15 Ways for your Small Business to Save

Penny pinching for your business? It can be painful. Instead of getting frustrated, why not get frugal? Start by balancing your budget, separating your personal banking and business expense accounts and cleaning up your debt. There are many techniques for saving your business’s bottom line. Here are 15 ways you can implement simple changes and save.

Network (It)

• Attend free and/or affordable workshops and events run by organizations like General Assembly to network with other small businesses and/or participate in ongoing education.
• Host and/or co-host events with like-minded partners to deflect cost and get double the exposure for your brand and/or initiative.
• Connect with your alma mater(s). Attend networking events that are often free for alumni. Offer to speak in front of alums and/or soon-to-be graduates on a topic in an area of your expertise.
• Join or register your business with local organizations like the Chamber of Commerce, applicable trade associations and Better Business Bureau.

Reward Yourself

• When applying for credit or gas cards, cash back or point-collecting programs will prove thrifty. Take annual fees into consideration but more often than not, these cards act like a VIP pass. Same holds true for hotel and airline loyalty programs. These accounts will not only present amenities but enable you to track spending activity and evaluate where your business spends the most.
• Join a wholesale shopping club like Costco or BJ’s. Necessities like paper supplies and printer cartridges can be more affordable when purchased in bulk. If you do buy a membership, always request a business account. Remember, keep it separate from your personal one so you can track spending and how long supplies last in the office.

Staff and Space

• Growing and established businesses alike struggle with the hiring process. Save money, management sweat equity and time by employing a temp agency or hiring independent contractors.
• Take advantage of universities in your surrounding community. College and Graduate students are often eager to apply their newly-acquired skills with businesses who support their education endeavors and offer opportunities in their area of study.
• Embrace the telecommuter. Avoid office space headaches, like shifting of employees desks and/or the need to expand physical space all together by allowing staff to go "virtual."
• For younger small businesses and/or businesses without a physical office space, consider utilizing community workspaces like WeWork and WorkBar. A business can rent coworking space by the day and/or maintain a dedicated space as well as access conference rooms.
• On the road 24/7? Plan out your trip for the most direct route AND one based on where you can find free wifi. Cafes, sandwich shops, etc. are pretty commonplace for offering wifi to its customers free of charge.

Tackle Tech

• Could your business benefit from streamlining your technology needs? Like small businesses, Better Business Bureau Serving E. Massachusetts, ME, RI & VT (BBB) is consistently faced with finding ways to be financially efficient. In 2014, BBB merged hardware and software applications onto one platform. This decision to streamline with Google proved to be a profitable venture. Converting the staff to universal devices eliminated the need for full-time IT support and improved confidence regarding security. BBB's technology guru, Lisa Ventura, said:

Not only are we greatly reducing IT issues, we have saved roughly $900 per seat by purchasing Chromeboxes versus computers with added software. With a staff of approximately 50 people, that savings really adds up.

• Be willing to invest your time in free online tools as part of your business plan. The art of engaging with your customers and customers-to-be online - if executed well - can be very rewarding for lead generation, customer retention, and more. Keep in mind, online tools don’t run themselves. Carving out time to participate in forums on topics you can add value to as well as having an active presence on platforms like Facebook, Instagram, Twitter and LinkedIn, not only increase your Internet footprint but won’t cost much (if anything) to incorporate into your marketing efforts. Sound like a lot? Find out and evaluate how and where your customers interact and spend your online-time accordingly.
• YouTube can be a gateway to new customers as well as an effective branding tool. Content and quality are key there (as is keeping most videos under 90 seconds). Everyday devices like an iPhone can be used as a legitimate recording tool. A focused YouTube account allows you to effortlessly cross-promote video content via your website and/or social media accounts and can serve as a 'priceless' component of your marketing budget. Cue the Mastercard commercials.
• Make a habit of periodically circling back to service providers like Internet, cable and cell phone. There are often promotions available at the start of a new quarter or a credit you might qualify for, especially if you are a loyal client.

Let the saving begin!

Did you know that 7 out of 10 consumers prefer to do business with an Accredited Business? Learn how to become part of a community of trustworthy businesses. If your business is already Accredited, find out how you can update your business online for free with Google and BBB and make it easier for people to find you online. For more information you can trust, visit us at bbb.org/boston, like us on Facebook, or follow us on Twitter and LinkedIn.

Written by Stephanie Benz, Senior Social Media Associate for Better Business Bureau Serving E. Massachusetts, ME, RI & VT.

Preparing your Small Business for Growth

Your business is busy trying to deliver a solution while standing out in a crowded marketplace and keeping up with developments in your industry -- it can be exhausting. Things like your brand can sometimes get lost in the happy-to-have but crazy commotion that is growth. 

Here are a few tips for staying on track while your business is making moves: 

Set distinct goals. To improve and maintain traction in the marketplace you must set goals. An easy starting point: write down your business objective and then break down how this objective will be met. Make your business goals clear and definitive and most importantly, relevant. Establish who is responsible for meeting each aspect of the objective as well as a timeline, so that everyone is held accountable as your business evolves. As time and circumstances allow, employ analytical tools to evaluate what’s working and what needs tweaking. 

Understand your market. In order for a business to grow, doing your due diligence with market research is a must. It helps you understand your industry, competition and target customers. To start, conduct an internet search using trustworthy and credible sources. For more tailored results, connect with your customers through surveys, q&a's and focus groups. Once you have a stronger understanding of the customers who make up your demographic, reach out to them regularly via a blog or email newsletter. Interact with them on social media and most importantly, listen. Encourage your customers to give you feedback and embrace it as a way to celebrate and/or improve your business endeavors. 

Be the brand. Ensure your employees are educated -- and receive continued education -- on the business’s key points and purpose. You and your team are the best branding tools imaginable. Take advantage of this and empower your colleagues to bring the brand to life. They can communicate about your brand confidently and accurately while your business evolves. Developing an elevator pitch is a great way to give an employee a springboard for how they present themselves and represent your business in the community. 

Anticipate change. Change will happen. Be thoughtful of your core principles while you do your best to roll with the punches. You’ve made an investment and it’s important not to allow it to be lost in a changing marketplace. Staying true to your point of view will allow you to further strengthen relationships with your existing community while at the same time earning the trust of prospective clients. 

Are you a rising new business less than a year old? Apply to become a New Business Sponsor. The program will arm you with the tools you need to keep up with your business’s growth. Is your business more established? Get Accredited with BBB as part of your formula for success.

For more information you can trust, visit us at bbb.org/boston, like us on Facebook, or follow us on Twitter and LinkedIn.