Small business owners need a bag of tricks filled with various skills. One of the most valuable of those skills is learning to be thrifty. Making money isn’t just about profit, it’s also about controlling expenses. Here are four places your small business can save money in the new year.
You need customers to know where to find you, but that doesn’t mean traditional advertisements such as costly billboards and newspaper ads are the only way to go. Instead, opt for alternatives like social media campaigns that cost pennies to reach thousands.
Consider going paperless to avoid administrative expenses that can add up quickly. Encourage employees to read twice and print once for anything that must be turned into a hard copy. Purchase mugs and inexpensive dinnerware that can be reused rather than disposable cups to save money and environmental waste.
Real Estate Costs
Many companies are choosing to go virtual, and it’s something to consider if it’s feasible for your type of business. You may still need a shop or warehouse space, but administrative personnel can work remotely and may even prefer to do so if given the opportunity.
You can reduce workers comp costs and other insurance premiums by taking advantage of discounts and shopping around. You want to make sure your coverage is adequate, but you don’t want to overspend where you don’t have to.
Being a small business owner is hard work, but thriftiness doesn’t have to be if you’re smart about where to trim.