Control Your Small Business Costs With These Seven 'Frugalpreneurship' Tips

Posted on 19/05/2018

Small business owners know the importance of controlling costs. You can run your business as efficiently as possible, and build your brand wisely, with these seven tips for saving money. Being frugal will help keep profits up and expenses down, so you and your business can succeed and grow.

Go Green and Go Paperless to Save More Money

Mailers and invoices sent through the post cost your business money. Save on postage whenever you can, and consider going paperless if possible. If your business does use traditional mail for marketing materials or product orders, get your mail out early in the morning. This will get your mail to its destination faster without the cost of an upgrade to priority or express delivery.

Staffing Solutions That Lead to Savings

Save on staffing with creative techniques like interns and virtual staff. Many university and college students receive class credits for internships in their area of study. Look toward your local youth to boost business during your busy season for less. Another great money saving solution is virtual staff. Virtual assistants and remote workers can cost you less, and do not require additional office space.

Utilize Energy-Saving Techniques to Reduce Monthly Bills

Energy-saving techniques do not just benefit the environment. Being power smart also saves money. Much of the power consumption today is actually wasted energy, but that doesn't need to be the case. Using power strips is a great way to ensure you are not wasting energy when your electronics are powered off. Avoid power leakage by using power strips and turning electronics off this way. It is also wise to look at your bills as they come in, and see if there is any space for savings on telephone and other business-related bills.

Barter and Save on the Services You Need

All businesses need to spend on services. Whether it is manufacturing, design, marketing, or distribution, there could be room to save. Talk to your providers, and see if creative payment arrangements may be possible. Bartering is not dead, but it is somewhat of a lost art. You may have valuable products or services at your disposal that could save you on monetary costs. Negotiations can lead to savings, and you’ll never know if you don’t ask.

Marketing and Promotions at a Lower Cost

Marketing doesn't need to cost your business a fortune. The age of the Internet has connected consumers and businesses without high advertising costs. Take advantage of social media and other low-cost marketing techniques to save on marketing without suffering exposure. Contests and local community events are another great way to build your brand on a budget.

Shopping Smarter to Make Your Dollars Work Harder

Office furniture, supplies, and electronics are all business expenses. It is possible to save on these purchases in a variety of creative ways. Instead of shopping for office supplies once a week, buy in bulk once a month. Office furniture and electronics can be bargain shopped, found online, or bought at auction for a fraction of the cost of buying retail.

Going Virtual and Reducing Overhead

Operating cost can take away from business profits, but there are creative ways to cut overhead costs without sacrificing quality. Virtual offices allow you to keep a prestigious business address for a fraction of what leasing the space on your own would cost. Virtual offices have meeting spaces that you can easily book for the meetings and appointments you need, without paying for unused space. To learn more about the benefits of virtual offices, or to find locations in your area, visit us at Owning your own company is both rewarding and challenging. Save yourself some stress, and increase your business's cash flow with these tips for saving money. Controlling costs can be easy with creative techniques and frugal functionality. Find your inner penny pincher to push potential profits past expectation.
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