14 Lesser-Known Money-Saving Tips For Small Businesses

1. Evaluate if expenses are really necessary.
2. Put 1% of your sales in a separate account, and increase that percentage every one or two weeks.
3. Negotiate with vendors for lower prices.
4. Have 10% of your annualized revenue in cash in the bank.
5. Reuse or recycle your waste.
6. Cut office expenses.
7. Review and amend the last three years of taxes.
8. Low ROI expenses to be evaluated or eliminated.
9. Look for additional ways to have supplemental or passive streams of income.
10. Save 5% of all monthly revenue for your business reserve.
11. Extending payables and speeding up invoicing.
12. Review all subscriptions for renewal terms and evaluate the ROI.
13. Adopt a homegrown marketing strategy that relies on word-of-mouth, shareable social media posts, blog writing and email marketing blasts.
14. Rethink or pause investments in sacred cows – initiatives with future but not present ROI.