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5 Easy Ways to Save Your Business Money


Guest Blogger

Budgeting is one of the less interesting factors of business life, but still everyone likes to hear that ching, ching they know they saved. Hoarding money should be at the top of every businessperson’s list.

Successful entrepreneurs such as Rick Cersari of George Foreman grill fame and Brett D. Reizen with Entertainment Benefits Group, LLC, got their starts by finding ways to grow their companies without burning through cash, according to Business Insider. Consider five ways — in addition to protecting your business from identity theft — you can keep money in the bank, where it belongs, as you build your empire.

Cutting costs

1. Create a Barter Network

You are not the only company owner out there looking to make bank. Finding ways to barter is a practical approach to cutting back on operating expenses, stated on The Street. With a barter exchange program, companies in the network use a credit system for services or goods. For example, a marketing firm might offer to do one digital campaign to earn one credit with a printer. That company might bank up credits over time to use when they need business cards for executives or brochures for a job.

2. Think Refurbished

You don’t have to buy new to upgrade. A company looking to supply sales reps with laptops or vehicles should look into purchasing off-lease or refurbished models. Large companies may lease cars and electronics and then trade them out when new models come out. Their need to dazzle can work in your favor, and you might end up with a better piece of equipment than you could afford brand-new.

Put that same thought process into furnishing an office. Buying brand-new furniture is a waste unless you need to impress. Companies may stock the back offices with used equipment and put their money in places that guests see.

3. Keep the Postal Worker Happy

Address standardization means making address formats uniformed. For companies that do a lot of mailing, this is a key factor in saving on postage charges. The most practical way to get this done is by utilizing software to create databases. Implementing standardized addresses allows you to reduce the expense of resending undeliverable mail and create a timesaving postage system at the same time.

4. Let Technology Help You Streamline

Mobile devices can streamline your operations and save money, according to The National Federation of Independent Business. Here are some ways to use mobile devices to cut down on business costs:

  • Go into the cloud for data storage to reduce costs on hardware.
  • With everything stored using cloud technology, you can use a tablet computer for customer documents. If they need a hard copy of something, send it by email or Internet fax right from the tablet.
  • Create digital presentations you can show on the tablet, which saves money on printed material.

5. Make Use of the Freebies

One of the most positive changes the Internet brought into the business world is digital marketing. Social media is a proactive way to promote your brand and costs the company nothing but time. Make use of the mainstream networking sites for marketing to increase your Internet presence. Use these platforms for customer service and lead generation. Use social media to build new relationships with customers and reinforce current ones, all without spending a dime.

Celine Sanders is a mom, wife and director of operations for a marketing company. She has an MBA, but motherhood has been her most valuable education.

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Fri, June 14 2013 » Ethics and Fraud, Leadership

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