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How to Save Money Advice

Provided by SME Solutions Center - Kenya


Small cost saving Reduction Strategies

One overarching motive of you, the business person, is to operate at the lowest possible costs. You always think of how to save money and suitable cost saving strategies. While doing so, you would strive to maintain product quality. To minimise operating expenses, you could implement a number of money saving ideas. You could:

  • Cut postage and delivery costs
  • join relevant associations within industry
  • Capitalise on barter or trade-off opportunities
  • Minimise telephone and long-distance call charges
  • Reduce office supplies expenses
  • Acquire rebates from credit card companies  

Obtaining Discounts from Credit Card Firms  

As a loyal customer, you could gain fiscal advantages through earning bonuses and discounts. If you frequently use certain credit card services, you could benefit from redeemable points or price reductions. In the process, you cut costs.   

Cutting Postage and Delivery Costs

You could use bulk mailing applications such as MailBigFile.com which allow the sending of large files via email. With email, you could get recipients’ digital signatures. You thus need not worry about the requirement for recipient’s written commitment. A signature can be represented by a recipient’s typewritten name. These cost saving strategies also save time.

 Reducing Office Supplies Expenses

To minimise the costs that go into purchasing office supplies, you could adopt a number of approaches, namely:

  • Making bulk purchases
  • Purchasing refurbished equipment
  • Curtailing worker theft through careful monitoring  
  • Buying used wares at various online auction sites such as uBid or eBay   

Minimising Telephone and Long-Distance Call Charges

So as to cut the costs that go into national and international telephone calls, think of and implement cost-effective alternatives. Recommended choices include Skype and Vonage. Through these applications, you drastically reduce your local and international call costs.       

Capitalising on Barter or Trade-Offs

Check out and make good use of discounts that other businesses offer to customers who purchase some wares or services. Arrange with your business partners so that you enter into a barter exchange arrangement whereby you exchange services or goods for other services or goods.      

Join Relevant Associations within Industry

Select and become a member of suitable associations. Within these groups, you are likely to benefit from offered cost-reduction deals. Further, you could access useful business information while in these associations. For instance, you may learn about the performances of similar businesses. This information is crucial because it helps you to evaluate your performance.

One key drive for you as the small business proprietor is to operate at the lowest possible costs while at the same time safeguarding service and product quality. Basically, you may continuously think of how to save money or how to cut costs. To achieve this objective, you need to apply suitable money saving ideas. There are a number of avenues through which you can achieve this objective. By utilising trade-off facilities, you can realise cost savings. You could also join trade associations that offer crucial information as well as attractive business deals. Further, you could reduce operating expenses by seeking and using cost-effective communication approaches. By sourcing office supplies from discount outlets, you save some funds. You need to put in place stringent monitoring systems so as to safeguard unscrupulous and imprudent use of the office supplies by your personnel. Another cost reducing mechanism involves capitalising on customer loyalty discount deals offered by credit card firms. By doing so, you cut costs.  

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