In the past, I've discussed many ways to save money in your everyday life. Today, I'd like to branch out a bit and talk about how small businesses can save money on their expenses.
One thing I've noticed from running my own business is that business owners always have a tendency to underestimate expenses. On average, I find that my monthly costs are at least a few hundred dollars more than what I had budgeted for. So how can businesses cut down on costs? It requires discipline and the commitment to stick to certain principles when it comes to buying products for your business.
Here are some of my favorite ways to cut down on my monthly business expenses:
1. Use a home office.
Sure, having a professional office is nice, but if you can make do with a home office, that will almost always save you several hundred dollars a month. In addition to saving on office rent that you might otherwise need to pay, using part of your home as an office entitles you to make a deduction on your tax returns.
2. Consider co-working space.
If you absolutely must have an office (for meeting clients, etc.), then consider using a co-working space. They are cheaper than regular business offices, and most co-working spaces also have conference rooms you can use.
3. Buy supplies online, and use online coupons.
Running to a nearby Office Depot may be convenient, but in most cases, it's not cost-efficient. In almost all cases, you save money when you purchase office supplies online. Some of my favorite sites for buying supplies online are Quill.com and Deluxe Checks. How powerful is this technique? I recently ordered 500 checks using a Deluxe Checks promotional code, and I saved myself hundreds of dollars.
4. Go paperless.
Printing costs a lot of money. Not only do you use paper (which is ecologically unfriendly), you also end up using a lot of ink. And you probably already know that printer ink is not cheap. Instead of printing things like receipts, save electronic copies instead. By cutting down on your use of paper and ink, you'll bring down your monthly costs more than you might think.