3 Ways to Make and Save More Money for Your Business

Times are tight and businesses are under pressure from inflation, supply chain costs, and less consumer activity. The margins for many businesses are small, and they need to do all they can to make many small savings that add up on the balance sheet. Here are three simple saving solutions that can put more profit in your pocket.

Less Paper Equals More Profit

If you are looking for a significant saving on your balance sheet and you want to do your bit for the environment by reducing waste, there is a simple solution: go paperless. You may not be able to fully eliminate paper from your business, but you will be able to reduce the amount of paper you use by a lot and save big on reams of paper for printers or rolls of paper for cash registers.

A simple and easy step is to stop producing receipts for customers by default. Most modern cash registers can be set up to only produce a receipt on request. Your customer service staff can ask if a receipt is required, and most will decline. You can also provide digital receipts, emailed to customers or sent to their phone, which removes the need for paper. Those small rolls are expensive, and you can make some big savings by reducing the use of this consumable.

Save Money at the Point of Sale

We are quickly moving towards a cashless society. More and more people are paying for goods and services electronically instead of with paper money and coins. Every business needs an electronic point of sale (EPOS) that allows consumers to pay with a tap or by entering a PIN to meet their expectations. This puts pressure on businesses, especially smaller businesses, as you need to pay a fee per purchase to offer cashless purchases.

Merchant fees are a necessary cost of accepting payments for your business, taking a small percentage of the transaction cost on every sale. Switching to an EPOS system provider with the right pricing model can help you pay the lowest merchant fees on your transactions.

With lower fees, your business gets to keep more of its hard-earned money. Pro tip: Electronic point of sale systems providers that rely on smarter tech can help you create a better checkout experience, and save your business money in the long run by reducing abandoned carts and helping to nurture those long term customer relationships.

Negotiate with Your Suppliers

Too few businesses are trying to negotiate better prices from their suppliers. No matter who your supplier is or what they supply, the price is negotiable. This may not be true right at the start of your relationship, but after a few buys and deliveries, you should be trying to get yourself a better deal. 

Every business can try to negotiate prices annually. It's a competitive market and your supplier will not want to lose you. Even if it is just a couple of cents per unit, the savings add up and take some pressure off your balance sheet.

Put these three ways to save together, and watch your profits grow. Many businesses today operate on fine margins, and any small amount you can recoup on costs is worth it.