It’s obvious that recent global events have deeply affected individuals and businesses alike. We are all learning firsthand how to navigate tough times and prepare for the worst. Money has been tight for nearly everyone as we simply try to stay safe. As far as business goes, when profits are down and customer purchases sparse, it’s important to cut costs and save money. Though there is a whole science to managing business profit and loss, let’s just discuss some simple ways to save your business money.
If you can buy used items, such as for administration and office needs, manufacturing, and other supplies instead of new ones, you’ll save money and be helping the environment, too. Looking for these business items might take a little time, but it’s more than possible. Some of my favorite sources for used purchases include online marketplaces, Goodwill, and other types of secondhand stores. You may not be able to get everything you need, but you can help the bottom line a little until you see more cash flowing in.
Try New Brands and Suppliers
Consider switching up brands and suppliers if you think you can do better. I understand needing to stick with ones that are working well and you have contracts with. However, you could be doing your business a favor by shopping around for different resources for inventory, manufacturing, and services.
If you are a small business, think about supporting other small businesses in your areas if you can. Remember, other businesses like yours are likely experiencing similar financial burdens. Helping each other is one way to survive and even thrive during slow periods.
Be Smart When Shipping
It pays to be savvy when it comes to shipping. You don’t want to be paying way more than you need to give your customers good service. Look into the various options you might have with several companies to get the best prices. For larger shipments, check out services like less-than-load freight shipping. It might also pay to consult with a shipping specialist that can provide you with a plan for the present and future.
Barter and Negotiate
Bartering and negotiating may not serve you for every one of your business needs, but it could help with some. Think about what services and supplies you need personally and to run your company. Ask your vendors and those you do business with if they would be willing to trade out services or supplies. This could work great for both parties and free up some necessary cash for other needs.
You can also ask your suppliers and vendors if they have packages available or discounts for frequent buyers. Often this is the case and a perfect opportunity for you to save your business money. You might want to brush up on the art of negotiation before you start asking for a discount.
Businesses that try to do absolutely everything in-house might be spending more than they need to. It can be less expensive, more productive, and efficient to outsource certain aspects of the business. Things like IT, accounting, editing, marketing, and other services are commonly outsourced to freelancers or firms that specialize in them. The savings come when your business runs more smoothly and customers and clients are happier. This helps you focus your efforts on your most important tasks and functions.
There are many small ways to save your business money. Think outside the box and look for industry-specific things you can do immediately. It’s not going to hurt to experiment to find what works the best for you. Never stop looking for ways to run your business affordably and efficiently going forward.