Keeping Costs Low in your Small Business

Perhaps the oldest adage in the world of business is that it takes money to make money. While there’s no denying the truth of that statement, there’s nothing saying that you can’t spend a little less and make more. Cutting costs from your budget may seem like a daunting task, but by closely following your business’ finances you can find several places to trim fat without even noticing it. Each business is different, and the best ways to keep your budget lean will come the more time you spend with it. Below are a few suggestions to help get you started:

• Need to replace office equipment? Consider purchasing previously used equipment online through services such as eBay or Craigslist. If you can break away from the cult of the new,you’ll find deep discounts on top-quality equipment, oftentimes still under the original manufacturer’s warranty.
• Hire an Intern.  If you have a project that requires hands-on work, but you don’t have the manpower to complete it with your current staff, consider offering the position as an internship rather than hiring a temp worker. Local colleges or trade schools will be happy to match you with a student who will work for little or no cost in exchange for school credit.
• Don’t be afraid to ask for a discount. If you’re making a large order, most retailers will be happy to offer a percentage off the total cost. Certainly don’t force the point, but you may be surprised at what they can do for you if you simply ask.
• Use in-house talent whenever possible. During employee reviews, think about what projects you have coming down the line that their talents may be well-suited for. If possible, try giving them a small project that you may have traditionally hired outside help for. For example, if you have someone that deals primarily in Customer Service that knows graphic design, let them take a pass at your new website. And since someone within your company will not have to spend time getting acquainted with your business ethos, you’re likely to see an improvement in both the turnaround time and the quality of the work.