Thu 27 Nov 2008
Easy Ways to Trim Your Small Business Budget
There are many challenges involved in running a small business. One of those is finding ways to meet the financial needs of your business before the revenue stream has been fully established.
While some expenses are absolutely necessary, there are areas in which you can trim your budget without hurting the growth of your small business.
Here are a few tips for painless budget cuts.
This is one area in which many small businesses overspend.
Obviously, some supplies are needed to run the office, but do you really need the most expensive pens and the name brand supplies?
Depending on the size of your office, you can save hundreds of dollars a month by choosing the store brand or the less expensive pens.
Also, stress to your employees the importance of only using the company office supplies for company business. Pilfering office supplies is a common - and costly - problem.
If you are barely able to make ends meet, then this is one expense that you should stop immediately.
Unless it is to entertain clients, put business lunches and dinners on hold until the revenue picks up.
Employees would much rather lose the occasional expensed lunch than be laid off from their jobs.
This is a biggie. You can save thousands of dollars by choosing used office furniture rather than buying new.
Check online sites, such as Craigslist, or your local yellow pages for used office furniture suppliers.
If you can do some of your printing in-house without sacrificing quality, then you should.
For projects that you can't do yourself, such as those requiring offset printing, be sure to shop around. Printing prices vary widely between vendors, so be sure to get quotes from at least four vendors before making a decision.
Those are just a few ways you can trim your business budget. As your business grows, you can make different decisions. For now, however, be smart with your money so your business can flourish.