The recession hit hard on small businesses; every business owner is on the lookout for ways to save money on operation costs. This article will share five different tips small businesses owners can implement in their business to save money.
Tip 1: Consider allowing workers to telecommute
Having employees come into work every day, in this society, has almost become counterproductive. Between travel time, getting everyone setup and covering operational costs – consider allowing your workers to telecommute. Telecommuting through services like WebEx will let them stay productive and keep them happy because they can work from the comfort of their home.
Tip 2: Paint your building white
This tip is definitely a weird one but very helpful: consider painting your building white. Painting your building white will help reflect the sun which will in turn cool down your work area – perfect for warehouses. You’ll save a lot of money on electricity without a steep cooling bill.
Tip 3: Get rid of your worst performing products or services
Many small businesses have a wide range of products in which they offer to their customers. Unfortunately, many products barely move off the shelf and only take up time and effort to keep track of them.
Get rid of your worst performing products so you can focus on your best – promote your best products like no tomorrow; this will creates your business and keep moods high.
Tip 4: Get rid of your worst customers
Not every customer has the same value; your worst customers are those that will eat away at your profits by taking up your employee’s time, causing a hassle with your products and overall bringing everyone down to low production levels.
As a business owner, you do have the right to fire your clients. Get rid of your worst customers and you’ll immediately see more time to focus on the best clients – the ones that make you the most money and least amount of trouble.
Tip 5: Use remanufactured printing supplies
Believe it or not, printing supplies are often one of the largest expenses for a small business. Many ink and toner cartridges cost even more than the actual printer! With such high volume of printing being done in the average business, you can save a lot of money by switching to third party remanufactured ink and toner cartridges.
Some of these tips are silly while others are no-brainers; either way, small business owners cannot afford to be wasteful with their budgets especially in this economy – use each to cut back but also give you room to expand.