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13 Money-Saving Tips for Small Business Owners

Thirteen entrepreneurs share cost-cutting tips to help you gain control of your finances and work smarter from the ground up.

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7. Invest in quality instead of quantity.

“My grandfather used to say, ‘We are not rich enough to buy cheap things.’ He meant that cheap things break faster and end up needing to be replaced over and over. You might be spending less money when you first buy the product, but you usually end up spending much more money in the long run than if you had bought a more high-quality item in the first place. T0 save money, invest in quality items for your small business.”

– Vladimir Gendelman, Founder and CEO of Company Folders, @vgendelman

 

8. Automate business processes.

“Find ways to automate as many repeated manual processes as possible. In finance, it’s common to value a product based on the net present value of future profits. In the case of costs, you can calculate the net present value of time-consuming tasks. If the up-front cost of automating a process is less than the costs of maintaining the status quo, then invest the resources to automate it.”

– Benjamin Sann, Founder and CEO of BestParking.com, @BestParkingCom

 

9. Stay in control of your finances.

“Sign the checks!  That’s the best tip I can give to someone trying to save money. When you sign each check, you know where your money is going and you know how much you’re spending. This allows you to think creatively about ways to find cost savings opportunities.”

– Joe Miller, Co-Founder and COO of HourlyNerd, @joe_dmiller

 

10. Ask yourself three questions.

“First, [ask yourself] do I need it, or do I want it? If it’s merely a want, then stop. Next, can I afford it? If yes, then proceed. Finally, is it worth the cost? To answer this question, create a mental list of why it is beneficial and why it is worth the cost to see if your investment is worthwhile.

– Joshua Weiss, CEO of TeliApp Corporation, @teliapp

 

11. Closely monitor marketing costs.

“Identify marketing efforts that are bleeding your pocketbook by using fail proof methods to track response and conversions. Do this by using unique phone numbers, website landing pages, and email addresses for every single TV, radio, print, newsletter, and pay-per-click campaign you run. Don’t make the mistake of sending all of your leads to one phone number and then expecting them to remember how they found you.”

– Jonathan Prichard, President and CEO of Mattress Insider, LLC., @InsiderMattress

 

12. Avoid Over-staffing.

“Don’t hire an employee until you absolutely have to. Far too many startups hire to fill positions that aren’t absolutely necessary. I’ve made this mistake before, and it costed me tens of thousands of dollars – far more than any of my other expenses.”

– Chris Kilbourn, Owner and CEO of TOFU Marketing, @TOFUmarketing

 

13. Learn accounting basics.

“Learning to keep up with the finances not only saves you money on a part-time bookkeeper, but it keeps the finances where they should be: front and center. Learning to do your own books keeps your finger on the pulse of the business. Being on top of the finances also means your CPA cost is a fraction of what most businesses will pay.”

– Nick Francis, Co-Founder and CEO of Help Scout, @nickfrancis

How have you managed to save money for your small business? Let us know in the comments section below.

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