According to a Stanford
University study, allowing your team to work from home could decrease your
employee turnover by almost 50%. So, by offering telecommuting, you’re not just
saving money on rent and utilities, you could also be saving money by not
having to hire as often.
4. Buy used equipment
You probably don’t need brand new equipment. Talk to other
businesses in your area who are about to replace their equipment, then ask them
if they’d be willing to sell their older equipment to you at a lower price.
They’ll be happy because they’re getting some of their money back, and you’ll
be happy because you’ll save money.
5. Hire contractors
If you need some extra help on a project, consider hiring a contractor
instead of an employee. You’ll save money because you don’t have to pay payroll
taxes, and you won’t have to find something for the employee to do after the
project is finished.
Be careful, however, to make sure you’re not incorrectly
calling someone a contractor. Mislabeling an employee
can lead to steep fines and fees.
6. Shop around
Anytime you’re buying something new, shop around. Don’t just
go with the first company you talk to because their price seems great. Talk to
other companies to make sure you’re getting the best deal possible.
Looking for more ways to save money in your small business?
Click here to learn 5 tips
for staying frugal.