Saving Money in 2014

Here is a question no one asks…. “How do I save money?” Believe it or not, many business owners almost feel ashamed to talk about saving money. Why? We all like to save money regardless if we are well off or not. So, what is the shame in discussing finances? We should be open and honest about the different ways business owners can, and should, save money.

Let’s start with advertising. Dare I say it? Billboards don’t work! They’re expensive and they are great for branding yourself or your products but they don’t actually bring in sales. So, if you want to create an ad campaign on the cheap- go viral or go with in-store coupons. Slipping a 4X6 flier into a customer’s bag for their next purchase works well and it costs pennies. Starting a social media ad campaign can be achieved for $50 dollars.

Next, consider buying recycled printer cartridges. This can save you up to 35% annually on printing expenses. People think recycled means poor quality. No, this isn’t the case. You’re saving money and the environment at the same time, which means it is almost shameful to buy new in this case. And, with the average business paying upwards of $1,200 a year on printing ink, 35% ($420) per year is quite the savings.

Finally, lease employees. It may sound odd, but it will save you tons of cash. You might not always have a need for a full-time or even part-time employee. Using the same person over and over again through a temp agency will save you cash and retraining efforts. Plus, the temp can pick up other work with his or her agency when you don’t have a need for him or her. It is a win-win situation.

Don’t be afraid to save money as a business owner. In fact, consider it your duty to so in the name of company growth.

Until tomorrow,

Coco the CEO