Great Connections for Spring 2017

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6 SPRING 2017
Reading this article could
really pay off in the long run
Cost-Cutting
Strategies
for Small
Businesses
No matter what type of small business you have, you should be able to find at least a few ideas
here to help you cut costs. Every dollar counts, so it’s important to save wherever and whenever
you can.
Go Paperless
You can lower storage and printing costs as well as improve overall
efficiency by running a paperless (or near paperless) office. Try to
scan documents and keep electronic records as much as possible.
Go Green
The more energy efficient your space is, the lower utility costs
you’re going to have. For more information on greening your
spaces, check out Energy Star, a program run by the U.S.
Environmental Protection Agency.
Lease Equipment Rather Than Buy It
A lease allows you to avoid the big upfront costs you’d face when
purchasing equipment. You not only conserve your company’s
cash but can also save money in repairs, upgrades and mainte-
nance since many lease agreements cover these expenses.
Ask for the Discount
The suppliers you work with may have quantity discounts. To find
out, ask about discounts and what you need to do to earn them.
You may be able to get anything from an interest-free loan in the
form of vendor credit to a healthy discount for paying early.
Barter With Other Businesses
This is an old-school strategy, but it can definitely still be effec-
tive. If you need a good or service and have something of value
to offer in return, this could be a money-saving route to take.
Stay on Top of Your Accounting
When money is tight, things like late fees on bills or a client who
doesn’t pay on time can be a significant problem. Make every
effort to ensure your collections are on time and outstanding
balances are minimized.
Don’t Buy in Bulk
Small business owners often buy things like office supplies in
bulk because the per-unit cost is lower. But you have to ask your-
self, “Will we ever really use 1,000 pens?” Generally speaking,
it’s better to buy only what you need today and free up your cash
flow for other things.
Another way to cut costs and improve efficiency is
with a money-saving business bundle from Great Plains
Communications. To learn more, visit
business/bundles.