After the cash flow has been taken care of, business owners appreciate low overheads when it comes to running a business because saving money for the company increases profit and growth.
Here are some money saving tips you may not have thought of from Melbourne business coach David Guest
1. Do business online.
Send out email newsletters rather than printed versions and use all Internet based technologies for communication, which can include email and web conferencing.
2. Use online networks
Use online networks like Twitter, Linked in and Facebook for the promotion of your business. Using these networks will also help you to develop an online community and a business that ignores this community, does so at its peril.
3. Join and use Trade associations
Investigate whether trade associations offer special services that suit your needs. Many offer discounted insurance and promotion of your business through their database of members.
4. Buy recycled printer cartridges
Ink is expensive so this is an obvious (and environmentally responsible) way to reduce on-going consumable costs that may be draining your cash flow.
5. Use energy-efficient technology
This new technology will save you money on a daily basis and it’s worth checking out if there are any tax benefits to the piece of green technology you are considering.
6. Turn off equipment when it is not being used
Turning off the computer at the end of the day can save you up to 50% off your power bill.
7. Hire students for credit
You get a bright young employee with lots of ambition and enthusiasm for little or no pay. This relationship can be a good opportunity for mentoring a future employee trained to your personal standards. A business coach will know how to set up these kinds of relationships.
8. Get three quotes for everything
If you quote a competitor’s lower price, a supplier will generally match that price to secure your business.
9. Communicate on online forums and message boards
On an online forum or message board you get the opportunity to meet and talk to potential clients.
10. Switch from a merchant account to an online payment service
An online payment service can be cheaper in terms of having no statement and monthly fees to pay but they do have a higher per transaction cost so do some research to make sure this option will save money for your particular business. These electronic methods are an excellent way to increase the cash flow for your business.
For assistance navigating and understanding online and other ways of saving money, a business coach is worth considering.