By Kristen Schmidt, Manta Contributor – May 10, 2017
When it comes to maintaining healthy cash flow, every little bit counts. These tips will help you save money on everyday expenses for your small business.
While it’s true that you need to spend money to make money, you don’t want to spend any more than is absolutely necessary. We asked four small business experts to share their tips on how to keep routine expenses in check:
1. Revisit Recurring Expenses
“Go through all of your professional subscriptions and decide which ones you truly need and which ones you don’t,” said Phil Reames of Reames Financial. “When things are going well, it is easy to sign up for things thinking, ‘It’s only $50 a month.’ When things tighten up, it is good to go through and decide if you really need them. Cutting expenses and improving cash flow isn’t rocket science. It just requires making hard choices.”
2. Compare Prices
“Once a year, review spending with your top five to 10 suppliers and let them know that you’ll be doing an annual price comparison among their competition,” said Bob Shoyhet, chief financial officer at Melillo Consulting. “At the very least, they’ll sharpen their pencils and give you the best pricing possible. Plus, going through the process will give you peace of mind that your expenditures are aligned.”
3. Ask for Discounts
“I schedule ‘ask days’ into my calendar every six months or so. When the time comes, I make a list of all my most common monthly expenses from tools and software, everything from bookkeeping to hosting,” said Liz Froment, a freelance content writer and strategist. “I then get on the phone or shoot a quick email asking about a reduced rate. I’ve been able to lower my bills a couple of times doing this, and you’d be surprised at how many small discounts can add up.”
4. Save Paper & Postage
“Make the transition to a paperless office,” said Marc Roche, co-founder of Annuities HQ. “Request all your billing be done through email or online payment portals, and save receipts and other important documentation to an external hard drive. Not only will you save money on toner cartridges and paper, you’ll cut down on desktop clutter and be environmentally responsible.”
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