Cost-Cutting Tips for the Small-Business Owner

 

Don’t miss these RELATED ARTICLES on Entrepreneurship::

• Choosing a Company Name
• You Can Have A Successful Small Business  
• Will Your Small Business Have A Happy Ending?
• Choosing A Vending Machine Company – What To Look For
• Clutter out, Color in: Make Your Office Work for You
• Why You Need A Business Entity
• Common Mistakes Small Businesses Make and How to Avoid Them
• Correct Product Selection for Profit
• Cost-Cutting Tips for the Small-Business Owner
• Cost-Reducing Tips for the Small-Business Owner
• Creating Cash Flow with Old Inventory
• Entrepreneurial Myths: The Truth Behind Them
• Entrepreneurs Don’t Have Average Credit Scores
• New Regulations for Small Business Owners
• Planning for the Unthinkable
• When Is The Best Time To Incorporate Your Small Business?
• When Fear Comes Calling.
• What to Look For in a New Franchise
• 7 Proven Principles of Business Success
• Wanna Know How to Quit your Job?
• Thinking About Starting a Small Business?
• The Voice of Reason
• The Benefits of Outsourcing In Small Businesses
• The #1 Secret to Money Making Success
• Ten Ways Your Small Business Can Benefit From a Virtual Assistant
• Selling Business Notes for Quicker Cash

One of the keys to running a successful small business or home office is learning to control costs. Even the smallest expenses can quickly add up and cut into profits, leaving you with a business that won’t move forward.

Many small-business owners know where their money comes from, but are not as clear on where it goes. This can have a significant impact on their businesses’ cash flow.

It’s important to review your expenses regularly – every quarter if possible – so you can accurately manage your outgoing expenditures and look for ways to save.

Demos Parneros, president of U.S. stores at Staples Inc., provides the following suggestions to save your business money.

* Buy last year’s model. Furniture, computers, PDAs – there is always something new. This also means that there is always something old. If you wait until the end of the year or for sales throughout the year, you can save on your office needs.

* Buy in bulk and buy ahead. By buying commonly used items in large quantities, you can save a lot. Replenish your supplies before you run out. Thinking ahead, and thus buying ahead, gives you a chance to comparison shop and take advantage of sales.

* Buy products that save money. Consider quality alternatives to national brands. Staples ink and toner products, for example, offer consumers quality products at a 15 percent to 20 percent cost-savings per cartridge.

* Take advantage of discounts. Professional and trade associations often offer their members discounts on insurance, travel, shipping and other common expenses. Similarly, some credit cards, like the American Express Corporate Card for Small Business, may get you discounts as well.

* Save on mail costs. Mail costs for your business can add up fast. To save money, use postcards or consolidate shipping. You also can buy or lease a postage meter or get a mail scale to eliminate overpaying.