Small Businesses Save When They Share

Unusual Ways to Save Your Business Money

Michiana is abuzz with daily news of the toll the economy has taken on the community. Whether its news on the rising unemployment rates, falling home values, increasing foreclosure rates and decreasing revenues have small businesses in every industry reeling. However, there is a way to survive this financial meltdown, with your sanity and business intact. It’s going to take an open mind, creative thinking and maybe a few business “lifestyle” changes.

Just as the American household is reducing its excess expenditures and bolstering savings, so must the small businessperson do the same to survive. Some of the same concepts apply, like reducing and reusing. The difference is the focus of the changes. Even in this economy, there are ways to save money in business. One of those is the good old-fashioned rule of sharing.

3 Ways to Work With Businesses Near You to Boost Business

Remember that lesson we learned as kids, share your toys with others and they will share their things with you? Well, that applies now, at a time when people can afford to do very little on their own. Sharing goes a long way in not only reducing costs, but increasing the benefits of a service to those who would otherwise do without.

Save on Advertising

Share your ads with a business of a complimentary service or product to your own. This could mean sharing ad space for your greenhouse with a local landscaper or that of a local restaurant with your video store. The ad for the latter could tout carryout dinner and a movie at home. Use your creativity and see what you can come up with.

Order Supplies With Other Businesses

Many small businesses skimp on essential supplies when revenues go down. Some try to switch suppliers only to find that the real discounts are in the bulk orders. Such ordering is impossible for a strapped business. But, by sharing a bulk shipment with one or more other businesses, you all can get the supplies you need at the much cheaper a bulk rate.

Simple Way to Save on Services

Another great way to share expenses is through the services that businesses use and need to survive. An accountant, for example is vital for small business. Try to gather several businesses and then approach that accountant for a group rate. In many cases, the accountant is also in need of steady clientele and will be willing to negotiate.

Think of other ways in which you could save by sharing products or services with another business. In these hard times, it is more about survival to fight another day than fighting against the competition. After all, until the recession ends, we are all in this fight together.

Next time we look at the savings in becoming an “expert” in the community…