10 Easy Ways to Save Money in Your Business

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coinsWith tax season right around the corner, many of us are starting to take a closer look at our business expenses for the past year and see where the bulk of our money has been spent. Regardless of the type of work you do and how much you spend to keep your business running, it’s probably fair to say that we’d all like to cut back on our business expenses.

Here are some of the ways you can start to cut back on your expenses now and increase your bottom line for the upcoming year.

  1. Use open source and other free software: There is a growing number of free tools available to replace many of the mainstream commercial applications you may use on a regular basis in your business. Tomorrow’s post will provide a list of free and open source applications worth considering.
  2. Switch to VoIP or virtual phone and fax lines: Traditional land lines can be more expensive, especially if you don’t use them on a daily basis. VoIP and virtual lines can cut down on your communications expenses while providing a number of useful features.
  3. Go for one unlimited hosting plan: Instead of using individual hosting for all of your web sites, consider an unlimited hosting plan that allows you to configure multiple domains.
  4. Barter with qualified professionals: If you need specific support in your business, you may want to look into a bartering arrangement. Just make sure you research the other party and come to agreement on the terms before jumping in.
  5. Pay your bills online: Not only can online bill pay save you money on stamps and checks, but if you manage your accounts online, you can more easily track your expenditures and business finances.
  6. Get your family involved in your business: If you have children interested in your business, enlist them to help tackle administrative and other business support tasks. Getting them involved will help you get more done while giving them a new appreciation for what you do every day.
  7. Focus on online marketing: Online marketing is quick, far-reaching and inexpensive. Explore social media sites, starting a blog and participating in other online networking outlets.
  8. Join forces with a colleague: Joint ventures, partnerships and other collaboration can help you double your reach and potentially access an entirely new target audience, for little or no additional time and financial investment.
  9. Buy used or refurbished equipment: Instead of going for brand new hardware, consider purchasing used. Many times, major manufacturers offer refurbished hardware that they have restored to factory settings, so what you’re getting is almost like buying new.
  10. Get trained for free: Online training can be a great way to advance your skills. Look into free online self-paced training for tutorials and lessons you can do when your schedule permits.

What do you do to save on your business expenses? Do you have any tips to add to this list?

Image credit: rolve

Alyssa GregoryAlyssa Gregory
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Alyssa Gregory is a digital and content marketer, small business consultant, and the founder of the Small Business Bonfire — a social, educational and collaborative community for entrepreneurs.

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