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Tips for Saving Money in Small Business During Financial Crisis

Many small business owners are concerned about the future of their businesses during these uncertain times so I decided to focus in this post on some of the best tips I found out there when searching for related tips.
One posting I found on The Digerati Life blog called, How To Run A Small Business In Time Of Crisis , gave some pretty common sense tips you should check out.  However, there were two tips in particular I thought were quite unique and wanted to highlight them.
One tip was to ask your employees to come up with money saving ideas and reward them. This is such a clever but simple idea because your employees are the ones that should be thinking of these things as they are in the trenches everyday performing all of the processes that could possibly use streamlining.  Beyond this, you could also have each employee make a list of each of the processes they come into contact with everyday and make suggestions for cost improvements within each process. Later, the management team (and even the entire staff) can brainstorm on each of these in a meeting and could come up with even more ways to save!
Another tip I found in this article was related to transportation.  Should you use a gas guzzling vehicle when you could use a motorcycle or another energy efficient form of transportation?  Also, reconsidering your routes is another good one along this same line.  I recently heard of a case study done by UPS where they revamped their routes and saved millions of gallons of gas!
I found another interesting blog post on Money Talks called, 10 Things Small Businesses Can Do During a Financial Crisis .  Unlike a lot of these kinds of articles and posts that all say the same things, this blog post had a ton of good things so I recommend checking it out too.
One tip in particular was to review your business model.  I wanted to add onto this tip.  In reviewing your business model, you should consider ways of expanding it to take advantage of new business opportunities that have arisen as a direct result of the crisis.  For example, a lending business owned by a friend of mine, started offering special loans to small businesses who are having trouble getting credit during the current crunch.  Their business has grown enormously in the past few months because they simply expanded their business model a bit.
Another more common sense tip, but worth mentioning, is related to marketing.  Small businesses should take advantage of lower adverting rates and find new ways to market cheaply online. Gain market share!
What are some other creative tips for saving money in your small business during these uncertain times?

Article Sources:
http://www.thedigeratilife.com/blog/index.php/2008/10/19/how-to-run-a-small-business-in-time-of-crisis/
http://money.blogdig.net/archives/articles/September2008/29/10_Things_Small_Businesses_Can_Do_During_a_Financial_Crisis.html

Comments

  • loans said:

    Very nice information. Thanks for this.

  • Steve O'brien said:

    Wow! These are really helpful tips. A great way to save money during tough times is cutting back on business travel, it can really add up. You can cut cost and save by teleconferencing and even video conferencing via http://www.24conference.com from your office or home office.

  • thomas adair said:

    Ready to run, business solution.

    Developed multiple arbitrages for the financial markets. Arbitrages that produce just a few percent a year, to arbitrages that produce over 30 percent a year.

    In 2001 i started developing, as of now, a dozen arbitrages. I lock in an X percentage, and Y time later, i close out the arbitrage. Over 30%/yr.

    Risk-Free Investing is not only possible, but in abundance. Just that people are told and taught that it is impossible. No risk has been in front of all, but not seen.

    The market is unlimited.

    Thomas Adair
    thomasadair@hotmail.com

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