Ways to Save on Your Business

Tips on saving money

Ask Suzi: Business Tips + Tricks

Dear Suzi:

It’s nearly 4th quarter and we are thinking about how we can increase our employees’ bonuses this year. Are there any recommendations for saving money on our business? – P.R., Bozeman

Dear P.R.-

I love that you are thinking of creative ways to save on business expenses to be able to give more to your employees! Here is my top list of places to start on saving.

1. Negotiate with vendors.

Many vendors are often willing to negotiate lower prices rather than lose a regular customer. You certainly won't lose anything by trying! Start with your credit card processor, suppliers, cellphone, cable, software, credit card interest, insurances, and rent.

2. Go green to save green.

Simple moves such as turning off lights and equipment when not in use, or asking employees to print on both sides of the paper, can reduce costs.

3. Cut down on maintenance.

Cut back on the frequency of ongoing maintenance costs such as cleaning services, lawn mowing, and vehicle maintenance.

4. Reward your profit-makers.

Reward profitable behavior from both your employees and your customers. Which could mean offering bonuses to employees who meet certain requirements for sales or productions, and offering deeper discounts or value-added packages to your most loyal customers. If you're spending a little money on the people who do the best work for you, or purchase the most product from you, you're simply investing in a relationship that will ultimately bring more profit to your business.