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Frugality in Small Business

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					Frugality in Small Business
                                                         Owning and operating one’s own small business
                                                         can be the joy and challenge of a life time. The
                                                         differing expenses and costs of running such
                                                         business, however, can quickly run a small
                                                         business to the brink of failure.

                                                         Good Practices
                                                         Successful business management practices are
                                                         not the only way to save a struggling business.
                                                         Most small companies can greatly improve their
                                                         situations by simply observing a few tips of small
                                                         business frugality that will cut monthly and
                                                         yearly costs, saving money and increasing profits.

Most such tips and tricks to saving money on small business ventures can be learned by returning to
school to receive additional education and training in business management and administration. This is
because a majority of the money saving techniques employed by small business is typically known by
those who have been in the business of entrepreneurship.

In fact, most such frugal measures are known by a majority of homeowners across the nation. The first
and best way for a small business to cut back on their monthly expenses is not by implementing new
business policies, but rather by employing domestic utility bill saving techniques in the office.

Monthly utility bills can bleed a small business dry a fast as a shrinking clientele. Small business owners
should strongly consider implementing energy conservation techniques in order to save hundreds of
dollars per year.

Such practices should include temperature discipline with the thermostat and conserving energy by not
using power in unused areas of the office and by switching off lights in unused areas. These power
saving methods are used every day by private individuals and families in order to save money and
similar use by small business will yield a similar result.


Other Methods
Another power saving method that can be employed
by small business owners is in the use of laptops
over desktop computers. Laptop computers use up
to ninety percent less energy to run than do
desktops.
Laptop use should therefore be strongly considered wherever possible to save even more on energy
costs. Other overhead costs can be eliminated by small business by effective use of free resources.

The internet is home to literally thousands of public domain documents and forms of business that can
be used by a small business in their daily operations. A owner should not waste time and resources
developing a unique system of forms for their company when free premade forms are available online.

The internet is likewise home to some of the world’s best free advertising or inexpensive advertising.
Social media sites are a prime example of how a small business can save money on advertising costs
without losing effectiveness.

Partnerships
Additional money saving practices for a small business includes using a partnership with a local college
or university business administration department to gain college interns. Interns are a great resource
for small business employers because often their labor is cheap (or even free) while their work ethic and
level of productivity is high.

Using these and other money saving techniques while running a small business will greatly reduce the
overall costs of running the company will help to preserve resources and finances for those areas of
business where they will be most needed.



Photo Credit: Ganderssen, Angela Radulescu

				
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