This article is sponsored by PECO, an Exelon Company.
With the price of virtually everything going up, small business owners are more than ever looking for the best ways to save money.
Skillful leaders open to rethinking business practices can find savings by making small changes in areas such as energy use, marketing, supplies, and general office protocols.
Here are a few ways small businesses can improve their bottom line.
Switch to a smart energy meter
The first place to look for savings is the energy bill. In addition to using energy-efficient light bulbs, replace a standard energy meter with a smart meter to instantly gain access to all kinds of insights into daily power usage. A smart meter also allows a utility provider to bill more precisely, eliminating the need for estimates that are only corrected later with refunds, messing with financial plans in the meantime.
Buy used equipment
You don’t necessarily need brand new equipment at your business. There are secondary markets for all types of electronics and appliances. Not only is it good for the planet to buy slightly used or refurbished equipment, but it will save you cash too.
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Get your name out there
If hiring an outside marketing firm or agency isn’t in the budget, there are still economical ways to ensure you are maximizing exposure for your business. Some ways of taking online advertising into your own hands include: developing an SEO strategy for your website, creating social media profiles on various platforms, and making videos to market your brand on YouTube, Instagram, and Facebook, among other sites. Other options include offering giveaways or contests, starting a customer email subscription, and working with other businesses as referral partners.
Pay your vendors early
Many suppliers offer trade credits, like a 2/10 Net 30 clause which offers a 2% discount to customers who pay invoices within 10 days of receiving an invoice, rather than the full 30 day period. If your business can afford to pay up early without negatively impacting cash flow, routinely nabbing the discount can add up to big savings. If your vendors don’t offer cost-saving options, consider renegotiating outdated contracts to bring down costs.
Implement a hybrid work schedule
While many businesses were forced to pivot to telecommuting during the COVID-19 pandemic, many employers have started returning to traditional in-person work schedules. Unfortunately, having a full staff in the workplace can also mean a rise in energy and supply costs. Implementing telecommuting, or a hybrid model of both remote and in-house schedule, on a more permanent basis could significantly cut costs.
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