Tips to save money during tough economic times

Whether it's for repositioning a small business during an economic downturn or simply revisiting an annual budget, cost cutting tips are typically valuable to business owners.

SmartBiz.com has highlighted 25 ways for small businesses to save money, but not sacrifice service during a tough economy.

Tips like saving electricity and managing travel budgets are good tips all the time, but a few of the small business magazine's guidelines are especially handy now.

One way it suggests to manage payroll is by hiring interns during the summer. Students looking for practical experience often forgo salary.

Also, instead of random shopping trips, organize your business supply needs and buy in bulk. This includes expensive ink cartridges. Bulk orders or purchasing recycled products may save some money, says the magazine.

One easy way to cut costs - avoid "re-inventing the wheel" - and order pre-made business forms and labels.

Lastly, experts agree that online marketing is an increasingly popular, yet cost effective, advertising tool. SmartBiz suggests adding client testimonials to your website as a way of sharing good business news with others.

-------------------------------------------

Copyright NEBS Canada Business Products.

Small business owners have trusted NEBS for all of their business needs for over 30 years, including products and services to help manage a small business more effectively.