Money Saving Strategies for Small Business In today's new economy, only those businesses able to cut costs and still offer highquality products while maintaining excellent customer service are able to survive. Costcutting, however, should not impact the company's ability to be flexible and offer their customers good value for their money. The saving tips below will enable your company to thrive, and customers will never suspect you've trimmed your budget. Switch to Social Media and Piggyback Marketing Solvent companies are depending less and less on expensive (and increasingly less effective) traditional advertising. Traditional advertising -- such as TV, radio and print ads -- are losing popularity fast. The DVR has rendered TV advertising almost useless, as consumers pre-record their shows and fast forward through the commercials. Satellite radio is quickly making local radio ads useless, and few people still bother with print media, such as newspapers and magazines, opting instead to get their news and entertainment online. Social media, such as Facebook and Twitter, can reach far more people with much less money. These forms of advertising also build customer relationships instead of just feeding consumers an ad message. For companies still depending on traditional forms of advertising, piggybacking ads and promotions with other local businesses is a great way to get lots of exposure for very little money. Switch to a Virtual Desktop Most of the computer hardware and software you invest in today only has a lifespan of 18 months or so. Instead of investing in tons of equipment and applications you won't even be using in two years, consider switching to virtual desktops. Virtual desktops eliminate the need for expensive upgrades and don't need regular maintenance by an IT professional. An additional benefit is the ability to access your files and applications via the web from home, vacation, or while on a business trip anywhere in the world. Co-sharing Office Space Most small businesses spend a considerable chunk of their revenue each month on office space. Sharing this space -- as well as the payments -- with another small business is an excellent way to maintain coveted real estate for far less money. Some businesses share their full office space with companies that operate during different hours of the day, while others simply rent out a portion. If you're in the market for new office space, see if another small business in the area has free space they are willing to rent to you on the cheap.
Outsource Your Data Center
In the age of big data, even small businesses are learning the advantages of leveraging information for better company performance. Yet few small businesses, and not many medium-size businesses, are able to afford to house and maintain a data center. Outsourcing a data center is cheaper, and also offers a greater level of security than most small businesses could afford. Outsourcing a data center also eliminates the need for buying servers that need IT professionals for regular maintenance, because you'll be working on a remote desktop server. This also saves the cost of expensive antivirus and spam software that needs continual updating. Don't Overlook the Small Savings It's easy to get wrapped up in the big savings and forget how much the small savings add up. Talk to your vendors to see where you can save money on their products and services. Find alternatives to paying retail prices on office supplies. Learn how to manage utility bills and other regular costs that gradually gnaw away at your bottom line. The savvy small business that is able to cut operating expenses without cutting the quality of their products or customer service will be well ahead of their competitors at every turn. These will be the businesses that ride out the lingering recession and stay around for decades to come.