Cost Saving Ideas - Tips for Small Businesses to Save More

Think your small business has trimmed as many expenses as it possibly can? Here are some you may have missed.

Minimize shipping mistakes. If you send out packages, shipping to the wrong address can be costly. There are a variety of address verification services and software programs you can use to reduce the number of misshipments.

Haggle with vendors. Review your purchasing protocol to find extra savings. Instead of automatically buying from the same vendors you always use, get quotes from three (or more) different vendors to make sure you're getting the best price. Then, when you make a purchase, ask for a discount.

Prod service providers. If you're locked into any long-term contracts that have unfavorable terms, talk with your provider about renegotiating.

Look at each line item. Saving a little on a lot of small things can really add up. And technology may be able to help. For instance, switching to online banking can save time and reduce your expenses (for printed checks, postage, etc.). And switching from snail mailing promotional materials to e-mailing them can be more cost-effective -- and faster, too.

Duck merchant transaction fees. Every time a customer pays by cash or check, you come out ahead because you don't have to pay a credit card processing fee. It might be worth offering customers a small discount -- or giving your sales force a cut of the savings -- on all "cash" sales.