One the the biggest challenges small businesses have is making enough money to see profits. What if there was another way to make the profit margins wider and keep more of the money you make. Here’s some ways some folks find useful:
1. Hire contractors and not employees. Independent contractors charge flat rates and you won’t have to worry about paying the hefty prices for health insurance, payroll services or other obligations tied with employees.
2. Don’t go crazy at the office supply store. Sure letterhead and expensive pens and desk accessories are nice but it can be a real waste considering all the free crap other businesses send you as promo materials. Use those free pens, mouse pads and sticky notes and see your savings add up.
3. Downgrade your cell service. When’s the last time you’ve used all 2,500 minutes on your cell account or plugged into you broadband access? Call you carrier and find out your six month average and change your plan accordingly. As for that extra $60 a month you’re paying for WiFi access, suspend the account until you know you’ll need it for travel, which you can normally do for three months at a time.
4. Use a checking account with cash back, no fees and other perks. Have your payroll send your personal checks direct deposit so you can access free checking. Also opt for checking accounts that have cash back rewards or don’t charge fees if the balance remains over a determined threshold.
5. Monitor your budget and cancel services you don’t need. Did you forget you signed up for the New York Times? Do you really need the bi-weekly office cleaning service? If not, cut it out.
6. Downgrade online services like your invoicing, project management, appointment setting or fax accounts. Why pay $12-30 a month to send pretty invoices when you can send branded invoices for free in Paypal? Do you fax all that much, especially if the same scanner you use to fax can scan and email documents? Can you switch to the Free option on your other accounts or change autoresponders to cut cost for small email lists? If you can, don’t believe the hype. Cut costs here.
7. Stop wasting time. Procrastination can cramp productivity, costing you thousands ever year. Prioritize, minimize distractions and get ‘er done. Time really is money.
What things have you done to save your hard earned cash? Are there particular plans or services that have been helpful for you? Do bundles work? Let me know in your comments below.