As an entrepreneur, whether you are starting your business or have been in business for years, spending your money wisely and saving as much as possible while getting the maximum amount of revenue is at the top of everyone’s list.  Here are 10 tips on spending wisely to get the job done that will also leave money in your pocket.

  1. Go paperless – Not only will you be saving money on paper, ink and perhaps eliminating a copier or fax rental, you will see an increase in efficiency due to the ease of accessing your files.
  2. Manage employee spending – This will give you peace of mind plus keep your revenue revved up.  Set and maintain a budget and put a cap on expenses by category.  If spending in certain areas must occur on a regular basis, ask yourself, your business partner or employees, “How can we bring in ‘X’ amount of dollars to balance this expenditure?” Problem solved.
  3. Negotiate – Asking for a better price makes you look like a smart and savvy shopper.  More often than not, you will pay a lower dollar amount than the sticker price.  The important thing to remember is to know who and when you can ask for a better deal.
  4. VoIP Phone Services – Voice over Internet Protocol (VoIP) is phone service over your Internet connection.  Many businesses are making the switch since noticing the benefits of the technology update.  It increases productivity, accessibility, flexibility and it costs less to start and maintain on a monthly basis.
  5. Sublet Your Space – Before we go any further with this topic, check your lease and see if this is allowed.  If allowed, renting out your space to others will not only let new leads and potential customers discover your business, but it will help with your finances when the rent is due.
  6. Hire Your First Employee (or hire family or have an internship opportunity) – This may not seem like a money saver at first, but in the long run, it will benefit you more ways than one.  This will allow you to spend more time on the things that are most important to your business and your life.  This will also allow you to be more profitable and handle a larger workload as a smooth running company.
  7. WoM Marketing – Word of Mouth marketing is priceless, literally. Clients who love you and your product or service will tell the world about their experience.  Social Media outlets such as Facebook, Twitter and Linkedin help make their experience known to others and get more clients to your door and in the checkout line.  The best part? It’s completely free.
  8. 3-bid Rule – Shop around for the lowest price on office furniture, accessories and supplies in at least 3 places.  Although this may take a couple of more minutes when you’re on the hunt for that prized item, merchants will want your business and will usually beat their competitor’s price.
  9. Hire individuals with Multiple Skill Sets – Thinking about hiring someone as an office manager but also need someone in marketing? There are qualified candidates for positions that require multiple skill sets in various areas.  Not to be confused with multi-tasking – a characteristic that may do more damage than good.  A range of talents and abilities in one individual will help you out significantly with your booming business and will also keep costs down.
  10. Purchase Laptops Over Desktops – The ability to meet anyone, any place, any time while staying connected is heavenly.  Not to mention, laptops/notebooks use less power than desktops, saving you money on your electric bill.  As a business owner yourself the flexibility and free range this gives you is also priceless.