When you own your own business, money is likely one of the major things that’s always on your mind. For many small businesses, there never seems to be enough money to accomplish everything you’d like to get done. However, there likely are some things you can do that will help you to cut costs in order to free up more of your money for the spending that actually needs to be taking place. To show you how, here are three ways you can cut costs as a small business owner.
Use Less Paper Products
Depending on the type of business you’re running, you probably use at least some paper products for your business operations. However, many businesses find that their paper costs are a lot higher than they ever would have thought. According to Brian Martucci, a contributor to Money Crashers, there are quite a few things businesses can do that will reduce the amount of paper they’re using and reduce the amount of money they’re spending on these products. Some ideas you might want to implement can include putting all documents online, printing double-sided when applicable, and encouraging employees to use reusable cups or plates around the office.
Be Aware of Your Energy Consumption
Utilities can be a big cost for small businesses, especially if you have a large space you’re working out of. But with just a few small fixes, you could see major savings in this area. Nellie Akalp, a contributor to Forbes.com, shares that one of the best ways to save on utilities is to schedule your heating or cooling around the times of the day when you actually need it. Make the temperature comfortable during work hours, but turn it way down when no one’s at your location. You could also consider using fans rather than air conditioning or space heaters rather than heating the entire building. Additionally, try to make an effort to unplug appliances or other electrical items when not in use to save both in energy usage and in your monthly utility bills.
Consider A Location Change
If the cost of doing business in your particular location is just too much for you to handle, you may want to begin looking for a new place to put up shop. While inconvenient to have to move, it’s a much better alternative to having to shut down all together. But if moving your business is not something you’re willing to do, Beth Laurence, a contributor to Nolo.com, recommends subletting a part of your location to another business or individual to help subsidies costs.
By cutting the amount your business is spending each month, you’ll have a lot more money to actually grow your business. Use the tips mentioned above to help you do just that.