We all know keeping a small business running requires revenue. Sometimes that money that it generates gets spent just as quickly as it comes in. But what do you do when you need to save money for your company?
There are some great ways you can get this done without stressing out about the income part in general. It'll require you to get a little creative with your budgeting. Keep reading to check out these 9 unique ways to save money successfully for your small business.
1. Buy in Bulk
If you run any type of physical business then you'll definitely want to consider buying in bulk. Most of the time when you buy supplies in larger quantities, the distributor will give you a discounted price. This will not only save you money, but it can save you time from restocking too frequently as well.
You'll also save money on shipping costs, which can add up quickly. It might seem like you're spending a lot more money when you buy larger amounts at once. However, this could potentially save you hundreds of dollars in the long run.
2. Invest in eCommerce First
One of the most in-your-face unique ways to save is right where you do your business. Lots of business owners end up spending thousands of dollars on storefronts by prematurely committing to leasing contracts.
Nowadays, we have plenty of online options that allow you to setup up stores right from your computer. As a small business, it's important that you allow yourself enough time in each step of your business journey to prepare for the next stage. You should ask yourself is your company really ready for a physical location or can you spend more time generating cash via eCommerce stores.
Don't put the cart before the horse.
3. Use Virtual Office Space
While we're on the topic of physical location, here's another one of the unique ways to save your company money via online locations. Instead of renting out an office space and having everyone sit at their desks for 40+ hours per week, consider creating virtual meeting spaces.
There are plenty of great apps for that help to connect teammates to improve efficiency in projects, communication, and productivity. Incorporating telecommuting where you can into your company structure will cut lots of overhead expenses from your budget. You can all hire some virtual assistants to take care of some of the more general tasks.
4. DIY Often
Sometimes you need to cut a few corners to get tasks accomplished. This is one of the most popular unique ways to save money when your business is pinching pennies. Just simply do it yourself instead of spending money on outsourcing a service that may be out of your budget.
Need a flyer done? Use a free online website that will allow you to do so without much hassle or room for error (there are plenty on the internet). Looking to generate more traffic? Skip out on investing in paid ads for now and find an SEO program that will teach you and your team effective ways on how to boost your website traffic.
Obviously, you shouldn't try to handle larger tasks that absolutely require an expert. But you do as much as possible on your own or with your in-house team to cut costs.
5. Leverage Collaboration
Often times smaller companies underestimate the power of collaboration. This could be a huge advantage to both parties in different aspects. For instance, if you partnered with a company to run a promotion both of you would be able to leverage each other's audiences and reach more people for free.
You may also want to consider creating a barter system with businesses that have something you're missing. Be sure to keep it fair and stay true to your end of the bargain. Bartering is one of the oldest methods out of the most unique ways to save money for businesses and entrepreneurs.
6. Build Teams By Necessity
Before you go on a hiring frenzy and bring in tons of great talent, consider which roles you actually need to be filled in order to function on a daily basis. A great method of saving money is not overspending the funds you do have. In this case, only spend money on the people that you absolutely need at the moment.
Another reason to only bring on team members that are a priority is due to extra expenses that come with having employees. Beyond salaries, you may run into paying for healthcare packages, retirements plans and other worker-related amenities that add up quickly.
Consider outsourcing if you need a few projects done and don't have the budget to hire someone else to the team at the moment.
7. Use Marketing Budget Wisely
Back in the day advertisers would pay tons of dollars for billboards, bus banners or other costly methods of bringing in customers. These days you can chip away at those expenses by utilizing online and local resources.
Do thorough market research to help you best understand where your target audience is and how they can be reached. Only start with investing in advertising methods that make the most sense for your brand. If you have a marketing budget already planned out, make sure that each dollar you spend has a high chance of return.
8. Hire Interns
People are always looking to gain experience in new fields that they are entering. Internships are one of the great, unique ways to save money for your small business.
Most companies can get away with hiring interns for unpaid positions. However, if you feel like you want to offer more compensation then allot a specific amount to paying out a stipend for their time.
Looking for More Unique Ways to Save Money for Your Business?
There will definitely be times when you don't have to worry about splurging on certain things for your business. But sometimes you need to implement some of these unique ways to save money to keep your company afloat.
Just remember that every little penny counts in business! Check out our blog to learn more info on saving and other money tips for your business.
