5 Tips for a Small Business to Save Money — The Kind Tips - Tips for Life, Study, Work and Entertainment

5 Tips for a Small Business to Save Money

5 Tips for a Small Business to Save Money

To run a small business would be a quite difficult and cost- consuming task, for you have invested some money and are looking for quick return. So, you have to consider every possible way to save money, but at the same time, you should also keep your service quality as expected. Here are several tips you might follow for such the goal.

1. Replace energy-consuming bulbs with new type ones.

In order to save energy as well as money, you should choose more efficient Energy Star florescent bulb instead of old and traditional incandescent light bulbs. This kind of Energy Star could be energy-efficient and save you thirty dollars during their application time while it could last more than ten times than the old incandescent bulbs.

2. Lease your equipment rather than buying.

When you move into the new office, you had better choose leasing some necessary equipment instead of buying them. Although buying equipment could be easy and you could save money for the once and all, thus cut down the risks through splitting the costs for months and years to come. If you would like to buy your equipment, it might be quite cheaper in the long term, but for some items like copy machines, it must be expensive for repairing them. However, if you lease your equipment, the leasing company would be responsible for such repairs and you would save the money in this respect.

3. Purchase used or refurbished equipment.

When you are intended to purchase equipment, it is better to buy the used or refurbished items if possible. As business competition becomes intense today, some companies or enterprises would be broken down or closed regularly. In order to clear their business or pay off debts, the owners of such businesses have to sell their equipment very cheaply. So you could take the opportunity to buy equipment from them to save money while you could also meet the requirement for your normal office operation.

4. Try to bargain with the providers.

If you want to get the service or products for the providers, try to learn to negotiate with them for a reasonable or better price in doing so. It is possible to have a better price through negotiation so as to cut down the costs of the service or products. If you fail to do in this way, you could approach to the new providers who could possibly meet your demands. Or you may give the rise to competition of different competitor for such bargaining so as to get what you want and expect in saving money.

5. Go for bartering.

As an owner of small business, another way to save money is that you could barter your services with other companies. You are able to do such thing independently and freely. The time and money you have spent on the services would be more worthwhile than you have to pay retail for the services or products you get from your partners in bartering action.

 *Image source: http://www.surry.edu/CorpContEd/BrowseCourses/SmallBusinessCenter.aspx.

You May Also Like: