5 Cost-Cutting Ideas For Small Businesses

Cost-cutting ideas for small businesses don’t have to be time-consuming or difficult. In fact, there are many ways you can cut your monthly budget that literally take mere minutes and little effort. Some things you have already considered and done in your home. Start with the most simple ideas and work up to bigger savings plans. I am a believer that any effort will help you in the long run. Here are some of my favorite easy ways to save money for small businesses.

Invest in a Smart Thermostat

You can save money all year round by lowering your heating and cooling expenses. The new smart thermostats allow you to program temperature changes way in advance, as well as operate them remotely. This is one way to ensure that your office or building stays exactly the temp you want it all year. No more worrying that your employees are jacking it up too high when you’re not there. A recent manufacturer study (Nest) concluded that there was an average customer savings of over 10% on heating and even more for cooling. 

Additionally, keeping a consistent office temperature helps your overall productivity by keeping everyone comfortable. You can decide with your staff what this magic number is or experiment to see what works.  

Do Thorough Research Before You Buy Larger Items

If you need to buy equipment, furniture, or even a vehicle for your business, it’s important to do research before you make the purchase. Doing your homework, for example, getting a motor vehicle records check in advance helps you to avoid costly mistakes. Though we want to think the best of everyone selling goods, things go wrong and people aren’t always honest. If you need to buy used equipment, hire an expert to make sure that it doesn’t require any maintenance before you hand over the cash. 

Buy in Bulk

One simple thing you can always do to cut costs is to buy your supplies in bulk. Some stores (online and brick/mortar even offer business accounts to save you more. Check out local buying clubs or online companies for the best prices on office, paper, bags, ink, bathroom and break room supplies. You could assign an employee to do the shopping or do it yourself to save even more. 

Power Down Completely

You would be surprised at how much energy your computers and appliances use when you’re out of the office. In fact, the average home can rack up an energy bill $100 higher a year just from leaving things on stand by. Now consider what an office full of computers and electrical equipment could do to your bill. This is assuming that everyone makes an effort to actually turn off things.

One way to know if something is on stand by is to look for red lights on computers, TVs, and other equipment. Though they might seem to be turned off, the light means there is still electricity being used. Completely powering down might require a little patience and training if you have staff that’s used to doing things a certain way. Give it a try and see if it makes a difference in your energy bills.

Buy Used

I remember scouring the thrift shops before I opened my first retail shop. The money I saved was substantial at the time, as my budget was small. There are so many sources for used furniture, computers, copiers, and shelving. One of my favorites is Marketplace and, of course, Goodwill has been a go-to store for almost everything personal and professional. I especially love looking for unique decor items to display in the office. It adds a personal touch and makes your business stand out.