When times are tight, saving money every way you can could be the difference between success and failure for your small business. If you can do more, while spending less, you will likely see more success long term. So how can you save money? SmallBizClub recommends using these five tips:
1. Team Up
Team up with others in your business community to split the costs of resources. This could include teaming up to buy items both businesses need in bulk in order to get a discount, or teaming up to get free shipping on items when there is a spending requirement.
2. Get Cash Back
Take advantage of the credit card your business uses for purchases and use a card that will give you cash back rewards in return for purchases. According to SmallBizClub, "When you diversify your payment options like this, there is a better chance for bigger returns. You may even be able to find the right combination of cards to get up to 18% cash back on every company purchase you man."
They warn, however, that you will need to make sure you avoid getting into bad debt with these cards.
3. Get a Rebate
Credit cards aren't the only way to get cash back on purchases - many stores offer loyalty programs that give back cash on certain purchases. Check out online rebate programs like Ebates.com or MyPoints.com for more information.
4. Saving on Mail
Trim down you mailing list so you aren't wasting money sending something to someone who either no longer lives at that address, or no longer is interested in your product. The Postal Service will trim down your mailing list for free, according to SmallBizClub.
5. Consider Location Mobility
If you don't need a permanent location, consider renting a kiosk or other mobile location that is flexible. This will help you save on costly rent you would be paying for a permanent location.