Business owners are always looking for ways to save money while continuing to widen their client base, but the need to do so has been amplified of late due to the current economic climate.
According to Entrepreneur magazine, this can be achieved using a variety of methods, such as buying recycled printer cartridges and ordering checks through a printing business rather than a bank or employing independent contractors and ensuring that there is a written fee agreement in place with the company attorney.
In order to increase a company's online presence without incurring excessive costs, small business owners are advised to sell items on online auction sites. Once sales take off, "website-in-a-box" offerings are available that allow businesses to set up a professional online storefront for a low monthly fee.
Overhauling the company's books and accounting processes can also lead to savings. Conducting a thorough accounts payable audit can uncover instances of duplicate payments that a business would otherwise have remained oblivious about.
Implementing solutions such as Technology Insight's Recovery Audit Services ensures the recoupment of lost funds not captured by internal controls.