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Money Saving Tip For Business
You may be able to use a money saving tip for business; the following can help you improve your bottom line.
Money Saving Tip For Business Examples
Start with a Budget
Create a budget and stick to it. Before buying the most expensive equipment, evaluate how it will benefit the bottom line in adding revenue or saving time. Figure out how much staff you will need to begin and what you can pay them. Include payroll and bonsuses in the budget.
Consider Purchasing Used Equipment and/or Furniture
Do some research to determine the cost of buying these items brand new. Armed with this information, you are in a better position to determine whether buying a similar item second-hand makes sense. Always ask about return policies and warranties before completing the sale.
Lease Equipment that Needs Regular Maintenance
In some cases, it may make more sense to lease a photocopier rather than buy one, since the leasing company is responsible for the cost of regular maintenance and repairs. Make sure you review the terms of the service agreement in detail. It may not always the cheapest route to go if there are extra fees.
Don't Replace Equipment Unless Necessary
It may be tempting to upgrade computers or other equipment when new models become available.
There are cases where you need to replace equipment to increase revenue. Do your research before spending extra money.
Shop Around for Better Prices and Terms
When you are looking at purchasing a product or service, it pays to consider a number of vendors and/or service providers. Ask about a discount for bulk purchases or prompt payment.
Use Fax or E-Mail Whenever Possible
Not only are these communication options faster, but the business owner saves on the cost of paper, envelopes, and stamps.
Conserve Energy Whenever Possible
Make sure lights, copiers, and computers are turned off at the end of the working day. If you want to have the office illuminated at night, invest in a timer to turn lights on and off at specific times.
Hire a Student
If you need market research, writing, photography, or graphic arts services, find out whether you can post an advertisement at the local college or university. It may be possible to hire a student for these types of projects at a better price than a more experienced individual would charge for the same work.
Get a Toll-Free Phone Number or a Local Access Number
This approach makes much more sense than paying long-distance charges for individual calls made. Contact some service providers to learn about available options.
Use Recycled Printer Cartridges
Here's another money saving tip for business: You will find suppliers for recycled cartridges in the Yellow Pages or on Google.
Try Free Versions of Software
Visit Download.com for free trials and freeware. Limited versions of software products are also available from the site.
Increase the Deductible on Your Insurance
Generally speaking, a higher deductible on your insurance means lower premiums.
Hire Independent Contractors Instead of Employees
Payments made to independent contractors are not subject to withholding taxes. The IRS has strict guidelines regarding the definition of "independent contractor" versus "employee." Be sure you comply with their requirements.
Hire Interns Where Appropriate
College students gain experience and employers get help at very little or no cost when interns are on the job.
Team Up with Other Business Owners and Buy Supplies in Bulk
Larger quantities likely mean better prices on supplies.
Try to Bundle Services to Save Money
Many companies offer packages where you can save money if you purchase your phone, Internet, and cable.
All businesses need to keep a handle on expenses; the above examples of a money saving tip for business are a good place to start.