SCORE Small Business Blog

Finance: 15 Money Saving Tips in Tough Economic Times
4 Comments

Do a business budget to determine where to cut back on all expenses.

  1. 1. Sublease your space, share space or rent smaller space.
  2. Always check for cell phone and telephone promotions.
  3. Conserve all resources:
    a. Reduce utility bills by turning off lights using energy saving bulbs and lowering heat.
    b. Lease equipment or subcontract out tasks that can save labor.
  4. Ask to have finance charges lowered on your charge cards.
  5. Direct deposit for payroll cuts expenses and time.
  6. Lower interest rates on loans.
  7. Check bank statements carefully for added fees that may be charged.
  8. Cut back on all of your travel and entertainment expenses.
  9. Cut back on catered parties and do potlucks instead.
  10. Supplying food and drinks for your employees should be cut back.
  11. Only buy inventory that will be sold quickly, negotiate with manufacturers to drop ship or stock inventory for you.
  12. When marketing, purchase incentives can be more effective than branding ads. A call for action to get the customer to purchase now.
  13. Give employees financial incentives when business is increased.
  14. Offer a 4 day work week or hire part-time employees.
  15. Give titles rather than raises.

Business owners must be cautious and conscious of where all the money is being spent and to think about ways to save. Have your accountant help you with money saving tips and always know that once you spend money it is not always easy to make it back. Always consider when you spend there should always be a return on the investment. Let me know other money saving tips that have worked for you.

For additional planning help for your small business, contact your local SCORE or contact me directly at jbrander@newhavenscore.com.

Julie BranderBusiness Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business.
www.scorenewhaven.com | @juliebrander | More from Julie

// |

Discussion (4) Comment


  1. John ClarkVisitor

    Video Conferencing is really a very convenient and very fast way in keeping in touch with your business partners.`,.


  2. ShawnVisitor

    Hi all,
    I have heard of “Top Savings Plan” from this blog and I want to thank you for sharing it with us.
    ====================================
    Shawn
    Top Savings Plan


  3. DanielleVisitor

    Great tips! I like the idea of subleasing your space. Another tip that I’ll like to add is teleconferencing. You can save your company money on travel and commuting to work every day. I found a site that helps small business owners save money by utilizing video conferencing technology, etc, at 24conference.com. Your tips are really helpful, thanks.

  4. Great tips, Julie! And don’t forget to add Virtual Assistants to number 14. VAs are very cost-effective in today’s economy :-)

 

Leave a Comment

More Blog Topics