Your Business May Fail: 20 Reasons Why And What To Do About It

 10 Ways to Save Money on Your Business

1. Check your Balance.

If it's been awhile since you've seen how much you spend on phones, utilities, Internet services, overnight shipping costs and similar expenses, it might be worth it to look right now. As technology brings new options to small businesses, such as VOIP, you can lower your costs by looking for cheaper services.

Do you really need a landline? If you are a "solopreneur" or just a handful of employees on the go, then a mobile phone along with Google Talk and / or Skype might be all you need to do your business.

When was the last time you planned a minute plan for your mobile phone? Do it now.

Scan your credit card statement for unwanted recurring charges. You may find, as we do, that we pay nearly $ 200 a month for our rarely used webinar / subscription meetings. And for some times we need one, free alternatives like ooVoo or recording Skype chat serving our purpose.

2. Check Your Insurance.

You may find it cost effective if you re-evaluate your small business insurance coverage. For example, is your protection still appropriate for your business needs, or can you reduce some of it to save money? By raising your deductible, you can lower your monthly premium. Make sure you have enough cash to cover the higher exposure.

If you are a professional organization member, such as the Chamber of Commerce, you can get lower rates through this channel.

Comparison of stores! Schedule a meeting or contact an insurance agent to discuss options. Multi-line agents can help you organize different carrier options. Ask about packing too - sometimes you get discounts on buying multiple insurance covers through the same carrier.

3. Pay in advance.

Whether it's a garbage bag or a paper copier, buy in as much quantity as you can ... if it saves you money. Planning your office supply with early shopping can help you take advantage of shopping and warehouse sales. For marketing collateral and signage for trade shows and events, finish early to avoid printing and shipping charges.

4. End or Reduce Your Lease.

Real estate can be a huge fixed cost. If you're tied to cash, talk to your landlord about lowering your rent, even temporarily, or moving to a smaller space in the same building. In all likelihood, he cannot afford to lose his tenant, and may be willing to negotiate.

Depending on the structure of your company, you may not need an office — especially if you are a beginner and your staff can work anywhere. Remove restrictions that require your employees to be physically present in your office, and you'll save on rent, utilities, equipment ... and your employees will save gas for travel. The bonus is that your employees may be happier.

If you or your employees have to leave the house occasionally or work from a coffee shop just don't cut it, there are workspaces or virtual offices around the country. They provide you access to the Internet, photocopying, conference rooms and even reception services, all for a low rate.

5. Take to the Clouds.

If you have an internal server, you know that they can be expensive to maintain and update. Not to mention the fact that if you have a sudden surge in traffic or activity, it can be difficult to accommodate, less purchasing more servers. Just like freelancers, cloud servers and storage allow you to pay for what you need, and they allow you to go up or down as your business needs change.

Cloud software eliminates the need to have staff update software, install patches and ensure operations — this reduces staff costs. You can also eliminate the high upfront license fee, replacing it at a lower monthly cost. Just make sure to increase your monthly costs, to make sure you actually save money. Comparison of annual or multi-year costs, complete with staff costs, lets you compare apples to apples.

6. Rent a Freelancer.

If your business is growing, but you don't feel comfortable hiring full-time staff, consider a freelancer agency, contractor or third party. This way, you only pay for the work you need, and you don't have headaches, ups and downs. And if you need to cut costs, you can do it easily without the emotional trauma of hiring.

Hiring freelancers works well for professional roles: software developer, web designer, copywriter, PR professional, consultant, administrative professional and so on. You will usually pay a higher hourly rate for a contractor than an employee. But in exchange, you can get more experienced workers who can work more hours in an hour and require less daily supervision. Remember, there are costs for management and training time too.

7. Buy in Bulk.

Some business service providers offer 10 or more discounts if you pay six months or earlier. And vendors for inventory and supplies can offer trading terms, where they allow you to pay in advance in exchange for discounts. If you buy large quantities, trading discounts for early payments can effectively reduce your costs. You usually get a 1 or 2 percent discount to pay in advance, if offered. Or roll up your own trading terms — consider paying by a charge card that gives you a discount or cash rebate for early payments.

8. Save on Customer Gift.

If you are giving gifts to your customers (or employees) on Christmas or other holidays, take advantage of daily deals and coupons to save on flowers, wine and corporate gifts. If you have a credit or charge card that offers rewards, use points. You still get karma as a gift, but your bank account won't take a hit.

9. Use Free Business Resources.

Looking for business advice? Before you pay the consultant $ 200 an hour, take a look at local free resources for tips on saving money and more. Organizations like ASBDC, SBA and SCORE centers offer free business counseling and guidance and can help you with everything from creating business plans to advertising in your community.

10. Find Free Software.

Why pay for software when there is a very good version or version available? Google Drive, 37 Signals and MailChimp are all examples of platforms that provide free solutions (some versions of paid deals for higher usage) for word processing, email marketing and project management.