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

Posted on 13.April.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: Advice from Houston Rockets Owner Tilman Fertitta & More

Business Video Roundup: Advice from Houston Rockets Owner Tilman Fertitta & More

In this week’s business video roundup, Gary Vaynerchuk speaks with Tilman Fertitta, the owner of both Landry’s and the Houston Rockets. Together they discuss Fertitta’s new book (Shut Up and Listen! Hard Business Truths That Will Help You Succeed) and dive into other topics surrounding entrepreneurship, including the hospitality business. Other videos on deck: Grant Cardone’s top 10 rules of success, how Ugg founder Brian Smith turned a fledgling California…

Mike Winters 20.09.2019

Business Video Roundup: Tips on Business Plans, Transparency in Business & More

Business Video Roundup: Tips on Business Plans, Transparency in Business & More

In this week’s roundup of great videos for entrepreneurs and business owners, the CEO of Farmgirl Flowers reveals how transparency saved her business, Patrick Bet-David discusses why so many business plans fail, and Gary Vaynerchuk talks with Marie Forleo about building a business and a life that you love. Plus, a few tips on writing more effective emails from Steve Jobs and an in-depth exploration of why Dunkin’ Donuts…

Mike Winters 13.09.2019

Business Video Roundup: 4th-Quarter Business Strategies, Tips for New Entrepreneurs & More

Business Video Roundup: 4th-Quarter Business Strategies, Tips for New Entrepreneurs & More

In this week’s business video roundup, Gary Vaynerchuk discusses the business strategies you should be focusing on for the rest of the year in a mammoth 70-minute speech, Brian Tracy offers up six tips for new entrepreneurs, and CNBC explores why Canada’s fast-food giant Tim Hortons has failed to catch on in the United States. Plus, a few things business owners can learn from Jeff Bezos and the strategies he…

Mike Winters 30.08.2019
Back
AMERICAN COMMERCIAL CAPITAL HOME

HOW MUCH COULD FACTORING INCREASE PROFITS FOR YOUR BUSINESS?

CALL 713-227-3863