10 Ways Your Small Business Can Save Money
Every small business owner can attest that money does not grow on trees. In fact, most entrepreneurs are operating their businesses on shoestring budgets and looking to make the most out of their limited resources. Here are 10 money-saving tips that will help make the most out of every business buck.
1. Use free and open source software
In many cases, you can find all of the software you need in order to run your business online free of charge. There are many free and open source software (FOSS) programs that work just as well as better-known programs such as Microsoft Office, Adobe Photoshop and QuickBooks. Open Office, GIMP, GNUCash and Linux are some great open source alternatives to look into. FOSS is free to download and try, so there is no risk in testing it out. If these products up being a good fit for your company, they can save you hundreds or even thousands of dollars in licensing fees and upgrades.
2. Go paperless
The more paper you keep, the more time you waste sifting through enormous piles and files trying to track them down. Going paperless can help make documents easy to organize, store and access when needed. This green practice (Article- Start a Biz- 10 Ways For a Biz to Go Green) will save you numerous expensive trips to the office supply store.
3. Hire interns
Interns are a great resource for small businesses. Interns are usually eager to work in exchange for valuable knowledge and experience often at little or no cost to you. Local colleges are a great place to recruit interns. Students have knowledge of the latest technology, trends, and what businesses are doing right now. An outside pair of eyes can also lead to new ways of thinking and innovating your business concept.
4. Get a business phone number with Google Voice
Are you still using your cell phone as your business line? Google Voice is a free voicemail and phone number rerouting service from Google. Customers can call a phone number that you select free of charge from Google's database of available phone numbers. Calls are then rerouted to any number you choose (i.e. your cell phone) and they will never know your personal number. Voicemail from unanswered calls made to your Google Voice number are transcribed and sent to your email and can be listened to online.
5. Consider web conferencing
Traveling for business not only wastes a lot of time, but thanks to the high gas prices, traveling can quickly burn through your budget too. Voice over Internet protocol (VoIP) has developed a great deal in recent years and has made meeting face-to-face via Web camera an excellent alternative to traveling. It allows you to collaborate and manipulate presentations in real time without ever having to leave your office.
6. Go social
It does not cost a thing to create a Facebook page or Twitter account and it is a great way to promote your business and communicate with your target audience. If your customers are online, then you should be online too. Listen to what your customers are saying about your business and figure out what you can do to better serve them and increase your own revenues. There are a plethora of free tools on the web to help you market and monitor your social media activity. Take advantage of them.
7. Start blogging
Blogging is not just a hobby; it is a powerful way to market your business and make it stand out from competitors. Blogs rank higher in search engines than static websites because they are constantly being updated with new content. Writing as little as one blog post a week can significantly benefit your online business.
8. Opt for a coworking space
Coworking spaces are shared offices that offer a business-oriented environment without the hassle of leasing full time. When starting a business it is often difficult to estimate the amount of space your business will need. Coworking provides the flexibility to rent more space as you grow so that you are never paying for more office space than you should.
9. Join an incubator/entrepreneurship organization
Two brains are better than one, and ten brains are ten times better than one. Incubators and entrepreneurial organizations can help you organize your ideas, give you access to valuable tools and resources and get your business up and running faster than you could on your own.
10. Use your time wisely
Stop and take five minutes now to ask questions, instead of wasting two hours later doing revisions. Asking the obvious questions the first time around will make you more efficient and productive in the grand scheme of things.
Implementing these tips will help keep money in your wallet and your business from needlessly spiraling into debt. There are thousands of ways your small business can save money, get creative and talk to other entrepreneurs for ideas.