4 Ways to Cut Costs & Save Money for Your Small Business

Posted on 13.Apr.2015 by Mike Winters | @amcomcap

Piggybank and CalculatorIf cashflow for your small business is getting tight, there are a lot of ways that you can cut costs, save money, and improve cash flow. Even if your business has plenty of breathing room when it comes to money, however, it's never too early to start thinking about the areas where you could be saving considerable amounts of cash. Many businesses crash and burn due to out of control spending, so here are four great ways to save money for your small business.

1. Outsource.

Mike Michalowicz, CEO of Provendus Group, recommends hiring contractors instead of full-time employees. "If you don't have work for employees, you're paying them to be idle," he says. Not so with contractors—who you pay only for hours worked. And these days it's easier than ever to hire contractors through sites like Elance, Guru.com, and oDesk. "It's still crucial to have a core talent, one derived from full-timers," Michalowicz says, "but not everyone on your team needs to be full time."

2. Let Employees Telecommute.

Having employees telecommute can save your business money on office space and increase productivity. That's right—telecommuting increases productivity, according to a study by PGi. Which, in the end, also saves you money. And with apps like Asana for project management and ClickMeeting (for meetings, naturally), you can easily keep your remote employees connected.

3. Conduct an Energy Audit & Go Green.

Going green isn't just good for the environment and the sustainability of the world we live in, it can also save your business a lot of money! If you're unsure of where to start, the U.S. Small Business Administration has a host of resources on energy efficiency, including a list of state and local energy efficiency programs that can offer financial assistance, provide help with going green, and conduct energy audits for small businesses trying to be more energy efficient.

4. Negotiate Prices with Vendors.

Are you getting the best possible deal from your vendors? If you haven't discussed prices with your vendors in awhile, it might be time to buckle down and negotiate yourself a better deal. "Make sure you negotiate longer credit terms, volume discounts, and price locking with your suppliers," advises Davesh Dwivedi of Breakingthe9to5Jail.com. "A longer AP (Accounts Payable) term helps you keep a healthy cash flow, gives you more breathing room and spare cash to reinvest in your business."
image description Roy Brooks and American Commercial Capital, LLC, has provided invoice-factoring services to Houston-area small businesses since 2003. We work with businesses in San Antonio, Dallas, Austin, Fort Worth, Beaumont, Port Arthur, Corpus Christi, and other nearby Texas cities.

If you want to learn more about how cashflow-sensitive invoice factoring can help your business, give us a call at 713-227-3863, contact us here, or fill out our form for a free, no-obligation quote.

READ MORE FROM AMERICAN COMMERCIAL CAPITAL

Business Video Roundup: Tax Reform, Retirement Plans & Lessons Learned in Business

Sara Blakely, CEO of Spanx This week, we've got five more excellent videos geared towards helping and motivating entrepreneurs and small-business owners. Columbia Business School professor Michael Graetz gets down to the brass tacks on what the recent tax reform means for business, the CEO of Spanx discusses her journey and dispenses advice, and the CEO of an artificial-intelligence company preaches building a strong team and setting a positive work environment. Plus, a quick reminder on why educating employees about retirement plans is important and nine life hacks used by the world's most successful people that you can adopt into your routine.  Read more

Mike Winters 20.4.2018 

Business Video Roundup: Finding a Good Team, Creating Action Plans & Leading Strategically

Founder of Slice App, Ilir Sela "Luck is what happens when preparation meets opportunity," says former CIA director and current KKR Global Institute chairman David Petraeus. That being the case, we hope this week's roundup of videos can help you become more prepared for any opportunities that come your way. We've got Petraeus discussing strong strategic leadership, Evan Carmichael describing how to find a good team, and LISA CEO Rob Richmond talking about finding opportunities even in the most crowded markets. Last but not least, Brian Tracy describes how to create and implement an effective action plan to meet your goals and the CEO of the Slice pizza app discusses how he aims to help mom-and-pop pizzerias without hurting their bottom lines.  Read more

Mike Winters 13.4.2018 

Business Video Roundup: Building Trust, Defining Leadership & Paths to Success

CEOs in Conversation at Columbia Business SchoolIn this week's roundup of great videos for entrepreneurs and small-business owners, the CEO of Oak Street Health talks best practices for building trust in any market, two tech CEOs discuss leadership and paths to success, and a finance CEO offers up seven important lessons that he learned by starting his own business. Plus, Brian Tracy gives a few tips on how to stay motivated in sales while Evan Carmichael presents the top 10 rules of success for The 10X Rule author Grant Cardone. Read more

Mike Winters 02.4.2018 
Back
AMERICAN COMMERCIAL CAPITAL HOME

HOW MUCH COULD FACTORING INCREASE PROFITS FOR YOUR BUSINESS?

CALL 713-227-3863