Business owners are always looking for innovative ways to save money. A smart businessman knows that even small cost savings in one area can make a big difference to the bottom line and the more small savings that can be made, the bigger the profit at the end of the year.
Whatever the size and stage of the business youâ€™re involved in, there are plenty of savings to be made if you know where to look. In fact, there are savings to be made in pretty much every area of your business; from recruitment to the canteen.
1. Move to a VOIP
VOIP stands for voice over internet protocol, but is sometimes referred to as voice over networks (VoN) or voice over broadband (VoB). Basically it means you are able to make free, or very low calls via the internet.
Companies like Virtualpbx are offering customers the chance to call any phone, on any network in the world, regardless of the equipment the person you are calling uses, in exchange for massive cost savings.
2. Buy recycled printer cartridges
New printer ink cartridges are expensive. Fact. If you have to print frequently for your business the costs (and cartridges) soon mount up, making it a large expense as well as being very bad for the environment.
Recycled cartridges the have been refilled and resold can be 30-60 per cent cheaper than the same brand name equivalent.
Other ways to save money when printing include; using gray scale or draft printing, recycling your cartridges once theyâ€™ve been used and refilling your own cartridges.
3. Use freelance staff
In todayâ€™s fast moving business world you may find that your company moves faster than ever before, meaning you have to respond to changes quickly. As each new challenge arises youâ€™ll want to find the best, and most qualified, person for the job. Hiring freelance staff is becoming a viable and increasingly popular option for business owners. Â
Freelance staff can be very cost effective as theyâ€™re usually based from home and wonâ€™t be a permanent fixture on your payroll. In addition, the flexibility that comes with freelancers means that even if you only need a few hours help each month, this can easily be arranged.
4. Clean up your mailing list
Cut down on your postage costs by being ruthless with your mailing list. Cut out any non-responders or tentative prospects and investigate the possibility of adding your mail to that of other small businesses to take advantage of discounts available to large mailers.
There are professional companies who will clean up your lists for you, but with a little time and effort it is entirely possible to do this yourself. Â
5. Time your payments
Many suppliers offer discounts for early payments, you usually just have to ask. Even if this is not an option, itâ€™s possible to save money on fees by paying all your utilities, taxes and supplier payments within the payment terms, but as late as possible to keep the money in your possession for as long as you can.