it. Just think about it; no benefits, no sick days, no wasted time. It’s like having a team on call without the overhead.