# Innovative Ways for Small Businesses to Save Money
Every small business owner must be frugal with their finances to ensure business success. According to Preferred CFO, 79% of small businesses fail due to inadequate funds. That is why saving money should be a top priority for every small business owner.
To help you save money and boost your bottom line, we’ve compiled a list of innovative ways for small businesses to save cash starting today.
## Communal Advertising
Marketing can be costly, especially for small businesses with minimal exposure. Advertising together with other local businesses can help you reduce expenses. Consider sharing distribution channels, suppliers, and mailing lists with businesses that offer complementary products or services. This way, you can reach a broader audience and lower advertising costs.
## Avoid Renting Office Space Full-Time
Technology has transformed how small businesses run, offering new opportunities to owners. Instead of taking on a lease for office space, you can run your business remotely from anywhere in the world using a smartphone or other device. Also, consider having an online business instead of a brick and mortar store and save on rent expenses. If you have space at home, convert it into your home office. You can even write it off as a business expense during tax time.
Bartering is a simple way to save money for your business. Most small businesses, just like yours, are short on money, making bartering an excellent way to exchange products and services. For example, you can provide an Amazon lifestyle photography session in exchange for headbands and other clothing and accessories that a boutique owner offers. Identify other businesses you can work with and reach out to gauge their interest in bartering. While it may not always work, it’s worth a try.
## Hire Contractors and Freelancers
Hiring full-time employees can be costly for your business. Consider turning to independent contractors and freelancers for high-quality work that also eliminates the hefty costs of onboarding and training full-time employees. They are experts in their field and will only charge you for the tasks you ask them to complete.
## Offer to Speak at Events Within Your Industry
If you are an expert in your field, offering to speak at conferences and events within your industry is an excellent way to showcase your knowledge and prove your credibility to others while offering brand free exposure. It also gives you the chance to meet new people and potentially convert them into customers.
### Final Thoughts
These are just a few innovative ways for small businesses to save money. Remember, every little bit of savings adds up, so don’t shy away from trying all of them out and seeing what works best for your business. As a small business owner, saving money should be a top priority. Using these strategies, you can significantly reduce your expenses and improve your bottom line.