Ways to Save as a Small Business Owner

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Ways to Save as a Small Business Owner Commonwealth Electrical Technologies

Finding ways to save money as a small business owner is key to maintaining growth, but it’s a difficult line to walk.

What you ultimately don’t want to do in the process is cut so many expenses that you hurt the quality of your product — whether that is a tangible product itself or a service you provide somebody. You’ve worked so hard to build your business, and as you look toward the future, you know that keeping costs down smartly is the right thing to do — but where to start?

Here are a few things to think about

This is a broad statement that can run the gamut from printing out fewer things in the office to installing a solar panel system on top of your building. Commercial energy efficiency will save you a lot of money in the long run, though it is an upfront cost that you have to be prepared to absorb. However there are systems in place to help you fray the cost. For example, if you are working with electrical contractors, Massachusetts companies (at least lots of them) will introduce you to certain rebates that are run through energy providers that incentivize certain energy efficient measures.

GOING GREEN

BARTER Anyone who has done a barter knows that they aren’t always as “free” as they sound — you still have to hold up your end of the bargain which comes at the cost of your time and services. However, a barter with the right partner can reap huge rewards for both sides. So with the right fit, the time you do put into your end of the right barter can end up saving you money as a result. Keep your eyes open and try networking with other companies whose services you can complement — and services you need done, but have a hard time getting around to yourself. Think: marketing, accounting.

OUTSOURCE Speaking of which, if you don’t have time to do it yourself but know it needs to be done right in order for you to grow, it really might be worth the investment to outsource.

There’s a level of expertise that marketing agencies and professional accountants have that will: 1) save you time, since you won’t have to execute it, and 2) create a better end result since they are so familiar with the field. Not only that, but because of the variety and volume of options out there, you can be picky about who you decide to work with. You don’t have to stay tied to the same servicer forever if he or she isn’t doing their job.

OUTSOURCE For smaller companies, shared workspaces offer many benefits. You’re able to have a brick-and-mortar space to show potential clients and/or employees. You’re able to take your work outside of your home, which helps you with productivity (at least in most cases).

And you’re able to save money while doing it, splitting costs with others. Whether it’s a larger shared work space such as a WeWork or something smaller where you can just go and focus, finding a situation where you don’t have to pay 100% of all your bills will save you money each month.

Use these tips as your company grows and before long, those saved funds will be making you money down the road.