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Budget Salvation! 10 Ways for Small Business Owners to Save Money

Written by: Daryl James

Article Overview: You may have noticed that the economy is on shaky ground pretty much everywhere. It's been in all the papers. While everyone from the consumer to the corporation is on edge, the small business owner is probably the most nervous. They share the concerns of everyone, while also worrying about their budget in relation to the future of their business and their employees. The real challenge for small business owners is how to make their budget dollar go further - expenses can't be slashed any further because they're already running lean, and they don't want to stifle potential business growth out of economic fear. So, how does the small business owner balance the budget to ensure the prospects of future success?

Budget Salvation! 10 Ways for Small Business Owners to Save Money

You may have noticed that the economy is on shaky ground pretty much everywhere. It's been in all the papers.

While everyone from the consumer to the corporation is on edge, the small business owner is probably the most nervous. They share the concerns of everyone, while also worrying about their budget in relation to the future of their business and their employees.

The real challenge for small business owners is how to make their budget dollar go further - expenses can't be slashed any further because they're already running lean, and they don't want to stifle potential business growth out of economic fear.

So, how does the small business owner balance the budget to ensure the prospects of future success? By:

1. Outsourcing customer service to a remote team thereby decreasing small business product maintenance expenses and increasing profit margins.

2. Modifying existing outsourcing relationships with system administrators, network professionals and/or support teams by moving them from a retainer to an hourly pay schedule (re-tasking and limiting them to the essential functions of their specific small business needs).

3. Outsourcing to graphic designers from rural areas rather than more expensive urban areas and managing them remotely using services such as oDesk.

4. Re-focusing online marketing efforts to focus on search engine optimization rather than paid search efforts (there is no distinction between large corporation and small business at the top of a Google search).

5. Expanding the role of existing in-house staff members and their counterpart outsourcing teams such that everyone can participate in and share the responsibility and success of corporate savings and financial well-being.

6. Outsourcing data entry and other time-consuming, lower-level tasks whereby freeing up already overtaxed small business executives to focus on higher-value activities that actually move the business forward.

7. Buying used equipment from failed companies that need to sell computers, furniture or office supplies (cost-aware small business owners may even be able to score an amazing deal on that cool espresso machine they've always wanted).

8. Using what's free and available to consumers and small business professionals alike, e.g. trading land lines for Skype, ooVoo or TokBox and using oDesk Share instead of paid web conference tools.

9. Using free open source tools instead of paid software, e.g. PostgreSQL instead of Oracle, Gmail and Google Apps instead of an expensive in-house email and collaboration server.

10. Reducing their small business travel expenses and gas costs by using freeware like oDesk Team software to encourage and monitor outsourcing and working home when possible.

Everyone is worried about riding out the current storm, but small business owners especially can't let fear swamp their ability to think tactically about their budget and its corresponding direction. As with all storms, this too shall pass and the structures left standing will be those who managed to secure themselves for the recovery. Be sure to find value where you can, and remember, a rising tide isn't so threatening when you're a strong swimmer.

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Article Tags: budget dollar, business executives, business growth, business product, google, google search, graphic designers, house staff, level tasks, maintenance expenses, marketing efforts, network professionals, outsourcing relationships, product maintenance, profit margins, search efforts, search engine optimization, shaky ground, small business owner, small business owners



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