7 Money Saving Strategies for Entrepreneurs

7 Money Saving Strategies for Entrepreneurs

Implementing cost-reducing strategies to your business isn't about being cheap - it's about being smart. Here are 7 ways you can cut costs without compromising quality or standard of living:

1. Use Less Paper

This doesn't mean you have to stop using your favorite notebook - just think twice before you hit the print button. According to Xerox, 2 out of every 5 printed sheets of paper are thrown away within a 24 hours of printing. Not only are paperless systems cost-effective, they're also efficient and environmentally friendly.

2. Virtualize Office Space

Consider letting your employees work from home in order to downsize the number of staff in the brick and mortar location. Of course not all business models allow for this, but when possible it saves a ton of cash.  

3. Use Time Wisely

Time is money. Try to use processes that require the least amount of time to execute; this way you can spend more time on things that actually move the needle. Segment your tasks for the day into digestible projects and don't multi-task too much. If you're checking your email more than 10 times a day - you're wasting time.

4. Ask for Discounts

You'd be surprised how many retailers provide a discount for small business owners. The largest discounts are to be found on high-end products like computers, monitors, chairs, and desks. Spend and extra 5 minutes negotiating the price and you can save hundreds of dollars. 

5. Go Green

Purchase equipment that's energy efficient. Look for appliances that have the Energy Star label. These may cost a little more up front, but they'll save you tons of money down the road and they're good for the environemnt. 

6. Brown Bag It

Stop eating out at restaurants every day. Bring a lunch to the office - or if you work from home, cut down on ordering takeout. If you're a cappuccino type of person (I am) consider switching to plain old coffee and you can save about $1,000 a year. 

7. Stick to your Budget

One of the most important factors in successfully running a business involves creating and sticking to a budget. If you don't have a budget already, that needs to be priority number one. If you have a budget and are consistently breaking it - what's the point in having one at all? Here are three critical tips that will help you form or improve a budget.