Everyone can agree that saving money is always a good thing. Especially during these difficult times when businesses are struggling, even saving a small amount can make a huge difference. But many people don’t know the best ways to address this issue in an immediate fashion. If you’re in need of cutting expenses, American Express shared an article in which it gives 27 ways to do exactly that. Here are my favorites:
“Get sponsors for events.” When your business holds an event, ask others to sponsor it. This can help cut some of the expenses by getting others to either pay for portions, donate products and services, or volunteer at the event itself.
“Embrace telecommuting.” Although it’s not possible for all businesses, having employees telecommute can save a significant amount of money by eliminating the cost of an office space and the supplies / upkeep that come with it.
“Get interns.” Interns are a great way to save money. They allow you to have help with your business without having to pay them (even entry-level pay). Plus, you’re helping interns by providing experience.
“Buy in bulk.” Whether it’s office supplies or marketing materials, buy in bulk! Buying anything in larger quantities will almost always save you money. Companies provide better pricing and often have deals going on for big orders.
“Know your customers.” Knowledge of your customers can be a big money saver, too. Find out where they are – for example, where they hang out on the internet – and focus marketing on those areas. Don’t waste money on spreading your ads where you won’t find customers.