10 money-saving tricks every small business owner should know


Around 65 million small businesses face difficulty in meeting financial needs per year. As a small business owner, managing finances effectively is essential for long-term success and sustainability. 

Thus, it’s important to find ways to save money, especially if you deal with limited resources. 

So, let’s explore a few tips and tricks for your small business and discover how to boost your business’s financial health.

1. Recheck your entire system

Markets are dynamic, and customer preferences can change over time. Reevaluate your toolkit to stay responsive to evolving market conditions.

Revisit your business goals and objectives. What are you trying to achieve, and how can your toolkit help you reach these goals more effectively? 

Evaluate how well each tool or resource is performing. Are they meeting your needs, or are there limitations and inefficiencies?  

2. Separate 1% of sales 

The primary reason to set aside a percentage of sales is to build an emergency fund. This fund is a cushion that can help your business face unexpected challenges such as economic downturns, equipment breakdowns, or unforeseen expenses. 

Begin by setting aside 1% of your sales, as this is a manageable amount that won’t heavily impact your cash flow. 

For instance, if your monthly sales are $10,000, set aside $100. As your business grows and becomes more financially stable, increase the percentage. 

3. Negotiate with your vendors

Negotiate for extended payment terms or discounts for early payments. This can help you manage your cash flow more effectively. 

Establish a positive and professional relationship with your vendor. Good relationships can lead to more favorable terms and cooperation. 

If you plan to work with a vendor over the long term, emphasize the value of an ongoing partnership and loyalty.

4. Avoid spending multiple times on business cards

It’s important to update business cards by promptly making changes whenever your contact information or branding evolves. This ensures that your contacts always have the latest information.

But if you use paper business cards, you’ll incur recurring costs for designing, printing, and shipping.

On the other hand, a digital business card is a one-time expense. You can instantly update your contact information, logo, or branding without extra expenses.

Just make sure you get business card with a unique design and features that reflect your brand identity. 

5. Work on waste management 

Efficient waste management saves costs through reduced disposal fees and potential revenue from recycling or reusing materials. 

Implement strategies to reduce waste at the source. This includes buying products with less packaging and optimizing inventory management to reduce spoilage.

If your business generates organic waste, implement a composting program. It reduces landfill waste and creates valuable soil amendments. Rather than discarding inventory, consider selling it at a discounted price.

6. Cut office expenses

Allow employees to work remotely, reducing the need for office space, utilities, and other overhead costs. 

Implement energy-saving measures such as LED lighting, programmable thermostats, and equipment with energy-efficient settings to reduce utility bills. 

Review your software and subscription services regularly. Cancel any subscriptions that are no longer necessary or that offer overlapping features.

7. Take amendments to recent tax filings

If you discover errors, omissions, or inaccuracies on your original tax return, amend it to avoid potential penalties and interest charges. 

Pay any additional taxes ASAP to minimize interest and penalties. If you’re expecting a refund, you may receive it after the IRS processes your amendment.

8. Evaluate ROI on heavy expenses

Calculate the total cost associated with the expense. Determine the returns generated by the expense. This could be increased revenue, cost savings, or any other measurable benefit directly attributable to the investment.

Compare the ROI of the expense to industry benchmarks or your historical ROI data to assess its performance relative to expectations.

9. Explore extra income streams

Tap into new markets, customer segments, or product lines to boost income and profitability. Look for income streams that complement your core business. Try to expand your product or service offerings to reach new markets.

10. Put efforts into advertising

Regularly review and refine your advertising strategy to improve ROI by eliminating ineffective tactics and focusing on what works. 

Embrace digital marketing trends like mobile optimization, video content, voice search, and interactive advertising experiences. Consider including customer reviews in your promotions.


Effectively managing your small business’s finances is a continuous journey with opportunities to save money, increase profitability, and ensure long-term success. 

The money-saving tricks discussed in this series provide valuable insights and strategies for small business owners like you to navigate the complex financial landscape. 

By implementing these money-saving tricks and focusing on your business’s financial well-being, you can build a resilient and thriving small business that stands the test of time.