Running a business costs money, it's a clear and indisputable reality of being a business owner. As a mom, I am always looking for great ways to save money at home, from ways to save on food, household supplies, clothing, and so much more, it only makes sense that I would apply the same strategies to my business. (Another great reason mom's make great business owners!)
Saving a few dollars here and there, will help you to increase your net profits, without having to sacrifice the tools and services that help you to keep you business running efficiently.
Replace Your Printers With Copiers
When I first saw this tip, from Lou D'adamo, Business2Community, the first thing that came to mind, was, exchanging one expense for another, very similar one?
That is actually not the case.
In order to understand this strategy, you need to have a clear understanding of how much you may actually be spending on ink.
Online price of $79.99 for a HP 12A Black Toner Cartridge (Q2612A). The specs state that this particular cartridge yields 2,000 copies. Doing the math I calculated that this cartridge will cost $0.0399 per page. That's almost a staggering 4 cents per page! A new Toshiba B/W copier will cost $0.007 per page, which is under a penny.
For those who use multiple printers, the costs can add up, but replacing your other printers with one copy machine can save you money overtime.
Outsource
There are great companies that offer business owners the support that they need with tasks that they may not have the time, or ability to take on. Something to consider when outsourcing, are the industry focused services, from Fempreneur Focused support, to Real Estate Virtual Assistants, etc.
Discovering reliable, and affordable support for your business will allow you to focus on the tasks that will continue to grow your business and make you money.
Buy second Hand Supplies
Do you have to have brand new office supplies?
Although there are some items you will need for your business, that you should avoid pinching pennies for, there are some supplies that you can purchase second hand in order to save money. One benefit of buying second hand is the ability to pay cash, due to the reduced prices, which can be very beneficial over time.
Power Down
As much as possible, that is.
We tend to keep things on, that may not need on. At the end of the day, turn off computers, printers, copiers, fax machines, coffee machines, and any items that may be consuming energy.
Be aware that even in sleep mode, they are consuming juice from your sockets, powering the off, can save you as much as a third on your electricity expenses.
Proactively Seek Out Benefits
All a part of being a resourceful business owner, being proactive in your research as it applies to benefits that you qualify for as a business owner, is the best way to save more money in business.
There are a lot of business expenses that are deductible and knowing how this applies to you and your business will get you on track for more savings, for example, many business owners with home offices, are not aware that expenses related to their home office are deductible.
Keeping more money in house, gives you a lot more breathing room in the areas that matter most to you, as a business owner. From equipment and services, flexibility in your marketing strategy, you will have the ability to spend in the areas that benefit you most.
Nancy Laws, is the founder of Afro-Chic Mompreneur and is passionate about launching Female Owned Brands.
Tune in Every Monday and Friday @ 7pm for inspiring conversations with Female Entrepreneurs, on SheMeets Radio With Nancy Laws