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How to Reduce the Cost of Running Your Business - Business - Nairaland

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How to Reduce the Cost of Running Your Business by incomeboostng: 2:55am On Feb 13, 2021
Reducing cost of running a business is something that every business owner would think of, but it seems to get lost in the shuffle of our day-to-day doing business.

Let’s start with some clever ways to reduce the cost of you doing business:

Negotiate, negotiate, negotiate! This has become a lost art. You should always try to negotiate a lower price for any business equipment or supplies. It doesn’t hurt to try. Pretend you’re talking to a used car salesman.

Wholesale/Bulk Buying – You can save money buying your business supplies in bulk quantities. Get a membership at a wholesale warehouse or buy through a mail order wholesaler.

Used but Not Abused – If your equipment and supplies don’t need to be new, buy them used. Cars, desks, file cabinets, etc. can be found at yard and garage sales, used stores, on message boards, and free publications. Some excellent items are sometimes offered when a business decides to relocate or is closing.

Borrow/Rent – Have you purchased a piece of business equipment and only needed it for a short period of time? You could have borrowed the equipment from someone else or rented it from a rental store.

Search for New Suppliers – You can always be searching for new suppliers for your needs. Look for suppliers with lower prices and better quality. When you find one, try pointing the difference out to your current supplier. You may get a better deal from him and not have to change. Don’t be satisfied with just a few. You never know when your favorite supplier may decide to go out of business.

Online/Offline Auctions – You can find office furniture, equipment, and even cars and trucks at online and offline auctions. Pay special attention to those held by law enforcement agencies or IRS that auctions off items seized from offenders. I’m not saying all the time, but before you pay retail for some big ticket items try bidding on them.

Barter – You should be bartering goods or services with other businesses. Try to trade for something before you buy it.

Network – You can network with top/renown businesses similar to yours. Doing JVs (joint-ventures) with these businesses could cut down on your marketing/advertising costs.

Free Stuff – Try visiting the thousands of “freebie” sites on the Internet before buying business supplies. You can find free software, graphics, legal forms, online business services, etc.

Every millionaire didn’t acquire their wealth through inheritance; some were smart business dealers.


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