Money-Saving Tips For Your Small Business

All businesses can benefit from saving money. By reviewing expenses and making a few simple changes, your company will see cost-savings that will make a difference. With these five money-saving tips, your business will be on the right path of savings.

 

Allow Employees Fewer Hours

There are a number of employees who may want to work part-time, but feel uncomfortable bringing it up with their employer. By offering a part-time option for employees, you can retain good workers while saving on the expense of paying for a full-time employee.

 

Review Operating Expenses

The day to day items like coffee, office supplies, and office parties can really add up.  Taking the time to review these expenses may really save your business a good chunk of change. Consider generic or cheaper alternatives for supplies. Groupon Pages is a great way to find local businesses that can offer you the best prices on the items you’re looking for. Searching for a highly rated, inexpensive sandwich shop to cater your next meeting? Simply search for the type of business you’re looking for and your city of location to find thousands of businesses to serve your needs.

 

Re-evaluate Health Insurance

A high deductible health plan combined with a health savings account can save a business bundles on the cost of health insurance. This approach helps lower costs because it puts the spending in the hands of the user. Another great money-saving option is to instate a company wellness program. These plans help lower company’s insurance costs by encouraging employees to take care of themselves.

 

Go Green

Operating a greener business not only means doing something good for the environment, but also means saving money in the long run.  Go paperless as much as possible. The money that your business will save on paper will be surprising. Replace bulbs with compact fluorescents and save big on your lighting bill. Buy used furniture instead of new for additional savings.

 

Save On Office Space

Sharing office space with another business can be a great option to save on expenses. There are risks involved with sharing space, but by choosing another business that is reliable and trusted, you can make the situation a success. In addition to sharing space, working from a home office may be a reasonable solution when the budget is tight.