Resource Center » 11 Ways for Your Small Business to Save Money

3) Barter with Other Businesses
Have you ever considered swapping products or services with another business? Your company can effectively avoid cash outlays this way and possibly even unload some slow-moving merchandise to make room for other products. Bartering can also increase your customer base because you’d expand your network to include the other company. For example, if you run a hotel chain that often has vacancies during the week and you need new furniture for your lobby, then you may want to consider bartering with a furniture company and offer a few of those rooms in exchange for a new sofa or two! It’s also possible to contact a local barter broker or to join a commercial barter exchange club if you don't have time to directly deal with businesses.

4) Learn to Do it Yourself
How much money do you shell out for everyday tasks? Instead of paying a copywriter every time you need a press release or a designer to build a web site, you could learn to do it yourself. If you’re a skilled electrician or plumber, there’s no sense in hiring someone else to complete a simple task in those areas. You could also consider taking a class or two at a local community college in order to learn the basics. Of course, there are exceptions to every rule, and it’s always better to play it safe and hire someone else if you don’t feel comfortable doing certain things for yourself. However, this is a great way to save money if you already possess a skill and you’re qualified to do it for your business.

5) Query Consultants on a Regular Basis
Regularly ask any collaborating professionals—like your accountants or your insurance agents—if there is anything you can do to cut costs for your business. Accountants should be able to tell you where your heaviest expenses lie, and insurance agents may be able to offer a lower rate for certain products or services your company already uses. Your working relationships can be greatly improved if you build a rapport with those professionals and you just never know when a money-saving opportunity will come your way!

8) Compare Small Business Credit Cards
If your business credit card usually carries unpaid balances at the end of the month, then shop around to find one with the best interest rate. If you always pay your monthly balances in full, then find a card that does not charge an annual fee. This would be an excellent opportunity to get several quotes before you make a decision; it’s sometimes possible to get the credit card issuer to lower rates or waive annual fees by telling them that you've had solicitations from other companies extending such offers.

11) Use Independent Contractors
Sometimes you can avoid paying certain withholding taxes if you use the services of a few independent contractors rather than hire traditional employees. Before you consider this tactic, you should check to make sure the independent contractors meet the IRS criteria (to avoid possible penalties against the business). There are other government-related stipulations that you must follow, of course, so make sure you understand all of them prior to adopting this tip as a money saver!