3 Surprising Tips That Will Save Your Business Money

Companies often don’t realize the many small ways they can save money. When business owners are focused on the day-to-day minutiae of running a business, it’s easy to overlook small costs that add up over time.

Thankfully, it’s also easy to stop losing out and start capitalizing on areas where your business can save. A few simple changes in areas often overlooked can slash business costs dramatically.

Stay Loyal to a Brand

Committing to using one or two brands — especially during travel — eventually results in lower costs. Committing your total annual spending in these areas gives you the benefit of added perks like free rental days, frequent flyer miles, and points. Your loyalty also gives you leverage to negotiate better deals. Most car rental, hotel, and airline companies offer member discounts or loyalty rewards. Utilizing brand loyalty can save your business 28 to 42 percent annually, as data we’ve tracked within our company has proven.

Join a Network

One of the smartest things a small business owner can do is join discount groups. With the ease of the Internet, all business owners have access to these groups, and their large numbers increase buying power.

With their high membership numbers as leverage, online networks can negotiate deals with service providers. These groups organize vendors into categories, making it easy to find what you need at a discount. Technology such as mobile devices, online coupon codes, instant emails, daily specials, and specialized links make it easier than ever to cut costs.

Use Smart Business Tools

Networks aren’t all the Internet has to offer the small business owner. The beauty of the Internet is the abundance of free tools businesses can use to cut costs. Most of these websites offer their services free or at a low cost to business owners.

1. Constant Contact can streamline email. It is particularly useful in creating, distributing, and tracking email marketing campaigns. Their analytics tools track each email to make sure companies are getting the most return possible for their campaigns.
2. Basecamp is project management software. While it may not be immediately apparent how it saves money, there is an enormous productivity benefit when everyone is on the same page and can see what their colleagues are working on. It’s easy to keep track of who oversees what project, which also cuts down on overlapping resources.
3. Elance is a great place to find professional freelance talent at a lower cost. Freelance writers will often produce content much more quickly than internal writers can. Similarly, freelance graphic designers can provide extra hands in a big project. Elance is a great place to find extra temporary, but professional, help.
4. Fiverr is a place where you can get almost anything done for $5. The work is usually high-quality, and at such a low cost, companies can take a few risks and try something they may not usually go for.

When companies look at places to save money, they often only look at large budget items. However, just a few simple tweaks to otherwise invisible categories can save the small business owner significant amounts.