​5 Tips to saving your small business thousands of dollars a year

Let’s face it. Running a business can be quite a task and one that costs a substantial amount of money per annum. While running a business costs money, you can also make a great deal of revenue if you stick with it long enough. With the cost of living on the rise constantly, it is no wonder that running a business has also increased in expenses over the years. There are ways, however, to cut back on certain expenses so that you can increase your profit margins. This article will highlight some tips on how to use technology and other resources to your advantage in an effort to save your business thousands of dollars a year and in some instances, increase productivity and efficiency.

  1. Retire the fax machine. Over the years, fax machines have become more and more cumbersome to use. Paper jams, busy phone signals, and the increase in email and internet capabilities is slowly making the fax machine an obsolete waste of space. Owning a fax machine can be costly if you lease the machine, pay for a fax phone line, and pay for toner, ink, and paper. By retiring your fax machine, you can likely save hundreds of dollars a year. Instead of faxing with a machine, many are turning to a free fax tool that is offered online. Faxing over the internet has never been easier, more efficient, and cost effective.

  1. Cut advertising funds and reallocate some to modern forms of advertising. With the increase in usage of the internet, many are spending their marketing dollars where their target market spends a great deal of time. Online marketing has taken off and is giving business owners a great return on their investment. Whether you use your marketing dollars to run banner ads on popular websites, offer Facebook ads, or you pay bloggers for reviews and posts on your product, advertising online is a cheap way to get your brand out in front of promising consumers. Some companies are even opting in to hiring a social media brand manager who can manage their social media channels and interact with potential clients. Decreasing your marketing dollars and using them in a way that works smarter is a great way to save money and increase your exposure to the mainstream population.

  1. Recycle. By going green, you can help your company save money. Recycling printer cartridges, cutting back on heat and air conditioning, and switching out light bulbs to be more energy efficient are all ways that you can save money. These savings may be small but when added to other cost savings, you will notice a difference.

  1. Collaborate with others on events. When hosting an event, invite other vendors to participate as well or sponsor your event. By teaming up with others, you can share the costs and gain exposure to more potential clients.

  1. Cut back on meetings. Some companies find the need to hold meetings just for the sake of holding meetings. Eliminating meetings will save a great deal of money as it will save manpower and keep employees working at the task on hand longer. Having meetings is important if you have matters that need to be discussed or shared with your employees. However, if you are having a meeting just for the sake of meeting, save the money you are spending on your employee’s hourly rate and let them keep working on other tasks. 

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