Recession has indeed affected both big and small businesses in the industry. If you are a small biz or a home business owner, you need to be creative in finding ways to cut your costs without compromising your tasks at hand.
Below are some practical suggestions to reduce your expenditures and stretch your business budget.
Conserve energy. Do your share in saving the environment while cutting your bills at the same time. Make sure that your office is well-ventilated. Use energy-saving lighting devices in your office or store. Unplug electrical devices at night.
Share marketing costs with other businesses. Offer to help out another company in marketing in exchange for a free or a lower cost of service. For instance, you may promote a printing company as you enjoy discounted price for printing services.
Hire freelancers. You may not need to hire a lot of in-house employees, especially if you are managing a start up the business. During peak seasons, you may hire freelancers to temporarily lend a hand.
Take advantage of free online tools. Maximize email capability and use it to send messages whenever possible. Make the most of free internet marketing tools to promote your business such as blogs, social networking sites, forums, press release sites, and many others.
Monitor office supplies. Buying office supplies in bulk is obviously cheaper but you also need to pay attention to how these materials are used.
Lease office equipment. Purchasing new or used equipment could eat up a huge percentage of your budget. Consider leasing as an alternative. Leasing allows you to pay in installments as you get to use the devices and you can be entitled to tax benefits.
Switch to VoIP (Voice-Over Internet Protocol). Through VoIP, you can make calls anywhere in the world through the Internet at a much cheaper cost.
Make payments on time. Pay your business credit cards, business loans, leases, utility bills, suppliers and other creditors before your due date to avoid penalties and debt build-up.
Shop around before making any purchase. Just as wise consumers shop around and compare, business owners need to be diligent in doing comparisons before purchasing a product or service.
For instance, if you need a wireless phone for business use, explore your options first by using cell phone comparison tools online. Cell phone plans vary depending on the carrier so take the extra time to study your choices. Also, check out the BBB’s (Better Business Bureau) guide on choosing a cell phone service.