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Unconventional ways to Save Money in Your Business

There are many ways to save money as a small business owner, depending on your industry, size, and goals. Some of the common tips are to track and review your expenses, go green and save energy, outsource or automate tasks, optimize your inventory and supply chain, and invest in your employees and customers. However, there are also some lesser-known or unconventional tips that you may not have thought of, such as:

  • Limiting printing and switching to digital alternatives, which can save you money on paper, ink, toner, printer maintenance, and storage space.

  • Reviewing and reducing your software subscriptions, and looking for discounts, bundles, or free alternatives.

  • Hiring young talent through a graduate program, and offering them incentives, such as bonuses, commissions, or equity2.

  • Reviewing and leasing the latest technology, instead of buying it, and testing it out before you commit to it.

  • Negotiating with your vendors, suppliers, and service providers for discounts, lower rates, or payment terms that suit your cash flow.

  • Setting aside 1% of your sales in a separate account, and increasing that percentage every one or two weeks until you start to feel the pinch.

  • Utilizing online lead generation to reach potential customers and generate leads, which can be a cost-effective, measurable alternative to traditional marketing methods.

  • Fine-tuning your meetings and avoiding or limiting those that are not necessary, relevant, or productive.

  • Evaluating waste and automating manual processes, especially those that require data entry from one system to another.

  • Implementing just-in-time inventory management, which means ordering and receiving goods only when they are needed, and avoiding holding excess inventory.

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Let me know in the comments below which of these tips you will be implementing right away in your business.

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