How to Save Money on Your Small Business Expenses
Like many small businesses, our family owned business operates with a small profit margin. We generate enough profit to take a salary, but that’s about all. Most small businesses think that the only way to increase their profit is to increase their revenue, however you can also increase profit by decreasing your expenses.
Lower Business Expenses by Using a Cash Back Program
I found a cash back website that would give us 20% cash back on our ink and toner cartridges for our printer and copy machine. We print and mail our invoices to our customers on a monthly basis, so we go through a lot of ink. The 20% cash back is only for the generic versions, but they are completely compatible and work just as well as the name brand versions. We use the this ink merchant that is part of the cash back program. They also sell refurbished printers for very good prices, and we have also purchased one of these used refurbished printers from them. I like the convenience of ordering online and having it delivered right to my door. I don’t have to waste an hour of my time driving to and from the local office supply store (that is grossly overpriced). It is a better use of my time and our money to order online.
I also use the cash back website to get 5% cash back on business cards, which I order through my favorite business card merchant. They also list coupon codes, so I usually save even more when I order. I know when businesses are first starting out and are trying to save as much money as possible, they are always looking for the cheapest business cards they can find. You can use this cash back program to not only get great looking business cards, but also get cash back on them.
This is also a great way to save 5% on orders of marketing brochures, letterhead, flyers, postcards, loyalty cards, magnets, presentation folders, rack cards, return address stampers, and personalized corporate gifts. Another good merchant to use that also participates in the cash back program is this one. They currently offer 8% cash back. They also offer coupon codes you can stack on top of the cash back rebate as well.
We also use the cash back website to save 8% on our website domain names and hosting. Some businesses who specialize in websites and “online real estate” could really save a bundle by using a cash back website when they purchase their domains and hosting.
Save Money with a Business Cash Back Credit Card
I also found a business credit card called Spark Business Card (by Capital One) that offers 2% cash back on purchases, so we started using that to buy supplies from our local wholesaler. This immediately gave us 2% cash back on our purchases. When we order supplies online, like the examples above, I get the cash back rebates from the cash back website, use a coupon for an immediate discount, and also get the 2% cash back from my credit card. This adds up to a pretty good savings for us!
How about your small business? How have you found ways to slash expenses or get cash back on your business purchases?