Money saving strategies by entrepreneurs

7th December: Do you want to know how creative entrepreneurs save money in today’s business world? Read on this article to know more.

Cut costs with these vital strategies–

Go for new energy-efficient products—Believe. It is good to buy new energy-efficient products rather than keep using the old or existing products for a longer time. It holds good even for baby furniture, lighting and air condition systems and so on.

• Rent a home rather than buying—According to chief executive officer of StockTwits( a social investing site), Howard Lindzon, its cheaper to rent an accommodation for living rather than buying a home.

• Use reward points to stay in hotels—Hotels are a home away from your home. Hotel stay for executives can become cheaper if you care to build reward points by using credit cards. hot

• Retain existing employees–According to chief executive officer and co-founder of BetterWorks, Paige Craig, convincing your employees to have a 50 percent cut in salary helps you in big savings. It is a good investment to retain your team by overcompensating them, adds Craig. At least, it is better than hiring outside talent, he affirms.

• Offer attractive perks-Offering attractive perks to interns working on stipends can be a good bet, says Christine Elia, founder of a fashion site. It is not just good for the employer but even for the interns since its gives something to boast of in their resumes, she adds.

• Conference calls—Teleconferencing is a good and a cheaper option of conducting office meeting. Such meetings are done through the internet and it’s a good strategy to save business costs.

• Using free business cards—Businesses can use free business cards through different websites offering personalized and online services of designing business cards.

• Internet calling—Internet calling comes in as a handy tool for making phone calls for free. It should be preferred rather than making calls on a regular phone line. For this, you only need to have a personal computer along with a microphone. The call gets passed through the net for no cost at all. What else can you look forward to.

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