Finance Globe

U.S. financial and economic topics from several finance writers.
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Simple Ways to Save Money as a Small Business Owner in 2019


Are you a small business owner with big goals for 2019? Have you come to realize that cutting expenses would be in your best interest? Do you have some concerns about the best ways to save money, without having an impact on the overall health of your business?

There are many ways to save money as a small business owner, so it’s imperative to keep an open mind as you explore all your options. If you’re ready to make a move – but not quite ready to do something drastic – here are some ideas to consider:

•    Purchase used equipment and supplies: If you need a new computer, don’t head to the local Apple store. Instead, search locally for a used option at a more affordable price. It may not be shiny and new, but the price tag will put a smile on your face.
•    Embrace outsourcing: Forget about hiring one employee after the next. When you do this, your overhead continues to grow and grow. With outsourcing, you can get the help you need at a more affordable price.
•    Consolidate your debt: Maybe you used credit cards to start your business. And maybe you’re continuing to pay a small amount each month in an attempt to eventually reach a zero balance. Through the use of a balance transfer credit card, you can bring most or all your debt under the same roof. This saves you money on interest, while also allowing you to better organize your debt.
•    Eliminate employee expenses: Rather than reduce your workforce, eliminate the cost of keeping employees on board. For example, cut back on business related trips when possible. Also, cut back on expenses around the office, such as free food, that can add up over time.
•    Ask for referrals: If you run a service business, don’t overspend on advertising and marketing. Instead, set a budget and stick with it. While doing so, ask your current customers for referrals. You may be surprised at how many of them are willing to help.

As a small business owner, you should always be looking for ways to save money. Now that 2019 is here, don’t put this off any longer.

What do you think about these five tips? Would you add any more to the list? Share your best strategies for saving money – you never know who you’ll help! 

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Comments 1

Frank on Tuesday, 29 January 2019 16:26

Thanks for the tips Chris, I plan to use these in 2019!

Thanks for the tips Chris, I plan to use these in 2019!
Monday, 22 April 2024

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