Ways To Save Your Small Business Money

Under a struggling economy, small businesses are searching for ways to run efficiently and cut costs. While cutting employees may seem like an easy solution, you could be creating more work for fewer individuals, which may actually make your busy run less efficiently. There are ways to save your business money that will also update your business practices.

Here are tips to navigate the economic downturn, while also moving your business practices toward the future:

Update your technology. Research green technology, which includes updating electricity and recycling systems, and turn off electrics when they are not being used. This can reduce consumption of energy by 25 percent. Switch to a cheaper business phone service, such as Virtual PBX, and also review the budget set aside for your web site. See if there are other web hosting companies with cheaper rates. Also, consider updating desktops to laptops. Laptops consume 90 percent less energy, and with the selection of laptops available on the market, the purchase won’t break your budget. For businesses determined to use green technology there are tax benefits and grants available through the government.

Eliminate Office Supply Waste. Take advantage of bulk transactions, and schedule your mail needs for the same day. Implement paper waste by using double-sided printing, reusing paper, and software filing. For instance, software to manage contracts can keep track of current contracts and contracts in negotiation, and cuts back on the space used by filing systems. Take advantage of online communication to stay in contact with employees, clients, interns, and to deal with press through forums, e-newsletters, email, blogs, and message boards.

Focus on Finances. If switching to a four-day week is out of the question, there are other options for saving in finance, such as outsourcing payroll and benefits to an external company. Also, rather than adding employees when business increases hire through a temp agency. Reevaluate your insurance coverage for employees, and consider umbrella policies. Also, check with your trade association for competitive group insurance.

While there are many ways to save on business expenses, starting with these tips will turn you in the right direction for a cost-effective business.

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