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Simple Ways to Save Money on Business Expenses

Published: 07/12/2017 - Filed under: Home » News »

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Running a business is never cheap. There’s always plenty of business expenses that really start to add up when you move into a large office rental and take on an increasing number of staff members. Making sure that the cash flow forecast is semi-accurate, and staying cash flow positive, is crucial for SMEs to avoid running out of money. They won’t always have access to lenders to plug the gap, so being financially prudent is necessary to avoid having any issues.

The best way to help a business survive any bad times is to always stay lean on the expenses side. Normally, we only see companies look carefully at their outgoings when they are having financial difficulties. Usually, this is far too late. It should be a daily consideration to watch the small stuff, because it adds up over time.

Here are a few simple ways to save money on company costs.

Comparison Shopping

It’s not just consumers who can do some comparison shopping. The staff responsible for managing the expenses should be looking to find savings with every cost. The same products are often sold by multiple business vendors. Take the time to find the cheapest supplier. A dollar saved is another dollar that the business doesn’t have to generate to pay its essential costs and survive.

Does It Need to be New Every Time?

There’s almost an assumption that a business should only buy new items; it’s only consumers who buy previously owned goods. The reality is that a new business has no business buying new desks when they can be purchased from outlet stores that specialize in picking up excess inventory from bankrupt companies. Picking up a $300 desk for $100 is two hundred bucks the company still has in its checking account or a $200 lower borrowing and reduced interest charges as a result.

Check to intelligently search Craigslist for the best deals. The site makes it is easier to search in the local area for exactly what you want.

Take Advantage of Seasonal Sales

There’s Black Friday, Cyber Monday, summer sales and post-Christmas sales to take advantage of. The discounts are not just available to individuals either. Whether the company needs a new laser printer or some cartridge replacements for an inkjet printer, you’ll be able to pick them up cheaper when the sales are on.

For online digital purchases, for instance, with software tools that the company’s staff needs, you’ll often discover they can be bought cheaper when patiently waiting for the seasonal sales to come around. Sometimes, there’s bundles of software offered as an incentive which includes other tools that the business would find useful to have access to.

Keeping the business expenses low is something that takes daily vigilance. It’s probably a good idea to incentivize the employee who is responsible for the spending and budgeting. Alternatively, when it’s department heads who are responsible, ensure they don’t intentionally spend through their budget when there’s money left at the end of the quarter or year. After all, the business is aiming to come out ahead, not spend needlessly.

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