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Division of Small Business

3 ways to keep your small business from wasting money

Watching the bottom line is key for small business owners.

An article from financial website, The Motley Fool, offers three tips for things your small business might be able to reduce, or eliminate, in order to save a few dollars.

  1. Take a look at the number of people you employ full-time. Are all of them busy year-round? Or, are you keeping them on the payroll so you’ll have enough hands on deck during your busy season? If so, consider whether you can get by with fewer full-time employees and adding freelancers or temporary staffers during the busy season.
  2. Are the conferences and trade shows you’re attending paying off in terms of new business? Sure, you may not walk away with a contract in your pocket, but if it’s not yielding the kind of networking that eventually leads to more business for your company, attending might not be worth it to your bottom line. Think about how much it’s costing you to attend and whether it’s yielding a return on investment.
  3. Examine your advertising budget. You may be spending too much on print ads, which, at least for most newspapers, are seeing dwindling readership. Think about switching some of your budget to online ads and mobile ads, which run on the devices that people are spending more and more time with, and are generally less expensive than print.

Click here to read the article.

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