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Stretch A Dollar By Exercising Business Cents

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In this economy, your business needs to keep a strong economic head on its shoulders at all times. No expense can be considered too extraneous and every dollar needs to be stretched as much as possible. It’s not about using business sense, it’s about using business cents. Whether it’s going green, reaching out to local business bureaus or investing in a virtual serviced office, you have to think of ways to make your money count.

Maximize Your Technology
If you’ve got people and offices all over the place, stop wasting money with in-person meetings, travel and all the costs that come with it. Use digital event planning software whenever possible. If you don’t need to meet face-to-face with someone or a group, use virtual meetings, webinars, teleconferencing and web conference software to bring everyone together. Think about all of the gas, food and other expenditures you can cut out thanks to this.

Invest in Vendor Relationships
Think long-term about how you deal with vendors. An expensive dinner might be costly in this moment but it might be the first step on a path to cheaper rates, lower fees and big savings with that vendor down the road. Always treat those relationships with care because as soon as they end, new business vendors are ready to change you more, especially since they never got that special dinner. Scratch their back so they’ll scratch yours.

With Office Space, Sometimes Less Equals More
Do you need an actual office space? Does your business need to have a physical location that you pay rent for and stock with supplies and furniture? If all you really need is yourself, a phone and Internet access, think about a virtual serviced office with a secretarial or receptionist staff provided by a company that will make sure you stay connected to your clients without paying top dollar to do so. Say goodbye to employee, rent and maintenance costs.

Second-Tier Is Still Pretty Good
Need to plan a major conference or meeting? Do you really have to fly everybody to Vegas or Los Angeles for that? Why not take a look at “second-tier” cities and locations that provide all the amenities you need. Surely you can find a conference room, hotel rooms and restaurants in San Jose or Milwaukee too, right?

Create Your Own
Need to put together a team-building exercise? Rather than spend money on pre-planned trips or camps, put together your own event. Hold your own local version of The Amazing Race or clear some space in your meeting room for trust falls. There’s no rule that says you have to get to the woods.

You can save money and run a tight fiscal ship in this economy; you just need to use your business cents once in a while.

Mercedes Potter believes that saving a few dollars by pinching pennies can grow into a small treasure. Follow her @CedesPotter to read about other money saving ideas in the corporate world and at home.

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