About the author: Melissa Peterman is a web content specialist for Innuity. For more information about Payroll
and Professional Employer Organization , go to Human Capital Strategies.
Here are 10 things to think about regarding your small business’s bottom line. With just a few minor changes to your standard operations, you can save your business thousands of dollars. Remember, everything adds up!
1. Instead of payroll in-house, consider a PEO (Professional Employer Organization) to take over the administrative and legal responsibilities of managing your employees. You are not selling your employees to someone else- you are just using their service to help your small business save money while offering your staff better benefits to boot! Meaning, no inside human resource personnel costs, reduced legal liability for your company and better benefits packages for your staff. Look to a professional employer organization to help you save money.
2. Get creative with your advertising. Instead of spending huge amounts of money everywhere you turn, double up your advertising efforts. Include advertising material with your invoices, and sneak coupons into newsletters and other promotional fliers. Don’t forget e-mail! Email newsletters and email reminders- think cheap and save a stamp.
3. Think GREEN. Besides all the positive impact on the environment and saving precious energy, going green on energy-efficient technology will save your small business money too.
4. Recycle when possible and buy recycled. Buy recycled printer cartridges, recycled keyboards and computer desks and chairs. Recycle your old computer monitors, office equipment and cubes- don’t trash them!
5. Shut off lights when you are not using them and possibly remove unnecessary energy wasters. Install motion detectors to control lighting, if nobody is taking care of the fish tank- sell it, switch to energy efficient computers too.
6. Sublet your office space. Entrepreneurs are always looking for inexpensive office space, plus you save on rent!
7. Keep your overhead low by hiring family. Tax breaks, cheap labor and loyal staff!
8. Never underestimate interns! An internship program is a win-win situation for your business. You get enthusiastic and ambitious employees to help you, while they in turn get the credits and experience they need.
When it comes to saving money in this economy, small businesses need all the help they can get. Look around your office or store front and soon, hundreds of ways to save money will literally pop out at you. No need to layoff your hard-working staff, think about smaller ways your small business can save money before deciding to make decisions with drastic consequences.
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