MADE by Lorra Brown

If you’re a small business owner, there are plenty of money-saving tips that can help you squeeze just a little more efficiency and profitability out of your business. Below, we’ve collected a few of the very best money tips for saving you money and making your business more successful.

Embrace the social web for your marketing and advertising

Gone are the days when you had to rely on TV, print or radio to get the word out about your products or services. In today’s digital world, entrepreneurs and small business owners are embracing the social web – including platforms such as Facebook, Twitter and Instagram – to build passionate communities of fans and followers. Best of all, the cost of social media is essentially zero. As long as you’re willing to put in the time, you can grow a company much more effectively than if you were spending hard-earned dollars on traditional media.

Outsource anything that can’t be done cheaper in-house

Most likely, you have limited resources – both financial and personnel – to get everything done. Thus, instead of trying to “staff up” to hire more and more people – like accountants, marketing gurus or IT professionals – think about outsourcing everything that isn’t core to your business. For example, you can outsource much of your IT to the cloud. You can use freelance marketing pros who might be whizzes at social media to take over your marketing, and you can find a CPA professional or other accounting expert to take on your finances.

Think about changes not just to your business, but also to your core business model

Your business model describes the way your small business runs itself, including how it transforms revenue into profits. So, when thinking of ways to save money for your business, absolutely consider changes to your overall business model. Here’s just one example: you might decide to embrace telecommuting options for some of your employees. This has one huge benefit for your business – you automatically reduce your overhead costs. Think about how much less office space you might need if you don’t have to worry about desks and cubicles for everyone!

Negotiate with vendors and suppliers

As long as you are negotiating from a position of strength, it may be possible to get price discounts from both vendors and suppliers. For example, if you know that you are a vendor’s top customer, you might be able to negotiate a discount on your next large order. At the very least, you may be able to negotiate slightly longer payment terms (say, 60 days instead of 30 days), which will help to free up valuable cash flow for your business.

Ultimately, the success of any business boils down to the types of decisions that they make. With these four tips outlined above, you can start making the types of smart money decisions that will save you money, and quite possibly, propel your business to its next stage of growth.

About Lorra Brown:

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Lorra Brown is the CEO of LBE Consulting, PLLC based in Grand Prairie, TX. Lorra is a multi­faceted business strategist that works with a plethora of clients around the country. She provides accounting services and business consulting to a diverse bed of self employed professionals. Her life’s mission is to help women gain empowerment and change their mindset about their finances.

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