How Your Small Business Can Save Big Money By Doing This One Thing

The other day a customer of mine asked my opinion on whether she should go for an advertising opportunity in a major magazine. She relayed to me that the publication had approached her and had given her a deadline of just two days. She really wanted to go for the opportunity but the price was still a little steep.

My advice - negotiate a lower price. Why? Because she was really in the driver's seat. The ad rep approached her, not the other way around. Plus the fact that the ad rep was acting with a sense of urgency told me that she probably hadn't met her quota for filling ad space. So my customer simply gave her the old, I'd really like to be involved, but I'm just a small business and can't afford a lot so can we bring the price down - and guess what? The rep went for it.

Who Can You Negotiate With?

As important as it is for your business to MAKE money, it is also important to SAVE money. Everything is usually negotiable if you ask - from Internet service to phone service to retail space to supplies to insurance to printing costs to advertising. Companies want to get and/or keep your business so they would rather take less than take nothing, especially if they see the opportunity for repeat business from you in the future.

Even Large Companies Will Negotiate

Large companies will also negotiate or at least give free trials. Both Google and Facebook will give free advertising coupons to small businesses if you ask. Usually they are tied to an offer like $100 in free ads if you spend $25, but it is a cost-effective opportunity to see if their advertising works for you.

Try Bartering

Negotiating includes bartering as well. I did this a lot with my business in the early stages. I gave free marketing advice in exchange for graphic design help. For another business I wrote free blog posts in exchange for running web ads on their site. It was a win-win for both of us.

So take a close look at what you are spending to run your business and see where you could possibly negotiate a lower price, rate or charge. Also, think of marketing and promotional opportunities you would like to take advantage of, and then also see if you can bring the cost of those down through negotiation.

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