Great Ways to Save Money in Your Business (Part 1)

Saving moneyIf you own or manage a business, then you’ll want to follow this series of blogs very closely. Over the next week or so, I will provide lots of great thought-provoking ideas for saving thousands of dollars in your business by making smart strategic cuts and being more efficient. Some of these will also result in making more money. It’s a nice perk when you’re focusing on saving some.

The Team
The team
1. Keep the full time staff to a minimum. No one should have idle time.
2. Use temporary staffing for seasonal work or big projects. Shop around. Agency prices vary.
3. Hire virtual assistants that cost a fraction of the cost. They’re particularly great for the little jobs that take up your valuable time.
4. Explore services like http://www.Elance.com and http://www.123Employee.com for outsourcing work. Great service at a fraction of the traditional cost.
5. An intern or college student looking for school credit can be a great asset. Contact your local college or university for details.
6. Mentor or coach someone in trade for them doing some work for you. This can be a win-win.
7. Hire independent contractors when you need their expertise for a specific event or project. They can be costly in the short run, but cheaper than having someone on staff year-round who doesn’t have the expertise.
8. Look into employee leasing agencies. They can save you a ton on benefits.
9. Lower or eliminate salaries in lieu of greater earning potential with commissions. This works great for the sales team that’s driven.
10. Consider allowing responsible employees to work virtually. They’ll appreciate the time saved by not commuting and you’ll save money on office space.

Many more money saving ideas to come.

If you have any comments, please write them below. If you’re interested in a consultation or have questions, please email me at Robert@RobertFinkelstein.com.

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6 Responses to “Great Ways to Save Money in Your Business (Part 1)”

  1. I agree, Virtual Assistants are the way to go these days. In CA the cost of an employee is 29.3% of that persons salary. This doesnt include the cost of accrued vacation, lunch hour, sick days, etc…

  2. […] up some money saving solutions that I hope you’re seriously considering. We’ve covered The Team, Promotions and Location, Internet, and lastly Office Supplies. Today we’re going to look at […]

  3. […] I’ve offered quite a few tools to start saving money in your business. We’ve covered The Team, Promotions and Location, Internet, Office Supplies, Insurance and Shipping. I hope you’re […]

  4. Love the money saving tips, especially the outsourcing.

  5. Thanks for the excellent advice! I’ve begun to implement your suggestions to much success. I also found some great tips on http://www.sftoyota.org.

  6. Recently my business has been doing everything possible to save money from the big to the small. We have put to use many of the ideas in the post and have found them to be successful. Just recently we started using a telephone answering service. Its helped us cutback on costs and be more productive. Everyone, including the customers, have been very pleased.

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