Cost Savings Tips for Small Businesses

Small businesses are constantly under pressure to do more with less. They often struggle to balance the demands of their business with costs associated with growing and maintaining the business. That’s why cost savings measures are integral to the success of a small business and why the following can help in the success of your small business.

Teleconference - Why pay costly travel expenses for meeting clients when you can have a teleconference? Businesses of all sizes are taking advantage of new teleconferencing tools to hold meetings virtually with people from all over the world.

Use Independent Contractors - By using independent contractors, you typically save money on payroll expenses like benefits and payroll taxes. Plus, you don’t have to pay for office space, office equipment and often pay a flat fee for services.

Negotiate - Small businesses should avoid paying retail prices as much as possible, according to PowerHomeBiz.com. You can negotiate with vendors for lower prices for products, reduction in shipping costs and other deals.

Partner for Advertising -Team up with non-competing businesses in your area and purchase group advertising, says Entrepreneur.com.

Consider bundled services - You can save hundreds of dollars a year with a company that offers bundled services that include phone service, cable, Internet, fax, and web hosting, says the Minority Business Development Agency. Bundling two or more services from the same company can save your business hundreds of dollars per year.

Lease equipment - Small businesses can big upfront purchases of equipment by leasing it. For example, instead of buying an office PBX system, go with a hosted system. This saves money that could be spent on repairs, upgrades and maintenance since many lease agreements cover these expenses.

Here at Nextiva, one of our main goals is to save small and midsize businesses money through affordable phone service. For more information, click here or call us at 800-983-4289.



 
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