Money Saving Tips for Small Business Owners

As a small business owner in this economy, it is likely that your #1 priority is saving money. HOST Business Services has compiled this list of ways to cut costs in your business.

    1)  Everything is negotiable. Always try to find the best price for anything you are buying. It’s amazing how often you can get a discount merely by asking for one. Also, offer the seller an incentive to lower the price: pay early or pay with cash. Just remember, you are still trying to achieve a win-win for all parties involved and certainly don’t want to take advantage of your suppliers, partners, vendors or customers.

    2)  Buy used. New equipment, furniture or other items are probably not necessary when first starting your business. Used items will always be more affordable and can function just as well. This will help keep your start-up costs low.

    3)  Comparison Shop. If you must buy an item new, shop around. Check several stores or venues to find the best price for the item you are looking for. Many vendors will also match or beat the price of a competitor.

    4)  Use minimal office supplies.  Monitor your office supply usage. Cutting back a little here and there can add up over the course of a month or a year. Use email or fax whenever possible to save on postage. This can also be true for energy usage. If you are conscious of your energy consumption by auto-setting your thermostats to a lower temperature when you aren’t there, and completely shutting down your computer before calling it a night. You can save on your utility bill.

    5)  Share business services. HOST Business Services offers shared and virtual office space for a fraction of the cost of a traditional office rental. Get all the benefits of an office lease without the high price. HOST can also save you money on your phone bill by grouping it with other business owners. Sharing costs is a great way to lower your overhead. For more information, visit www.HOSTBusinessServices.com or call 435-674-6600.

Remember, a penny saved is a penny earned. There are 2 ways to increase your bottom line: 1) Earn more income. 2) Reduce your expenses. Of these two things, cutting costs is definitely the easier to do and will allow you to increase your income faster.