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.

Networking for your New Business

Starting and growing a new business can be daunting. It's important to have a strong network you can rely on for help. Building a network can lead to more success down the road, so it is essential that you understand why it's important and how to accomplish this.

Networking brings your business to the forefront of the competition and helps secure potential clients. The more people you meet, the more chances you have to educate them about your business. New customers can learn what you do and what makes your business unique. Existing customers can learn about new products and services, and why they should stick with you and ultimately recommend you to friends. People will be more likely to select your business, if they feel they know you, or have received a recommendation from someone they trust.

Now that you understand why it is important to grow your network, here are a few ways to accomplish this goal:

Be Present Online – Have a strong social media presence on sites like LinkedIn, Facebook, Instagram and Google+. Writing blogs can also be a great way to get your mission across. You can get to know other companies in your field by following their posts. The more you know about your community and competition, the better you will be at anticipating needs.

Attend Events - Plan to regularly attend networking events both in and out of your field. You never know where or when you may meet a potential investor, colleague, or future client. Meet-ups like happy hours, workshops and conferences are great ways to speak casually about your business and make connections with interested parties.

Be Organized – People don’t have a lot of time on their hands, so make sure you know exactly what you want your message to be and how you will stand out from the competition. What makes you different and why should a client pick you over someone else? It is also important to know your audience. Someone may be more interested in one aspect of your business over another. Figure these answers out ahead of time so you are ready to network when the opportunity comes.

When in Doubt, Don't Be the Shark - No one likes being on the other end of an aggressive interaction. Whether networking in person or online, there's etiquette worth considering. Most often, networking translates to making a first impression and bad ones can turn into deal breakers down the road. Make an effort to approach people how you'd like to be approached. When face-to-face, try to actively and considerately listen, rather than simply waiting for an opportunity to pitch your message. In an online environment, like LinkedIn, be confident and passionate about your business but genuine. People can sense inauthenticity even from behind a computer. Definitely be creative and most importantly, have patience. Remember, you're in the majority -- the individuals you connect with are most likely in the same boat for their endeavor. If you don't put them on the defense or leave them feeling uncomfortable, you've avoided that shark mentality.

Are you a new business on the rise and less than a year old? The New Business Sponsor Program introduces you to a community of trustworthy businesses.

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

Written by: Adam Koncius, Koncius Digital Marketing