The thread about cutting payroll expenses made me think of cutting expenses in general. We recently started using our Business AMEX to pay for our FedEx shipments. This gives us a 5% discount on top of the discount we already get from FedEx. We also use our AMEX at Staples and get 2% off those purchases. We also use the Staples Rewards program which usually gets us around $30/quarter. All these savings add up over the course of a year.

What are some ways you save money for your business?

We use zero percent credit card offers instead of bank loans. Once the zero percent offer expires, we transfer the balance to another zero percent card. We've never paid a penny in interest. Of course, you have to be disciplined never to use the card for purchases.

Every time you apply for a new card it stays on your credit report for 2 years. If you are frequently applying for credit it lowers your credit score and shows up as a red flag to lenders. While this practice may save you interest now, it could cost you a loan for future expansion or accquisition.

That's good to know - thanks. We switch cards about once every 15 months, the usual duration of an offer. Hopefully, by never missing a payment, our discipline will allow us to continue to benefit from this approach without it hurting us financially in the future. It saves us hundreds of dollars every year.

But if they accept you - then it should be beneficial to you (with the limit etc) on there, right? I understand that if you have more inquiries than open accounts, that could be a bad thing.

I'm just a sole proprietor and don't have any other employees (yet), plus I live in Canada, so my tax breaks and accounting practices are different than in the U.S., but I think I have learned a few ways to save money for myself.

1) Advertising costs: Network, network, network. Sometimes the cost of being in a trade show for example, can seem high at first...and perhaps the benefits don't seem too great...because it's just amongst one's peers. On the other hand, in my industry, 'word-of-mouth' is pretty valuable, and it's amazing the amount of business that can come one's way through the recommendations of one's peers. Seeing the future value of what may seem intangible in the present has been very cost-saving to me.

2) Hire a professional accountant: No matter how "hands-on" we want to be, we don't all necessarily specialize in that stuff, and it's incredible - the amount of business expenses we're not aware we can claim come 'tax time'. Everything from the kitchen sink to the new business equipment...unless one's business is actually accounting or bookkeeping...there's no way one could possibly know all the expenses one can deduct in a year.

3) Research before you buy new equipment: Being in the 'virtual assistant' business, it's very tempting for me to want to buy the latest software and hardware technologies, perhaps because someone told me about it, or I heard it was the 'must-have' of the season. I recommend stepping back and really thinking about major purchases before one goes out and buys them. 'Built-in' obsolence is something we should all take into consideration before making any major expenditures.

4) Shop around, and then shop around some more: No matter what services, equipment or supplies I'm looking for...I learned the hard way not to take the first good deal that came my way. Just like shopping for a mortgage...it's amazing how competitive the rates can be, and actually how much they can come down when you've done your homework and can quote to "A", that "B" offered the same...at a lower price or interest rate.

I try to keep in mind that old saying: "buyer beware" and apply it to my business at all times. I guess it always seems to boil down to good old-fashioned common sense. I try to run my business the same way I try to run my household.

Just some of my thoughts...

It may sound like a minor thing, but be sure to use only credit cards that award refunds, airline points, etc. Last year, we attended a major show in Florida. Most of our hotel room costs were covered by hotel points awarded through credit card use.

In that I sell inventory, it is important to remember that the money is made when I buy, not when I sell. Therefore, smart buying saves money.

Paying my main supplier on time can save me between 2 and 5 percent. That can be significant!

Keeping my tooltruck in propper tune to attempt to save all of the diesel fuel possible.

Investing in better coach batteries for my truck so that I may shut off the engine at every stop (except in the summer, when I need Air Conditioning) saves quite a bit.

Higher deductible on Health Insurance, coupled with a health care savings account.

Just watching every thing that I spend money on...