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Tom Michaels

Member Article

SME money saving tips from Deal Jungle

Understand your use of credit and make comparisons

If you tend to run unpaid balances on your credit cards at the end of the month, shop for a card with a low interest rate. If you pay in full it’s more important to avoid an annual fee and look for a longer grace period.

Often credit card issuers waive the annual fee or reduce the interest rate if you ask so just tell your credit card company you’ve had several solicitations from other companies with more favourable interest rates or no annual fees, and ask if they will reduce yours.

Form a buying alliance

Join with another business and pool your buying power through sites like DealJungle.com for bulk purchasing discounts. This way you can exploit the kind of economies of scale associated with much
larger firms, minimising your costs.

Use technology to cut communications costs

They say it’s good to talk, but it also costs money, so why not consider switching to VOIP? It’s a phone service that uses the internet and many small businesses are using it and saving up to 60% over their traditional telecom costs.

You could also reduce the number of phone lines simply by configuring office PCs to send and receive faxes.

Also, try to cut down your travels cost by working more on video conferencing. It’s free to do so through Skype and saves not only money but also travel time.

Sublet office space

As a business paying rent is unavoidable but you can try to reduce bill costs through subletting. Alternatively why not rent a space in your office to someone from another business? You’d be amazed just how popular this is and who knows you might be able to expand your business network in the process.

This was posted in Bdaily's Members' News section by Tom Michaels .

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