business cost low is a ongoing critical task for
This is one of the key task for your
Chief Financial Officer (CFO), if you have one.
Keeping cost low will improve the bottom
There are a number of things every small
business can do to lower cost.
These are the top 10 ways to lower small
Bartering is a great
way to lower cost.
Bartering lets you obtain products and
services without the exchange of cash.
If you have something of value, but it's
not adding to the bottom line why not exchange
it for something that is of more value to your
Use the Cloud.
Use of Cloud service can save you a
trumendous amount of money.
Purchase cloud based software and
Software such as Microsoft Office (Word,
Excel, PowerPoint, Access, Publisher, etc.) can
be purchased as a cloud service and used on
mobile devices such as Phones, Tablets and
It is far cheaper to purchase the cloud
software than to purchase it at retail as a
stand alone product.
Storage in the cloud is not only cheaper
than buying storage devices at retail, it offers
greater security and 24/7 access and can be
shared with your other employees.
Shop for Discounts:
Discounts are offered
at certain times of the year such as special
holidays (New Years, President's Day, 4th of
July, Labor Day, Columbus day, Halloween,
Thanksgiving, Christmas, etc.).
Use these timeframe to seek out and make
Discounts are also offered when items are
bought in bulk.
Negotiate with your vendors for
If you regularly buy from the same vendor
ask them for a frequent buyer discount.
Interns is a great
source to staff your small business, especially
in the summer.
Interns work for a specific period (6
weeks to 6 months) and they are not paid at the
same rate as a full-time employee.
Some Interns can work for your small
business for free because they get paid by the
organizations that sponsor them.
Reduce Full-time Positions and Hire Veterans:
full-time positions in your business.
If the duties and responsibilities change
make changes to your workforce accordingly.
It is ok to convert full-time positions
to part-time positions or eliminate them
altogether if the workload decreases or business
Hiring Veterans can be a boost to your bottom
line. You can receive tax credit that
range from $1,000 to $15,000 per employee per
year for every eligible Veteran that you hire.
Learn more about this tax benefit.
Outsourcing can save
you a bundle.
If a task can be performed externally at
a lower cost, outsource it.
You don't have to perform every task
Team up with another business and pool
your marketing resources and market your
You will not only reduce your marketing
cost, but your will reach more potential
customers for your business.
Online marketing is
inexpensive and extremely effective.
Social media tools such as Twitter,
Facebook, Pinterest, Instagram, etc. gives your
small business to reach tens of millions of
people at no cost.
The traditional way
for manufacturer to make your products at a
reasonable cost is to force you to place a
minimum order which you have to finance
This method comes at a high cost to you.
You have to come up with a large sum of
money if you want your product produced.
You also have to have a place to put the
large order of products until you sell them.
You may not have customers ready to buy
If a fault is discovered after production
you canít correct it.
Save yourself a lot of money by finding a
manufacturer who is willing to produce for you
on demand or in small quantities without
charging a higher price.
In other words, when you have a customer
order then you want the item to be produced and
sent to the customer.
Use a resource such as
Alibaba to find these kinds of
Instead of purchasing
a new computer, phone or tablet and giving it to
a new employee or upgrading equipment to current
employees annually why not have them use their
Learn more about
BYOD and you can use it to