Many small businesses have steady income, but there are always a few lean months. During tough times, it’s wise to cut back on spending wherever you can, because before you know it, you’re spending cash faster than you’re making it. And that’s a scary situation.
Before you start pinching pennies, write down your expenses. Are they all necessary? Which costs benefit your business and boost your customers’ satisfaction? Take the time to prioritize your expenses. Then you’ll know which ones to cut, trim, or preserve to improve the success and ensure the livelihood of your business.
Here are three tried-and-true ways to reduce your expenses:
Asking for a business discount can be uncomfortable, but it’s always worth it! Take the initiative to ask for a price cut, especially if you’re a regular customer, buy products in bulk, or are interested in purchasing a high-priced item. Your vendors might give you wholesale pricing or help you out in some other way. You never know until you try.
Before purchasing products online or visiting a storefront, go online and look for discount coupons. More often than not, you’ll find one that works. A penny saved is a penny earned, right?
Let’s face it: paper and ink are becoming outdated in our digital age. Nowadays, during checkout, businesses ask if you want your receipt emailed or printed! Times are changing, and more resources are available online – which makes cutting office expenses a lot easier to do.
Most small businesses can’t cut office supplies completely, but they can significantly reduce the amount of paper and ink they consume. Rather than printing time charts, schedules, or customer records, consider using an online data storage system! It’s safer, and your customers will appreciate the added security. Just think, without paper – you can cut many office supplies from your budget.
This one might seem like a no-brainer, but businesses throw a lot of money away on credit card, membership, and interest fees. Set a few minutes aside to review your bills and services. Ask yourself if the services are truly essential. Are there other services that offer lower rates?
Taking the time to review your expenses each quarter will help you realistically evaluate what’s necessary and what’s not. Once you review your expenses, you’ll know where your money’s going and how far it’s taking you. Do the right thing for your business and start cutting expenses today!