4 Tips to Save Money as a Business
With prices on the rise across the world, chances are you are feeling the effects of inflation with every purchase your business makes. You may realize that you are purchasing the same products now that you always have, but now suddenly you are spending more per transaction, throwing your delicate budget into madness. This article hopes to outline four simple ways to help alleviate the stress put on your budget and to help you stretch every dollar to its max.
1. Discounts and Sales
When it comes to coupons and discounts, things have evolved beyond magazine coupon clipping and manual bargain hunting. More and more, frugal business owners can turn to digital coupons, loyalty or member-only sales and bulk sales discounts to decrease their company’s spending. As a business, you should never be paying full price for many of your most routine items. Depending on the product that you are purchasing, you can likely find coupons, promotions, or sales that will help lower the cost, such as seasonal specials or budget-minded retail POS systems. This may mean that you need to make some purchases with a specific timeline in mind, but if the item is not an immediate necessity, it should not be a problem—and your budget will thank you.
2. Loyalty Cards
Whether for company travel or day-to-day products relevant to your operations, participating in another company’s loyalty program is an easy way to save money. Look into the places where your company acquires either goods or services to discover if they offer any customer programs or cards for repeat patrons, businesses included. These programs often allow you to accrue points, get special notifications on upcoming promotions or score major discounts on your next purchase if you purchase something a certain number of times. Some of these loyalty cards also allow you special access to bulk pricing or hidden discounts not advertised upon signup, rewarding loyalty on top of loyalty.
3. Refurbished Electronics
If you need a new phone, laptop, blender, or other electronic appliance, then it is worth researching the refurbished market for your future product. Refurbished products are items that were defective, returned to the manufacturer, and returned to working like new. They are required to be labeled as refurbished and are typically 20% to 50% off the normal retail price. It is an easy way to purchase a quality product for much less than the normal price without compromising your daily operations due to slow or out-of-date electronics.
Along with buying refurbished, another easy way to save cash on electronics is by purchasing older models of the same product versus buying the newest and latest update. This is easily seen in the release of cell phones. As soon as the new model phone is released to consumers, the previous model drops in price dramatically, sometimes more than $300 less than what it was previously labeled. If you can time your tech purchases around the release of new models—and your business can manage with having an older version—you can find a great deal on a brand-new piece of technology.
4. Price Matches and Price Comparison Tools
Many large store chains like Walmart, Target, and Best Buy offer price match guarantees, which promise that if you find a lower price on an item at a competitor’s store, you can bring in some form of proof, like their ad or the online website, and the chain will lower their price to match whatever the competitor’s price is. If you prefer to stay loyal to a few stores, this can be a very effective tool to use to ensure that you are paying the absolute best price for your product. Price comparison tools online can help you feel confident that you have the best price possible for the item.
Using a great amount of honesty with yourself and self-discipline when it comes to shopping can greatly reduce your company’s spending expenses. Taking the time to research the market for larger purchases, and to search for the best deals and coupon offers before you reach the purchase counter can dramatically change your spending average.