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10 Tips To Save Your Store Some Money April 29, 2015 (0 comments)
Merrick, NY—Who wouldn’t like to save money? Even a business that’s doing very well can benefit from a few extra bucks to spend on something nice for employees (which pays for itself many times over) or to drop to the bottom line?
Entrepreneur.com offers a list of tips and simple, painless changes you can make to put more dollars back into your cash column. Cutting costs can be easier than you think, but Entrepreneur also says it’s important to be wise about when to be frugal and when to relax the purse strings:
1. Eliminate paper billing. Send invoices via email, either directly or by using a file-sharing service like DropBox or Google Docs. Eliminating paper will save mailing costs and help the environment.
2. If you still prefer to send paper invoices, at least make money on your empty ink cartridge. Look into selling them through Staples, tonerbuyer.com or other services. At $20 or so each, that money adds up.
3. Use free forms and software (for non-industry-specific needs). Not only does it save you money but when you are ready to invest in a higher level of software, you’ve already had the benefit of testing out different ones so you can choose the one you really like.
4. Renegotiate your bundled services. A quick call to your provider every so often is worth the time—either they can give you a sweeter deal to keep you from switching, or you might find you’re paying for services you don’t really need and you can scale back to a plan that’s more in line with what you really use.
5. Have a garage sale for your business. Whether it’s virtual via a classified ad or literal, fixtures and equipment that you’ve outgrown could be just what another business needs.
6. Build your business credit. Especially if your business is relatively young, the biggest mistake entrepreneurs make is only using personal credit to build the business, says the article. Building strong credit in your business’s name will enable you to access more financing at better rates.
7. Pay early! The jewelry industry is famous for long-term payments but just like many other industries, often suppliers give a discount if you pay upfront. Ask your vendors and compare offers on similar lines.
8. Or, sometimes it pays to pay late. Entrepreneur.com says if there’s a better use for the money (i.e. buying for a special discount), take the maximum allotted time to pay. You can even extend that date by 30 days by using your business credit card to pay when it’s due.
9. Refinance better rates. If you are paying high interest rates because you financed when you started out with little credit, it’s time to look for lenders and creditors who will give you better rates or look into more favorable funding options, such as switching from a merchant cash advance to a bank line of credit, says the article.
10. Separate business expenses from personal expenses. This makes things easier at tax time, and interest from a business credit card is tax-deductible, whereas interest on a personal card is not.
Read the entire article with more tips here.
Top image: comefare.donnamoderna.com