Three Ways for Small Businesses to Save Money

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Implement some of these money saving tips and watch the savings add up.

Here are three ways budget-savvy small business owners can save money bootstrapping or over the course of daily operations:

 

Take advantage of all the freebies.

  • Many companies, especially software-based companies, offer 30-day trials. Other companies offer giveaways or free consulting. Still other companies offer 30-60 day money back guarantees so if the product or service does not work for you, you have not lost any money. This works for marketing, accounting, IT, real estate, and other services!

Outsource.

  • For small businesses with little or no funding or unpredictable cash flow, it is typically best to minimize employees until absolutely necessary. Even part-time employees require payroll processing and a regular monetary commitment. Outsourcing to companies and independent contractors allows businesses to avoid payroll taxes and only incur cash outflows for specific services. Sites such as Elance and oDesk provide access to independent contractors in nearly every category. On a stricter budget? Try Fiverr for highly specific, one-off tasks. (We personally use craigslist, Fiverr and Elance.)

Check craigslist, ebay, and similar sites for sales and giveaways.

  • Need office furniture and equipment? Check craigslist, ebay, and similar sites for going out of business sales, moving sales, and giveaways. Large corporations typically sell their furniture and equipment to consolidators when moving offices but small and medium-sized businesses often handle it in-house or outsource to a local company. You can find high quality items in good shape for really low prices compared to retail outlets, for example, 2-year old desktops, newish chairs, desks, cubicle dividers, etc. You just need a truck to go get the items. Think of this as garage/moving/estate sales for business!

Have any additional tips for saving money? Please share them!

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