Virtual Entrepreneur

Tips To Save Time & Money In Your Small Biz And At Home

September 7th, 2009 | Author: Master Money

Open Forum:
These are difficult times and every small business (and large ones) needs to find ways to save money and time without delivering less value to their customers. Service to customers must be maintained, and product or service value is the key to continued business. So what can you do?

1. Stop buying “stuff”: If you don’t need something, don’t buy it—no matter how great the deal is. There’s no right price for something you don’t really need. Learn the typical promotional cycles—clearance sales in January (before the retailers’ fiscal year end), for example. Buy office products when the ones you need are on sale—plan ahead. Buy non-perishable holiday supplies after the holiday, and save money next year.

2. D-I-Y (Do It Yourself) instead of hiring someone: Do the simple jobs yourself instead of hiring it done. Janitorial services charge more if you have them empty wastebaskets and replace liners every day. Few people fill wastebaskets daily, some don’t in a week. Tell everyone where the dumpster is and have them plan to dump their trash while on another trip. Ditto for window washing. It’s nice to have clean windows, but staying in business is nicer.

3. Shop for the best banking deals: Switch bank accounts to the places where they offer free, unlimited check writing, no fees on accounts etc. Shop around and see whose deal is best. If you plan to keep a healthy balance in any account, ask where it can be parked to earn interest and swept to the checking account when needed.

4. Use email to avoid phone tag: Use email to set up phone calls and avoid frustrating phone tag. Tell the person what you want to talk about, and whether you need a decision from them, information, or just a discussion.

5. Photo document mishaps: Use the camera on your cell phone to document mishaps. Photos of the damage, an accident, the site where it happened etc. can be invaluable if a dispute arises or an insurance claim needs to be filed.

There are more tips on how to Save Time & Money In Your Small Biz And At Home here.

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