Ways to save your business money

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If you own a small business, you’re likely on the lookout for ways to save. Roughly 90 per cent of business ventures fail within the first 18 months, and you want to be strong and thriving well past that time. The more you strategize to save on cost, the better off your business will be, and the better your chances will be of surviving for years to come. There are many ways to save your business money, and most of them involve thinking outside the box. Some of our favorite suggestions are as follows.

Non-traditional advertising

Traditional advertising is expensive. The less you rely on typical means of advertisement, the better off you’ll be. Some ways to work around traditional advertising include focusing more on SEO and less on ads, using public relations, and taking advantage of free outlets, like Youtube, to create material and bring in website views.

Outsource

As much as possible, don’t have employees filling your office. Virtual assistants, fully-trained individuals who work for you remotely, are a great way to lower operational cost, labor cost, and get a quicker turnaround on deadlines. Just Google virtual assistant near me and start investigating virtual assistant options.

Be smart with vendors

If you’re paying more than you have to for merchandise, it will save you thousands of dollars to work around that. Negotiating with current vendors, or switching to a different service are both valuable ways to save money. You can buy Walmart liquidation merchandise or investigate other ways to save on vendor costs.

Go green

Not only is it good for the planet, making sure you implement environmentally friendly practices at work can save you a great deal of money. Turn off power strips when not in use. Have automatic shut off lights. Reduce paper. All these things that are better for the planet are cheaper for your business as well.

Hire Newbies

Employees fresh out of college require a much smaller salary—and if they’re smart and eager to learn, you’ll be much better off with a passionate employee who’s still learning the ropes than with an experienced professional who costs almost double.

Negotiate with your landlord

You may be able to pay less for your space, and since rent is one of the most crippling expenses small businesses face, a decreased payment could save your neck.

Reduce maintenance

Often, a daily cleaning service isn’t necessary to keep the office looking good. You can implement cost-saving techniques, like having employees empty their own trash cans, or collectively keep the kitchen clean. The less a cleaning service has to come in, and the less they have to do, the more money you’ll save each year.

These are only some of the ways that your business can save. When it comes to protecting your future, few things are as important as protecting your current resources. Think outside the box and start saving your business thousands every year.