5 Money-Saving Hacks for Your Medium Business

If you’re a business owner, chances are good that you are constantly looking to save money for your business. While business may be good, it’s always important to manage it from a financial standpoint that provides you with the most opportunity for growth. The following are five money-saving tips and tricks for you and your business.

Hire Interns

Hiring interns is a win-win situation for everyone involved. For your business, you find full-time (or sometimes part-time) employment without spending money. For the intern, they not only receive college credit, but they also receive beneficial on-the-job experience. In addition, if you like the intern, you can hire them at the conclusion of their internship and you will have a new full-time employee who is already trained for your business.

Don’t Purchase New Equipment

While it can be tempting to want to have the newest, top-of-the-line equipment, it’s important to realize there may not be a need for such equipment. There are plenty of reputable companies that sell refurbished equipment such as printers, scanners and computers. Most times, this equipment can be found at large discounts and can save your business a lot of money. In addition, purchasing recycled printer cartridges for your printers and other devices can help cut back on costs.

Go Paperless

Going paperless can save your business money since you will significantly decrease your costs when it comes to printers, ink cartridges, paper, toner, folder, paper clips, and other materials associated with using paper. With today’s technology, many tasks can be completed without printing out the documents. While it will still be necessary to print some documents and materials, cutting back on printing is an easy way to save money.

Manage Utilities Properly

While there is no way to avoid paying utilities such as telephone, internet and electricity, there are ways to help reduce those bills. While it may be expensive in the beginning, switching to energy-efficient light bulbs in your business will help save money on your bill over time. If that doesn’t seem possible, make it a priority for your employees to turn off lights when they’re not in use.

Barter

Bartering with other businesses is a great way to reduce your costs. Devra Gartenstein of Demand Media writes, “Bartering saves money because the goods you exchange cost you less than the value you attach to them if you use your regular retail price as the basis for establishing value.” Odds are good that you have something another business owner is looking for and they probably have something that you want.

Use this to your advantage and help get what you need, all while helping other businesses. It’s possible that not all of the strategies and tips mentioned above will apply to your business, but if they do, give them a shot! You will be surprised to see how much money you can save by implementing these 5 strategies.