Print

Operations >> Browse Articles >> Finance >> Budgeting

Rate

50 Ways to Save Money in Your Business

50 Ways to Save Money in Your Business

Save your company thousands of dollars with these penny-pinching tips

Entrepreneur.com

On a shoestring budget (and what entrepreneur isn’t?), it really pays to scrimp and save. Just in case you’ve forgotten the value of a hard-earned penny, we’ve come up with a slew of money-saving ideas to boost your business’s bottom line-from cutting your legal bills to inexpensive ways to draw in customers. Though some tips will save you more money than others, the end result of your overall spendthrift strategy could add up to a bundle.

Penny-Pinching Promotions

1. Piggyback your advertising. Including advertising material in other mailings, such as in invoices, saves postage and other costs, says J. Donald Weinrauch, co-author of The Frugal Marketer. Likewise, make the most of your point-of-purchase opportunities by tucking coupons, newsletters or other promotional fliers in the bag with customers’ purchases.

2. Be a good neighbor. Split advertising and promotion costs with neighboring businesses. Jointly promote a sidewalk sale, or take your marketing alliance further by sharing mailing lists, distribution channels and suppliers with businesses that sell complementary goods or services.

3. Ask the people you know for help. The kind of support you’d most like to get from your contacts is referrals-the names of specific individuals who need your products and services. So go ahead and ask! Your contacts can also give prospects your name and number. As the number of referrals you receive increases, so does your potential for increasing the percentage of your business generated through referrals.

4. Got a happy customer? By telling others what they’ve gained from using your products or services in presentations or informal conversations, your sources can encourage others to use your products or services.

5. Make a special TV appearance. Local cable TV stations often have very reasonable advertising rates at time slots throughout the day and night. Though you won’t necessarily reach prime-time viewers, you will make an impression where it counts-in the comfort of potential customers’ homes.

6. Offer expert advice. Teaching a class, speaking at a community meeting, or writing an article for a local paper not only makes you look like an expert but garners low-cost attention for your business.