April 29th, 2012 
admin Editor’s note: Molly Cunningham, owner of the site ‘Business Administration Degree’ sent me a concise, ‘cut to the chase’ list of ways to cut cost and save money. I wanted to share if because these days, who doesn’t want to cut cost?
1. Switch your software. Open-source software costs much less than commercial products while offering the same, if not more, capabilities. You can also download freeware or limited versions of software for free on many sites like download.com.
2. Change your phone service. VoIP is a cheaper type of phone service that works through the internet. This is a popular choice for small businesses. Another option is a hosted PBX system like Virtual PBX, which requires no hardware or software to maintain. You could even do something as simple as reducing the number of phone lines to save on telecom costs.
3. Go green. Although it may cost you a little more at first to make the switch, using energy-efficient appliances can save you lots of money in the long run. From lighting to technology, there are many options. Even simple changes like making sure lights and equipment are turned off at night can make a big difference.
4. Use laptops. Believe it or not, laptops consume about 90 percent less energy than desktop computers. They are also much cheaper to buy and replace.
5. Get cheaper help. Hiring freelancers, consultants, and contractors means that you won’t have to pay for benefits. You may also consider hiring interns or college students for credit, which means you’ll have bright young employees working for little or no pay. If your business is particularly busy during a certain time of year, you may want to hire temps just for the busy period.
6. Buy used equipment. Used computers, copiers, and office furniture can be found on sites like Capasset.com and Craigslist.com. You can also get great deals at going-out-of-business sales, trade shows, and wholesale retailers.
7. Take advantage of social media. Using sites like Blogger, Twitter, Facebook, and YouTube can get the word out about your business for free. You can advertise your products, promote special offers, and offer tips. Using social media is also a great way to connect with current and potential customers. It’s also good to make sure your company can be found on Google Maps.
8. Know your community. There are many ways you can use your local community for low-cost advertising. Get to know the neighboring businesses and exchange business cards to display in your offices. Ask clients to tell others about your or write a review on your company’s website. Speak at a community meeting or hold free community events to reach out to new customers.
9. Re-evaluate insurance and policy costs. Ask your provider about umbrella policies, which can sometimes be cheaper. You may also consider raising your deductibles to lower your premiums.
10. Check your property taxes. Sometimes new businesses end up paying higher property taxes than other neighboring businesses. Go to city hall to find out what these other businesses are paying, then use this to negotiate a better rate with community authorities.
11. Don’t forget tax deductions. A number of costs can be deducted on your business taxes. You can deduct a portion of what you pay for rent or mortgage interest, utilities, various maintenance expenses, and even services such as cleaning and lawn care. Check the IRS website or speak with a knowledgeable tax advisor.
12. Outsource HR, payroll, and benefits. You can save a significant amount of time and money by handing administrative services over to another company. Working with a Professional Employer Organization (PEO) is an easy way to let someone else take care of administrative and legal responsibilities and reduce your company’s legal liability.
13. Join a trade association. You can get industry-specific information, advice, and sales opportunities that will make your business better. In addition, many associations offer competitive group insurance and bulk purchasing discounts to save its members money.
14. Use travel discounts. Travel can be a large expense for a small company. Look for discount airfare online, especially with regional and budget carriers. Discount car rental companies like Rent-A-Wreck of America offer used car rentals for cheap prices.
15. Don’t forget disaster-recovery planning. This is one area in which you should not look to cut corners. It’s far cheaper to plan for emergencies like fires and natural disasters than to take such a large risk that could ruin your business.
This article was submitted by Molly Cunningham. She has been in business her whole life and owns the site Business Administration Degree
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