4 Ways to Save Money as a Small Business Owner

$traight Talk — By on August 8, 2013 at 8:00 am

As a small business owner, you know it can be difficult to stretch what is most likely a tiny budget. But with a few small tweaks, you can be saving a hefty amount of money in places you didn’t even realize. Below are four easy ways for you to save money in your small business:

By Deanna Barzak, Business Services Relationship Manager, Telhio Credit Union

1. Go paperless. Not only are you helping the environment and going green, you’ll be saving yourself a pretty penny in monthly printing costs. Paper, printer ink and postage add up to big expenses over time, so consider emailing any invoices, statements or promotions.

2. Choose a line of credit or business loan. You know the importance of keeping your cash flowing. Instead of choosing a credit card with high rates and fees, consider a line or credit or business loan to help keep your cash flow steady. Telhio Credit Union offers an array of both lines of credit and business loans that will give your business the peace of mind that additional capital provides:

  • A. Small Business Association (SBA) 7a or 504 Loans: for the purchase of land and buildings as well as the expansion or conversion of existing facilities.
  • B. Commercial and Real Estate Loans: for the purpose of purchasing or refinancing commercial or industrial real estate.
  • C. Business Lines of Credit: for payroll, working capital or short-term payable obligations, as well as a revolving line of credit to finance your business.

3. Refinance your corporate vehicle. By doing so, you’ll have lower rates, which leads to extra cash in your pocket each month.

4. Keep Track of Petty Cash. Having petty cash on hand is important, but just because you use it in small amounts doesn’t mean you shouldn’t track it. Even small, $10 purchases add up. Keep and track all of your receipts, not just those over $75, to help you note how much you’re spending and what you’re purchasing.

Telhio Credit Union is here to help your small business save as much as possible. Contact a Telhio business lender representative today at 614-221-3233, option 6 to learn more about their business services.

Telhio Credit Union is open to everyone who lives, works, worships or attends school within Franklin County and surrounding communities. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.

Author Bio: Deanna Barzak:
Deanna L. Barzak is the Business Services Relationship Manager for Telhio Credit Union. She is responsible for serving Telhios business members. Deanna previously served as a business banking specialist at a major local banking institution. Prior to that she held various member and business service roles at Navy Federal Credit Union and the Congressional Federal Credit Union in Virginia. Deanna has a bachelor's degree from Radford University. She currently resides in Columbus, and is a volunteer with Rebuild Together and the Columbus Young Professionals Club.

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