Take a look at these savvy money saving ideas for your small business. Everything from cash back to employee benefits can help you save throughout the year.
- Merchant card savings. Take a tip from gas stations. Some offer a five-cent-per-gallon discount for using cash instead of a credit card. Whatever your business may be, you can offer customers who buy merchandise or services that will cost more than your predetermined amount, a 2% or 3% discount for closing a deal with a check or bank draft. It's great for you because you will save up to 4% on the credit card transaction charge.
- Save on large purchases for your company too! Ask vendors for a discount for paying by check. You should get it, since the vendor will pay at least 4% in fees to process a credit card too.
- Charge expenses, get rewards. Charge all your business expenses to one credit card that offers hotel and airline rewards. Then you, or an employee, will be able to visit customers or attend business events in another city without paying for travel expenses.
- Let workers telecommute. Most companies these days are working 'in the cloud.' That means employees can access company functions from the comforts of their home computers. Telecommuting can save on office maintenance, scheduling, and equipment. However, there are risks that can become very expensive. All telecommuting employees should be instructed on safe practices and bring their personal laptop or tower into the office to have it checked for viruses. Everyone accessing your company information needs the proper security tools and training to keep your data safe at all times.
- Offer paid time-off. Some employers offer workers additional hours of paid time-off instead of getting a raise. Employees like the idea of getting paid for 40 hours when they only worked for 36 or less. Surveys show that many workers would like to work a few less hours, especially if they get full-time pay.