Go paper­less
Choos­ing email over mail, and elec­tron­ic file stor­age over print­ing, can save you mon­ey on paper, ink, postage and more.  There are free online project man­age­ment tools that can help you orga­nize your doc­u­ments and share them with your team mem­bers, mak­ing your busi­ness more efficient. 

Pay bills on the due date
When you pay late you incur fees, but when you pay ear­ly you’ve unnec­es­sar­i­ly lim­it­ed your cash flow.  Pay on time, every time, and max­i­mize cash.

Tack­le your receiv­ables
Iden­ti­fy your slow-pay­ing cus­tomers and get proac­tive.  Offer an incen­tive to those who pay quick­ly.  If you accept cred­it cards, you should shop around for the best price on pay­ment pro­cess­ing.  And send out invoic­es as soon as the prod­uct has been deliv­ered or the ser­vice com­plet­ed.  Why wait?

Hire a stu­dent instead
Col­lege stu­dents will work for less, or just for course cred­it, and you can hire them on a short-term or as-need­ed basis.  Set one to work and you might just be get­ting a bargain.

Review your insur­ance cov­er­age
Are you still pay­ing to insure assets that have been sold?  Are you over-insur­ing on the ones you still have?  How much might you save by increas­ing your deductibles?

Don’t make sem­i­nars a group event
Instead of hav­ing sev­er­al peo­ple attend a sem­i­nar, save mon­ey by des­ig­nat­ing one per­son to go, and then report back to the team on what they learned.

Pro­gram your ther­mo­stat
You may have heard this before (thanks Grace!) but it works just as well in the office as it does at home.  And while you’re at it, make sure every­thing is turned off when no one’s in the office. 

Make your adver­tis­ing expense go fur­ther
What­ev­er your cho­sen method of adver­tis­ing, make sure you include a coupon, spe­cial code or offer and encour­age peo­ple to use it.  That way you will know which mar­ket­ing strate­gies are the most effec­tive, and you can elim­i­nate the ones that aren’t.

Make the most of your office space
Con­sid­er cut­ting back on non-essen­tials and mov­ing into a small­er office space.  And if that isn’t fea­si­ble, you can rent out that extra desk to a local entre­pre­neur for some extra cash.

Design and print your own busi­ness cards
Save mon­ey and make a state­ment.  This would be a good project for that new intern.

Com­pare prof­it mar­gins
Cal­cu­late the gross prof­it for each prod­uct or ser­vice you sell.  Then focus on the ones with the low­est mar­gin and con­sid­er dis­con­tin­u­ing them, allow­ing you to focus your efforts on your more prof­itable segments. 

Assess your inven­to­ry
Do you have old or obso­lete inven­to­ry?  See if it can be sold, or even re-worked into some­thing useful.

For con­tin­u­ing assis­tance with cut­ting costs and grow­ing your busi­ness, con­sult your Wealth Advo­cate at Mack­ey Advisors.