We love finding ways to save money here at Stryve Group, because:
- It’s just plain good sense.
- I’m pretty sure our clients appreciate it.
- We love burritos; and saving money means we have more for burritos!
Here are some business cost saving tips we’ve discovered over the years that most businesses can use:
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Tip: Instead of buying a new laptop that is “so-so” and middle of the pack, buy a top-of-the-line refurbished laptop with a 1-year warranty. For example we bought the refurbished version of the Samsung Series 7 laptop and over a year later it still works perfectly.
Money saved per laptop bought: The new version of the Series 7 laptop was $1,300 and the same model refurbished was about $799 which equals a $500 savings.
Tip: About 75% of the time you’ll be able to do what you need to do in a phone call rather than doing an in-person meeting.
Money and time saved per month: Let’s it say costs you $5-10 dollars in gas going to each meeting and 1 hour in additional travel time. If you value your time at least $50 an hour, it will cost you $60 to do each meeting. If you have at least 4 out-of-office, in-person meetings each month this means you’re spending at least $240 dollars a month on just going to meetings.
Toner and Ink
Tip: Instead of buying the name brand toner or ink, buy the generic version. For example, exceltoner.ca has lots of options for generic versions of brand name toner and ink cartridges.
Money saved per month: The cost of generic toner and ink is generally $30 less per unit than the brand name version.
Side note: ReflectionOf.Me posted a graph that shows how much HP printer ink costs compared to human blood, vodka, crude oil and other precious liquid. Try to keep it paperless when you can!
Tip: Instead of renting stand-alone office space, rent a shared office space.
Money saved per month: We’ve found that stand-alone office space is about $1000 a month for a typical small business, whereas a comparable shared office space would be about $500-$750/ month. You’re saving at least 250-500 bucks a month.
Tip: Instead of buying a coffee from Starbucks, get a Tassimo machine and buy the discs from Costco.
Money saved per month: Tassimo discs are about $0.33-0.50 per coffee whereas a coffee from Starbucks is $2. If you have a coffee a day, you’re saving $30 a month. Sure the Tassimo machine will be a $100 upfront investment, but the breakeven point is only 25 days of coffee drinking… think long term!