In collaboration with The National Chamber Program. The National Chamber Program is a free resource for small-to-medium-sized businesses and local chambers of commerce, dedicated to furthering their success by connecting them to discounts on office essentials and insightful, business-boosting assets. Sign up with the National Chamber Program today and start getting more for your business.
A penny saved is a penny earned.
Naturally, you’ll want to save more money when sales are slow, budgets get tight, or when you’re near financial ruin. However, it’s a smart move to cut costs and save money—in both good and bad times.
Here are 5 powerful ways to save more money in your business.
1. Sign up for the free National Chamber Program
If you want to save more money, there’s strength in numbers. Group buying programs are a popular way for business owners to boost purchasing power.
Get started with The National Chamber Program—a free resource for entrepreneurs. They offer instant access to substantial savings on office supplies, technology, credit card processing, and more. The National Chamber Program helps you save money by aggregating member spend to deliver better prices, favorable terms on purchases, and revenue opportunities. Also, they host webinars, presentations and connect entrepreneurs to professional events across the nation.
Best of all, it’s 100% free – no hidden costs and no membership fees. Sign up with the National Chamber Program today and start getting more for your business.
2. Boost money clarity with a ‘mission critical’ budget
It’s really hard to save more money if you lack clarity on today’s financial picture. A financial budget delivers insight into your cost structure. It includes income and expense projections on a short (1-year) and long-term basis (2-3 years).
A ‘mission critical’ budget takes things a step further. It removes discretionary, comfort perks, and non-essential costs. This cold-turkey approach drastically reduces overhead and reins in reckless spending. Mission critical expenses are “essential to operations”. Every dollar spent is accounted for and necessary.
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3. Cut annual supply costs by adopting an RFP process
A request for proposal (RFP) is a document that solicits proposals for a specific business need. While RFP’s are standard in some industries, they’re widely overlooked in others. An RFP can help you save more money because it reinforces budgetary accountability, aggregates market rates and aids in negotiations. Send an RFP to suppliers to gather bids. Specify the need along with your evaluation criteria.
Requesting a quote from a single vendor may be practical for some business expenses. However, you can save more money on big ticket cost centers by reviewing multiple bids. Every RFP is unique, but RFP templates offer a good starting point.
4. Barter with local businesses for goods and services
If your business has excess capacity, why not put it to good use? Barter for a product or service you need—and save money in the process. For example, a website designer can attract new clients, restaurants can fill empty seats, accounting firms can boost billable hours, services providers can add new clients, and the list goes on.
As with any business relationship, do your homework. Identify a mutual need and ask for referrals. Bartering can benefit your business during slow periods and create valuable relationships with other businesses. It’s a classic win-win!
5. Use these apps to save money without thinking about it
The right apps can help you build money confidence and create the right saving habits. Give these 3 money-saving apps a test run:
Link your business account to Level money app and it will update you on your daily cash balance. This nifty app calculates your average daily spend and shares optimal spending goals for the coming week and month. If there’s not enough money in your account to support your spending habits, Level lets you know by adding an asterisk next to the estimate. Talk about accountability!
Digit is like a personal trainer for your business account. Digit will send you a daily “account balance” text. It also shares how your bank balance changes over time by listing all debits from the previous day. Digit is a great tool for daily financial check-ins. This app also recommends savings contributions based on your spending patterns.
Acorns will help you save and invest. Connect your business checking account to the app and each transaction is rounded up to the nearest dollar. The difference is invested into economist-backed investment portfolios at a risk level that is comfortable for you. To build wealth you need to make money, save and invest it. Acorn helps you with the latter steps.
Ultimately, your goal is to do more with less—make each dollar spent work as if it were two. Implementing any one of these five strategies will help you save more money each year.
Are you a small business owner who’s focused on cutting costs and saving more money? Share your experience below.
In collaboration with The National Chamber Program. Sign up with the National Chamber Program today and start getting more for your business.