5 Tips for Saving Money

How you can use discounts to save big!

Everyone loves to receive discounts, right? Well, did you know there are multiple ways in which your business can save? Anita Campbell, the founder of Small Business Trends, recently wrote a post that revealed 5 tips for finding discounts for your business. They were so good, we just had to share them.

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As the above video points out, where these discounts are found might come as a surprise to you. For example, the first place to check is in all recurring invoices and billing statements. Many times, there are discounts in these documents that you could be eligible for.

It could be that the discount is available if you make an early payment. To take advantage of this opportunity, set up automatic electronic payments to ensure that you don’t miss out. If you pay by paper checks, then post reminders to make sure that you get the discount and save money.

Another way to get a discount is to simply ask. You will never know what will happen until you try it. If you have had a long relationship with a specific vendor, see if you can reach an arrangement that would honor your past loyalty. Another approach could be to ask for a discount on the promise that you commit to do business with them for a certain amount of time.

Thirdly, if you consolidate your services and use one provider, you will likely get a discount. This method draws double benefits since the consolidation not only makes the roles of management easier, but it also could bring in a large amount of savings. Telecommunication, Internet, and insurance companies often offer services such as these.

Partnering with vendors is the fourth method that Campbell raises. By partnering with vendors, you could receive frequent discounts as well as other perks. Credit card companies, financial institutions, and online communities are just a few of the organizations that have these programs.

Lastly, signing up for vendor newsletters usually provides discounts. Most businesses shy away from these discounts because they don’t want to receive all the email. However, sometimes you have to take the good with the bad. These newsletters distribute lots of coupons and, sometimes, even include coupons from their business partners.

In the end, all these discounts could add up to a lot of money over time. The money that you save could be used in many aspects of your business and could also help it grow.

Are you taking advantage of these discounts?

Save Money with Open Source Software

Is open source software right for your business?

Most business owners spend a lot of money on proprietary software, but is it a valid expense? While some cases require proprietary software, there are other cases in which businesses can utilize alternatives. As explained in the video report below, there are alternatives that are both free and open source.

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Since many businesses use Microsoft Office, first on the list of options is Open Office. This software includes programs for word processing, spreadsheets, presentations, databases, and more. The interface is very similar to Microsoft Office and other similar office suites.

GnuCash is another alternative that is a free accounting software. With this software, users can track income, expenses, bank accounts, and stocks. Other features include the monitoring of accounts payable, accounts receivable, and detailed reporting. Users can also import data from programs such as Microsoft Money and Quicken and can export data to spreadsheets such as Microsoft Excel.

Thirdly, GIMP serves as an open source substitute for Photoshop. Although not as comprehensive as the Adobe product, GIMP does allow users to produce simple Web graphics, modify product photos, and create flyers and other marketing materials. GIMP’s interface is very similar to Photoshop’s interface and all the images created can be saved in a variety of formats.

Last but not least is Zimbra. This software is a free collaboration suite that serves as a high-level email program. It provides email, calendar, document storing and editing, instant messaging, and easy-to-use administrative controls. The open source edition of Zimbra also integrates with other email clients such as Outlook and Apple Mail. As mentioned earlier, all these programs are free and are compatible with most common operating systems. By using them, businesses could see significant savings in investments and maintenance costs.

On the flip side, savings should not be the only motivation for utilizing this software. A business should be able to function just as it would with proprietary software. Fortunately, since it is free, businesses have adequate time to test the software before they make a complete transfer.

How does your business view these open source alternatives?

Ways Your Business Can Save Money

It starts with your office

Every business likes to save money, but when it comes to what should be cut to save the money, many businesses are at a loss. So, before you make the difficult move to cut budgets and maybe even staff, think about ways you can cut your office expenses.

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As pointed out in the video above, you would be surprised at how much money can be saved just from your office alone. Business consulting expert Ken Gaebler of Gaebler Ventures said that office expenses can amount up to as much as 5 percent of total revenues for small businesses.

He went on to say, “Every dollar you save on office expenses is a dollar that can be used to grow the business.”

In order to cut your office costs, you should consider operating virtually as much as possible. The Internet provides numerous ways to communicate, which makes the idea of running a business virtually feasible.

Secondly, try re-negotiating your lease. Since office vacancies are currently on the rise, landlords are willing to be flexible to keep their tenants and keep them happy.

Thirdly, you might want to think about sharing your office space with another business. This could also be an opportunity to increase your sales by working closely with a complimentary business.

The fourth way you could reduce costs is by utilizing economic development zones. Some communities have these areas which offer tax deductions along with other perks. If your town does not have these zones, contact your city officials.

Lastly, you could try finding short-term rentals. The advantage of short-term rental properties is that they eliminate being locked into a long-term contract. If you have a week-to-week or month-to-month agreement, you wouldn’t have to worry about your contract if you needed to take a drastic measure, such as downsizing.

You can also cut costs by utilizing used furniture and using energy efficient light bulbs. In addition, businesses can save on printing, ink cartridge, postage, and telephone expenses by enforcing electronic communication and storage.

What are you doing to cut your office expenses?

When businesses try to cut costs, they sometimes think their only option is to cut budgets. However, there are many expenses that businesses can cut right in their own office. Business consulting expert Ken Gaebler of Gaebler Ventures even said that office expenses can amount up to as much as 5 percent of total revenues for small businesses.

As Reporter Abby Johnson explains in this broadcast, 5 ways to help businesses cut their office expenses include:

1. Operate virtually as much as possible
2. Re-negotiate your lease
3. Share office space with another business
4. Check out economic development zones
5. Find short-term rentals

To see a full explanation of these tips, tune into this broadcast right here on SmallBusinessNewz.com.