3 Easy cost cutting tips for your small business

If you own a small business, especially if you’re just starting, you know how important it is to keep costs down. Even if you’ve been running your business for years, the economy can always change, and you may suddenly find yourself pinching every penny to keep in the black. There are many different ways a small business owner can cut costs, but some are less apparent than others. Here are three pieces of small business advice that can help keep your costs down.

Buy Office Supplies in Bulk

Many businesses don’t really notice how much in overhead (expenses that are necessary to keep the business running but don’t necessarily factor into the cost of products, such as notepads and coffee) they spend. There are several ways you can save money on office supplies. Buying in bulk is a good way of stocking up and saving. You may also look for an office supply store that offers some kind of loyalty program so you can earn discounts. Another idea is to set up a supply station employees can use so that each person doesn’t need to have the same equipment.

Remember, though, to only order those office supplies in bulk that you really will use a lot. Staples, pens, and notepads are certainly something your office will use on a regular basis. But you may not always need things like a large supply of glue or extra pairs of scissors. If it’s not something you truly think your employees will use, don’t purchase it just because the bulk price is attractive.

Do More Electronically

Moving more of your work online can help cut a lot of your costs. Are you making use of the many different online marketing methods? Social media and customer emails are virtually free, costing only the time you have to put in to them. You may be able to cut back on your physical marketing by using an online alternative. Instead of mailing flyers to your customers, create an email list. This doesn’t necessarily mean you should cut out all forms of traditional advertising, of course. While you can cut some costs by doing so, if these other forms of marketing are bringing in a lot of sales and are paying for themselves, they’re worth paying for.

Also encourage your employees to do as much electronically as possible to save on inter-office paper costs and ink. If it can be sent over email, then there’s no real reason for printing it. Again, don’t necessarily eliminate all printing—sometimes it helps to see how something looks on the page instead of just how it appears on the monitor.

Use a Company Credit Card with Rewards

While you certainly don’t want to get your business deep in credit card debt, if you use your rewards card in a smart way, you can earn free airfare, hotel accommodations, or get a good amount of cash back. This can actually add up to a lot of savings, especially if you always pay off the purchases by the end of the transaction cycle so you don’t get charged a lot of interest. Just remember that you will need to have your credit report checked on a regular basis to make sure all of the charges you or your employees have made are legitimate charges and that no one has stolen your business’s identity.

Cost Cutting is Easy and Doesn’t Mean Doing Without

Some people automatically think that cutting costs means going without, but it really doesn’t. These three methods don’t involve cutting anything from your budget. In fact, if you purchase your office supplies in bulk, you actually have more on hand. Just remember that you don’t over-order and you’ll be fine. Also make sure to occasionally ask yourself, “what is my credit score?” so you can make certain your business hasn’t been the victim of identity theft. By doing so, you’ll be able to confidently use your business rewards credit card to make purchases and take advantage of everything it offers. Combine that with doing more electronically and responsibly purchasing in bulk and your business will reap the benefits.

Joy Mali is an active finance blogger who is fond of sharing interesting finance management tips to encourage people to manage their personal finances. More specifically, she advocates that people should check credit reports and scores regularly.