6 Ways Your Business Can Save Money

Hands Holding a Small White Piggy Bank

~by Kara Masterson~

In the corporate world, the major emphasis is usually on building sales, increasing profits, and maximizing earnings per share. However, many business owners overlook the other side of the ledger, which is minimizing expenditures to boost earnings. Luckily there are tons of things you can do within your business to save money.

6 Ways Your Business Can Save Money 1If you’re a business manager or owner, here are 6 ways to cut your costs and save money.

Use Tax Write-offs

As a business owner, you’re allowed to deduct certain expenditures. Some examples include office rent, supplies, advertising, and inventory. Make sure you take full advantage of these write-offs by studying tax deduction laws or getting the aid of a tax professional.6 Ways Your Business Can Save Money 2

Promote Your Business URL

While search engine submissions cost you money, you can leverage those expenses by including your URL on all business cards, company letterhead, uniforms, and in the yellow pages. This can generate more traffic to your website, leading to additional sales.

6 Ways Your Business Can Save Money 3Pay by Credit Card

If you’re having difficulty tracking all expenditures, start using a credit card for purchases. That way you can document and study your actual expenditures on bank statements, then make the necessary adjustments. You can also use the credit card as leverage to get discounts when you do pay by check, according to The Wall Street Journal. Suppliers have to pay merchant fees for credit cards, so they might be willing to give you a discount if you use a company check.

Increase Co-op Advertising

You can save significantly on advertising by using cooperative plans. Whether you’re promoting your business through a postcard deck or local coupon magazine, the ads are going to be a lot cheaper than any solo advertisement you place. Co-op advertising gets your message out to thousands more potential prospects.

Cut Utility Costs6 Ways Your Business Can Save Money 4

Find ways to reduce your utility costs. Use automated water faucets or lighting. Keep the thermostat comfortable, but lower during the winter. Another option is to reduce your electrical expenses by purchasing it through a solid company like Lumo Energy. Companies like this can help you find the best way to save money and energy. 

Hire Independent Contractors

With independent contractors, you don’t have to pay salaries and medical expenses, which can save you tens or even hundreds of thousands of dollars per year. One caveat is to make sure you fully understand the definition of “independent contractor” in the tax codes, according to Entrepreneur.

Other expense-saving measures include purchasing used equipment and recycling print cartridges. The more ways you can think of saving on business expenses, the more it will contribute to your bottom line.

6 Ways Your Business Can Save Money 5Meet the Author: Kara Masterson

Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.


All Categories

Business Operations

Entrepreneur Interviews

Marketing, Networking, & Social Media

Self Care & Personal Development

Working Moms

Business Software and Technology

Entrepreneurship & Small Business

Organizing Tips


Career Building

Family Businesses


Starting Your Own Business

Work-Life Balance


Hiring Help

Management & Leadership

Time Management & Priorities

Women in Leadership

Recent Posts

Business Blogging 101: How to Create and Sustain a Successful Blog

Business Blogging 101: How to Create and Sustain a Successful Blog

For businesses, business blogging is becoming a powerful tool to not only attract and engage new customers but also to build brand authority and ultimately grow your brand.
This comprehensive guide will equip you with the essential knowledge and strategies you need to start and succeed in the dynamic world of business blogging.

How to Protect Your Merchandise From Theft

How to Protect Your Merchandise From Theft

Protecting your merchandise from theft is a critical aspect of running a successful business. In a world where security threats are ever-present, safeguarding your inventory is essential. Not only does it protect your bottom line, but it also ensures the safety of...

Experts You Need to Have at Your Business

Experts You Need to Have at Your Business

In the dynamic world of business, having the right team of experts is not just beneficial; it is essential for success and growth. For female leaders who are carving out their paths in business, marketing, or HR, knowing which experts to have on board can make a...

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

7 Tips for Asserting Yourself as a Woman in a Medical Workplace

As a woman in a medical workplace, you have a lot of responsibility, not just to yourself but to other women who will come along after you. Asserting yourself in your workplace and gaining the respect of other employees and leadership is essential to a successful career. You have worked hard to get where you are, you don’t want to lose momentum.

Continue to grow with online leadership training and more. Follow these tips to assert yourself in the medical workplace.