Cost Saving Ideas for Companies: 5 Ways to Save Your Small Business Money

cost saving ideas for companies budget business frugal finance

"You have to spend money to make money."

Do you believe that? 

It's one thing to invest in things you need to keep your business running and another thing to spend money on unnecessary items.

Remember, you want your business to be profitable. If you're spending most of what you earn from sales, you're not going to see your bottom line improve. 

So aside from increasing sales, you'll have to save where you can. Lucky for you, there are cost saving ideas for companies that will work for almost all types of businesses no matter the industry or location.

Here are 5 of them.


1. Find Ways to Go Green

Do you think other companies are going green just for PR? 

While being green is a good way to boost your brand, it's also a smart financial move. Think of how much you can save on utility costs by switching to LED light bulbs or moving to a green office space

Or how about working with green vendors who can pass on their savings to you? There's no doubt about it, going green will save you green.


2. Embrace Telecommuting

Saving money in business is easier if you can convert your workforce (or a percentage of it) to a telecommuting situation. That's money you don't have to pay in rent, electricity, hardware, and other ongoing operating costs. 

And don't worry. Going virtual doesn't mean your employees will slack off. In fact, they may even be more productive than your in-house staff.


3. Outsource What You Can

Rather than hiring new employees, consider outsourcing tasks you don't have expertise in. For example, these managed services will take care of your IT needs so you and your staff can focus on your core activities. 

You can also outsource non-essential functions such as data entry, graphic design, taking calls, etc.


4. Buy in Bulk

There are ideas to save money at work that actually end up costing businesses more. Buying in bulk isn't one of them. 

Before you get in touch with bulk suppliers though, make sure to do an inventory of your office supplies and equipment first. Once you have a list of things you need, use an app or tool that will help you track prices.

Wait until you can enjoy deep discounts then buy what you need (in bulk, of course).


5. Experiment with Other Cost Saving Ideas for Companies...

...even if they might seem unusual. One example is DIY marketing or SEO. 

Sure, having an SEO expert or a marketing agency to help is great. But it's not an option for businesses who are tight on funds. If you can relate, you have no choice but to go the DIY route with your marketing. 

The good news is there are tons of resources online that can help if you want to DIY your SEO or marketing, at least until you can afford it. Then, once your business is doing a bit better, you can think about paying for SEO and digital marketing services. Just make sure to choose the right company to handle your online marketing needs.


Need More Business Advice? 

Now that you know some of the best cost saving ideas for companies, don't forget about the other side of the equation - making money.

For more money-making tips and advice, you can check out our business section, as well as our articles on investing and frugal finances.

Frugal Finance: New Articles For Fiscal Fitness