4 best money saving tips for businesses

As a business owner are you constantly looking for ways to save more money? Then you have come to the right place! This blog will help you to save more money then you ever thought possible.

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saving money for businesses
Maximising profits will aid in long term business survival. Photo: Peterfz30, Bigstock.

Buying second-hand or leasing

When starting up a small business and even maintaining it, a large portion of the expenses and costs goes towards buying equipment and assets to begin the venture. This office equipment, including any additional equipment will require gigantic investment compared to the rest of the expenses. Buying this equipment second-hand is an extremely efficient and cost-effective alternative than investing.

The only issue with second-hand is that buyers must be careful and selective when purchasing equipment. It must be from trusted sellers that are regulated with genuine customer feedback. However, if you do manage to score with second-hand equipment, you would have found that you just saved your business thousands. It is worthwhile to contact nearby chains and franchises in the area to see if their office equipment may be phasing out or on sale. Bankruptcy auctions and normal auctions will be a goldmine for potential new equipment.

If the equipment you’re using for your business is short term then there is no reason to not lease instead of purchasing. You will have access to the same kinds of equipment and it will cost considerably less than purchasing and re-selling.

 

Consider going green for the environment

It’s become increasingly more tempting to got empting these days, as not only it is more beneficial for the safety of the environment, but more often than not, by going green, you are also saving costs in utility at the same time. The more that you introduce energy-saving equipment and making changes towards more sustainable behaviour, you will find that your business begin to save on utility costs as well.

google docs
Google Docs are an interactive online tool. Photo: screenshot from www.google.com.au/docs/ taken on 25/7/17.

Similarly, going paperless for your business will have the same effect. When businesses begin to conduct themselves by using maintaining them digitally instead of paper, you will find your business saving a tremendous amount on printers, ink costs and of course the thousands of sheets of paper as well. It has been easier now more than ever to make the swift digitally, with apps and platforms such as GoogleDocs to share between employees.

 

Supplier Partnerships

To any business, big or small, but especially small, partnerships with the right suppliers is critical and key to cutting down on expenses. When you open successful trade relations with suppliers, either with loyalty or deals, you will find that you save a significant amount of time and money. You already know where you’ll get your supplies from, the quality of the supplies you’ll receive, the delivery timings of the supplies and more often than not, these suppliers will open extended payment terms to you as a repeat customer. This extra credit, thanks to additional time is one of the most powerful tools a small business can have. All of this information is essential to logistical decision making.

 

Customer partnerships

Customer partnerships are just as if not more effective than supplier partnerships. When beginning a start-up or well into a start-up, either way, partnering with customers is crucial to efficiently saving in the long-run.

Customer partnership
Customer partnerships are essential for long-term business success. Photo: Rido81, Bigstock.

By offering unique packaging, overwhelming support and discounted pricing, you are offering them your services for prices that cannot refuse in exchange for long-term commitments. This will give your business the much needed attention it needs in the beginning to attract further customers in the long-run as well.