Money Saving Tips for Small Business

Small business owners know all about working long hours and having to make their way in an often-crowded market. The ones that thrive use all manner of strategies to stand out, lure in new customers, and stay ahead of the competition. Some of these involve innovation, extensive planning, and careful timing. However, one of the main assets of any small business is shrewd financial sense. Very few have an unlimited source of capital, so what are the best ways to not only use the cash available, but also generate more?

Here are some common ways that a small business can save money:

Utility Costs

Use a programmable thermostat to turn down the heat/air conditioning during off-hours. Inspect the property for gaps in windows, doorways, and cracks that can be causing hot/cool air to escape. Also, think about whether you really need to have your sign and equipment on after a certain point in the evening.

Paper Usage

With digital storage, there is no need to print so many things. Implement optional e-mailing of customer receipts, and when you do have to print, always do it double-sided.

Consider Used Equipment

If you are running a cupcake store in a small town, you don’t really need new, top of the line equipment every few years. However, many large businesses insist upon this, even if they don’t really need it either. As a result, if you hunt around, major bargains are available when it comes to things like used computers, cash registers, printers, etc.

Take Full Advantage of Social Media

Television advertising is rarely within the budget of small businesses nowadays, and newspapers are a dying breed. However, the internet offers many cost-effective (read: free) ways to attract new customers and remind previous ones that you would love to have them back.

Create an active presence on big social media sites like Facebook, Twitter, and Instagram. You can also engage the services of a digital marketing company specializing in this sort of promotion (many offer small packages for companies that don’t have a lot of money set aside for advertising).