Smart Tips for Saving Your Small Business MoneyMay 13, 2015
Finding Financial Advantages for Small Businesses
In today’s uncertain economic climate, businesses of all shapes and sizes are formulating strategies for operating more efficiently. When it comes to small businesses, identifying ways to run as lean as possible can be the difference between outpacing the competition and being swallowed up by it. Whether you work in residential construction, retail warehousing, custom manufacturing or another industry, here’s a short list of effective ways to reduce your spending and boost your bottom line.
Remember That Bartering Pays
While it’s one of the oldest methods in the books for doing business, bartering is still a viable way to reduce spending in modern times. By making a fair negotiation with another company, you can maximize excess resources while receiving products or services your business needs — without having to go out of pocket for it.
Keep an open mind and be creative when considering businesses that might make suitable trading partners, and consider reaching out to sources beyond your current network of clients, partners and associates. You’re not the only small business out there searching for ways to preserve your operating budget.
Buy Office Supplies in Bulk
Rather than laying out large amounts of money all at once, many small businesses choose to place smaller purchasing orders for essentials ranging from paper products and bottled water to printing cartridges and small electronics. Budgeting provides the flexibility to buy office supplies in bulk, and it’s also a fast and effective way to dramatically reduce long-term expenses. You’ll not only get a better deal on just about every item you currently need to do business, but you’ll also reclaim work hours by not having to place orders, accept deliveries and distribute products multiple times a month.
Choose Used Equipment Parts
For businesses in the construction, landscaping, shipping and manufacturing industries, maintaining and repairing the equipment you use every day is critical to success. However, buying new equipment parts is often a large expense that doesn’t always comfortably fit into your budget. By choosing to purchase top-quality used skid steer parts or rental skid steer parts, for example, you can save anywhere from 25% to 75% off the cost of ordering new. For businesses that don’t need brand new parts, buying used is a great way to get quality equipment at a fraction of the cost.
The Bottom Line
Excelling in the modern marketplace depends on utilizing a blend of both old and new strategies for spending less while earning more. By trying money-saving tips like bartering, ordering in bulk or purchasing used equipment, you can be proactive in maintaining a healthy financial outlook.
To learn more about used or rental skid steer parts, as well as our other cost-effective operating solutions, visit Fabick Cat today.