Reducing Your Business Costs in 9 BIG Ways

originally on by Rebecca Game

When you live on a business budget, it’s important to know HOW to cut business costs. When you are a woman, then you know you are good at the finding the best, the cheapest, the fastest, and the biggest on a budget. Most women I know can squeeze a whole dollar out of a nickel!

Did you know that Howard Hughes cut business costs by eliminating just ONE drop of the 9 drops of solder on the can lids he was sealing and it saved his company over 250,000.00 a year?

Here are some handy tips to share that will help you reduce those business costs and maybe increase your bottom line a little.

1. Discounted or Free Stuff- You can find free software, graphics, backgrounds, online business services etc., BUT always use your virus tools and spyware before downloading anything from the Internet. You should try visiting the plethora of freebie sites on the internet before paying full price for your business supplies.

2. Auctions- You can find lower prices on business supplies and equipment at online and offline auctions. If you’ve never been to an offline auction, you are missing out on some great deals. You get to see what’s going on in ‘real time’ and you know immediately if you won the bid. Check your local paper for auctions. Don’t forget the storage places as well. They often have auctions selling off contents of those people who have abandoned their spaces or haven’t paid for their spaces. You can find some great stuff that could be handy for your business as well as personal.

3. Watching for Sales- If you don’t have time to check out sales for yourself then delegate a family member to do it for you. Make a list of items that you would like to see a sale on and then have them notify you when they find one.

4. Bartering- Did you know there are several international bartering communities available to businesses? Bartering is a big business by itself. Barter If you have a business you should be bartering goods and services with other businesses. Try to trade for something before you buy it. Bartering usually requires little or no money. Remember if you are in the US that bartering can count the same as income so keep accurate records of your barters.

5. Borrowing or Renting- Have you ever purchased business equipment you only needed for a small period of time? If you did make that purchase, recoup some of your money by auctioning the item or trading it for something of value that you need for your business. There are all kinds of different rental stores carrying everything from machinery to dishes and flowers.

6. Networking- Try networking your business with other related businesses. You could trade newsletter ads, banner ads, text ads, signature file ads and more. This will cut down on your marketing and advertising costs. You may also try bartering goods and services with businesses related to your own, such as a wine business and cheese business.

7. Wholesale or Bulk- You’ll save money buying your business supplies in bulk quantities. You could get a membership at a wholesale warehouse or buy them through a mail order wholesaler. If you don’t have enough money to buy the minimum, then partner with someone who sells what you sell. You can cut the cost in half or even thirds if there are three of you needing the same supplies. Don’t be afraid to partner with someone to get some good wholesale prices.

8. Used Stuff- You would not believe the good used stuff you can find at flea markets and garage sales along with estate sales. You can also check the paper for businesses going out of business and visit their store for some good used stuff. Find several items and offer them a one-price package deal.

9. Negotiate or Haggle- If you plan on being a repeat customer then tell the salesperson that. Don’t be afraid to ask them for a discount for a long term relationship. You might have to agree to purchase a minimum amount yearly or monthly but if it’s something you need all the time then go for the discount.

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