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Manage Me 7.0 » » Tips to Save Money for Entrepreneurs

Tips to Save Money for Entrepreneurs

Starting up a business might not consume a huge amount of cash, but requires a huge cost to maintain it to cope up with today’s business environment. Sometimes, when the growth expectations of a business might not play out as it is expected, we need to focus more on cutting cost and expenses involved in running a business. Here are some common suggestions and ideas shared with you entrepreneurs to cut expenses prevailing in your businesses and how to save more:

Running Your Office

  • Outsource few services to avoid increase of headcounts.
  • Negotiate with vendors to save even 5% of the total money.This can turn into big saving in the year-end.
  • Keep a check on stationary utilization and ask for discounts from the vendor.
  • Watch at utility bills and don’t let computers, lights or air conditioners running overnight.
  • Reuse the paper by printing double-sided to save cost on paper.
  • Install electric hand dryer in wash rooms, as paper towels prove more costlier.

IT & Finance

  • Buy reasonable PCs, they work similar to the expensive branded HP and Dell desktops. If purchasing laptops, don’t fall for expensive warranties offered by the supplier at the time of purchase.
  • When we can get decent functionality from free open source operating system like Ubuntu, Star office for free, then why we pay for a costly softawre license for each system?
  • Use VOIP services like skype for making long distance calls.
  • Go for specific schemes for taking the service of cellular phones like corporate schemes are comparatively cheaper.
  • Make negotiation with the banks you deal, for better rates on your FDs.
  • Give food vouchers to your employees. This way you can give them more after-tax income even if you are paying them lower salary.
  • Avoid overspending on your credit cards or incurring overdrafts.

Business Travel

  • When travelling for work, look for options where you can stay, with your relatives, friends or if you want to stay in hotel, look for options that are located nearby your meeting location.
  • If possible travel during noon, as air tickets are often cheaper this time.
  • If you can, get a hotel industry association discount card from your friend or anybody you know. This will give you discounts in hotels and restaurants during your stay and meal respectively.

Official space

  • Ask relatives and friends if they provide you a free space to set up your business. This would save your money on office rental expenditures.
  • While designing your office, do not really hire a fancy interior designer when a carpenter at your neighborhood can do the trick.
  • Design a frugal office with the use of sub standard flooring, as expensive carpets require high maintenance cost, more use of glass rather than having wooden partition, etc.


 
 
 

2 Responses to “Tips to Save Money for Entrepreneurs”

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    7. January 2010 um 09:14

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