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Three Ways to Cut Costs for Your Small Business

cut costs for your small business

Even with the economy on the rise, it’s general good practice to keep a check on your business costs and see if there’s any room for improvement when it comes to savings. As the old adage goes, “a penny saved is a penny earned.” Here are a few ways you might be able to cut costs and save your small business some money in the long run.

Cut Costs for Your Small Business

Renegotiate Your Lease

Do you lease your store or office space and think you’ll stick around for a while?

You should consider talking to the property owner about lowering the cost by signing a longer lease. Committing to an extended time period may seem a little daunting, but if you’re comfortable with your location, renegotiating could save you a bundle.

Be Energy Efficient

Did you know that small businesses spend more than $60 billion a year on energy across the country? That’s a hefty chunk of change!

But with some energy-saving [1] techniques, you’ll likely be able to cut some costs for your business:

Plan Ahead

Do you know when your vendors offer sales and discounts throughout the year?

Plan ahead so you can take advantage them. Many office suppliers offer deals on certain products at discounted rates throughout the year. If you see these sales, make note so you can buy at that time and plan to in the future.

If there’s a certain product you tend to need, consider buying in bulk to save money. Yes, you’ll spend more up front, but you’re likely to spend less per unit if you purchase more. Depending on the total cost of your purchases, you may qualify for reduced or free shipping. Being smart about restocking your inventory can go a long way, so be strategic – not sporadic – about order supplies.

Those are just a few ways you can consider to cut costs for your business. Start saving today.

Light [3] Photo via Shutterstock