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Is Your Small Business Getting the Best Deals?

Tristan Anwyn

September 02, 2015

Are you looking for ways to save money in your small business?

As a small business owner, you know that saving money where you can helps keep your costs down and encourages better cash flow. But the cost of buying products and services, from business vehicles to stationery, can soon add up.

What can you do to make sure you're getting the best deals for your business?

Follow these seven top tips to keep your business bank account healthy:

Discern Wants from Needs

One of the best ways to save money is to refrain from buying what you don't need.

Before any purchase, assess whether it will add value to your business. Will it help you work more effectively, or improve how you deliver your products or services?

The right products and services are worth investing in. Just take the time to be sure your chosen investments are the best use of money in your business.

Lease Instead of Buy

For some business equipment, you can choose to lease rather than buy.

For example, as the article "5 Ways to Pay Less When Leasing a Car" says, leasing a car can save you money over owning.

You can also lease tech equipment such as computers or tablets, business premises, and tools.

For expensive items, leasing can mean a smaller upfront payment and a way to budget for your items. Do check the terms of any lease before signing.

Shop Second-Hand

If you need to buy something for your business, why not try shopping second-hand? You can often find second-hand items that are in good as new condition, at a fraction of the cost.

From eBay to specialist sites or even local stores, try searching for second-hand or reconditioned items. You'll get what you need for your business, and save money.

Look for the Best Deals

Whatever you need, from an electricity supplier to a new office chair, shop around for the best deals. Taking the time to compare and contrast now could save you money in the long run.

Whether you need office stationery or a new coffee machine, look for special offers, money off, and the best prices.

Don't be afraid to ask for a better deal - you don't have anything to lose.

Ask About Reward Schemes

Many suppliers run business reward schemes that can save you money over time.

Joining a loyalty scheme can earn you rewards, such as vouchers that you can put towards future purchases, or special offers and discounts for loyalty scheme members.

Check the terms and conditions to see if the reward scheme has benefits that will work for your business.

Look for Discounts

Look for discounts where you can to bring your business bills down. Discounts can make a big difference to the amount you pay, and even smaller discounts can soon add up.

Some suppliers and stores offer discounts for bulk purchases, cash payments or early payments. Others offer special discounts for small businesses.

If you're an association member, check whether they offer special deals through certain companies.

Use Seasonal Promotions

Look out for those times of year when offers abound, such as Thanksgiving or Christmas time sales, New Year sales, or back to school sales.

To make the most of seasonal promotions, you'll need to have a good handle on your inventory and what your business needs. By knowing in advance what you'll need to purchase, you can plan for the times when you're most likely to get a good deal.

Searching out the best deals for your small business means getting the products and services you need while paying less, benefiting both your business and your bank account.

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