When you own a small business, saving money can be tricky. You most likely operate under a tight budget. Reducing expenses and preserving your resources in small ways can add up to make a big difference.
If you are a small business owner trying to increase your profits and save money on the side, here are the top 32 tips on how to save money fast:
1. Pay Taxes on Time
Joshua Zimmelman, President, Westwood Tax & Consulting LLC
2. Partner with Other Companies
Dani Gurrie, Founder and Owner, Tots2Tweens.com
3. Untangle Corporate Funds from Personal Expenses
Larrie Kanter, Director of Opportunities, Connelly Billiards
5. Set Up Remote Operations Whenever Possible
Mike Sims, Founder and Owner, ThinkLions
6. Barter Services With Other Small Businsses
Matt Collins, Owner and Director, LoansNow
7. Get Professional Advice
Brad Jiulianti, MVP Business Analysis, Capital One
8. Strike a Balance Between Marketing & Product Development
David Kosmayer, CEO, Bookmark Website Builder
9. Leverage the Gig Economy
Garrett Ball, President, Secure Medicare Solutions Inc
10. Build Your Business Organically to Begin With
Stacy Caprio, Search Marketing Manager, Accelerated Growth Marketing
11. Go Green
Nikki Hallgrimsdottir, VP of Customer Success, Algomus
12. Stick To Your Budget During Business Travel
Oli Russell-Cowan, Founder, Rad Season
13. Cancel Unused Services
Alex Roher M.D., Founder, San Diego Botox
14. Negotiate Recurring Expenses
Justin Hamel, Founder/CEO, BrandNames
15. Start an Internship Program
Trent Silver, Co-Founder, StickerDoo.com
16. Internalize Marketing & PR
David Menzies, President, Innovative Public Relations
17. Trim Conference & Event Costs With DIY Ideas
Jeffrey Bumbales, Marketing Associate, Credibly
18. Identify Leaks & Raise Cash
Patrysha Korchinski, Author, Patrysha.com
19. Shop Around for Suppliers
Robert Ellis, Owner, Massage Tables Now
20. Pay in Advance
Rachel Honoway, Partner, Rust Built Ventures
21. Partner with a Professional Employer Organization
Shraga Jacobowitz, Managing Partner, ARC PEO Consultants
22. Question Everything
Jason Todd, Managing Director, Thinker Ventures
23. Treat Savings Like an Expense Item
Adam Povlitz, President, Anago Cleaning Systems
24. Charge Purchases to a Cash Back Credit Card
Robert Rodrigues, CFO and Co-founder, Power Digital Marketing
25. Take advantage of BPO and freelancers
Chad Otar, Managing Partner at Excel Capital Management
26. Focus on ROI
Eric Anthony, Founder, StreamingObserver
27. Build Your Brand Online
Elle Mejia, Founder, PrettyGirlsWork
28. Leverage the Tax Code
Todd Burkhalter, Consultant, Toddburkhalter.com
29. Save 1% On Every Dollar of Profit
Ruth King, Profitability Master and CEO, Profitability Revolution Paradigm
30. Partner with Non-Profit Organizations
Stephen Elliot Buckley, Organizational Design Consultant, E-B Strategy
31. Award Ownership In Your Business
Steven Benson, Founder and CEO, Badger Maps
32. Don’t Ignore Your Auto Expenses
Caden Rhoton, Manager, BestDebtCompanys.com
BONUS: Retain High Performers
Saloni Doshi, Owner, EcoEnclose
Over to You
If you are a small business owner, you need to save money. The better you are in cutting costs and mitigating your expenses, the greater chances you have to stay in business. Using these tips will help you be in a much better position to achieve your business goals. Have some more tips on how to save money fast? Share with us in the comments!
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