25 ways to save money in your business today
by Lena Anthony

Looking for ways to cut back around the office? Instead of making big, sweeping changes that will leave your employees planning for a worst-case scenario, try a few of these simple ways to increase your capital.

1. Add a new service related to your current offerings.

2. Entice customers with a discount or promotion.

3. Ramp up customer service. Be extra attentive to existing customers, but court new ones, too.

4. Advertise. If everyone else is cutting back on advertising and marketing, this is your chance to be more visible.

5. Split advertising costs with neighboring, non-competitive businesses.

6. Trim your mailing list.

7. Set up a blog to drive traffic to your Web site.

8. Reduce your inventory to only what you need.

9. Hire an intern who will work with you to earn college credit.

10. Renegotiate a deal with a supplier.

11. Cut back on overtime.

12. Institute a hiring freeze or use more part-time workers. This will not only save money, but also help keep you from having to lay off employees.

13. Trim the cost of benefits. Some decisions might be tough for employees, but it’s better to scale back on benefits than to discontinue them entirely.

14. Use free software through Google or other Web-based programs.

15. Learn the ropes of tax deductions.

16. Send reminder letters to your past-due accounts.

17. Make a mistake on a letter? Flip it over and use the other side for future drafts and other internal documents.

18. Decrease postage costs by starting an e-newsletter.

19. Turn down the thermostat in the winter.

20. Turn off lights when you leave a room and shut down office equipment at night.

21. When not in use, turn off electronics chargers, which draw power even when not charging.

22. Have everyone bring in their own coffee mugs instead of going through hundreds of disposable cups each month.

23. If your business requires travel, drive instead of fly. Or instead of renting a car while you’re gone, take public transportation.

24. Be honest with employees about how the economy is affecting your business.

25. Offer low- or no-cost rewards (like an afternoon off) to employees who come up with other cost-cutting measures you can implement.