Saving Money as a Small Business

With the economy in its current state, it’s not surprising that everyone is looking for ways to cut corners.  However, if you own your own business, cutting corners may mean closing your doors due to lack of working capital.  So what can you do to save your small business money?  There are a number of ways that you can do just that without changing much about the way you do business.

Save on energy costs by turning down the heat.  Yes, your dad had the right idea when he told you to go put on a sweater.  Turning the heat down even just 2 degrees can save your business a bundle on your heating and cooling bills.  If you rent office space in an older building, you might want to talk to your landlord about having some better insulation put in.  If your office has lots of windows, make sure that they are keeping the inside air in and the outside air out with the appropriate weather stripping.  Using fluorescent lights as well as CFL lights in desk lamps will help to push back your energy savings as well as save money on purchasing new blubs.  Some CFL’s are advertised to last for a few years at a time.
If you can, you might consider telecommuting to work a few days a week.  Not only will it save you money on gas wasted idling on the highway, but it will give you back the time you would have wasted sitting in traffic going nowhere.  Depending on how far your office is from home, this could add an extra two hours to your day.  Not to mention the reduction in your stress levels – have you ever heard of anyone who liked sitting in rush hour traffic?

Talk to the businesses that your purchase goods or services from.  You might be able to get a discount on your invoice total by paying them early.  This will vary company by company however, so be sure to double check before you make any assumptions.  You also may be able to barter goods or services with businesses that you provide services or goods to, which will save you money overall.  Taking the time to call and set up deals like bartering for goods or getting a discount on your invoice will do another positive thing for your business – you’ll be making contacts throughout the industry that may be able to bring you more business in the future.  Never underestimate the power of personal contact in business ventures.