If you’re on a shoestring budget (and what entrepreneur isn’t?) then you’ll know the value of a couple of saved rands (and how they all add up at the end of the day!). Here are 8 secrets to help you increase your bottom line...

Saving money has never been so necessary. What's more, it's generally true that when you're saving money you're reducing your carbon footprint too. If you're a silver-lining kind of person, the recession isn't all bad. Here are 8 tips for the entrepreneur who's trying to improve the bottom line in lots of small ways:

1. Use fluorescent lighting rather than incandescent light bulbs – it’s estimated that you can save up to 75% of your current lighting costs. While the initial costs of the fluorescent bulbs are higher than the common incandescent bulb, they are expected to last eight times longer.

2. Check your lease: Most people are being overcharged on their commercial leases. Get an attorney to audit your lease regularly and pay special attention to square footage and “shared costs” that you pay for maintenance of common areas (are they actually being maintained?)

3. Make your laser print cartridges last longer by printing unimportant documents in “draft mode” – which is a low-quality version of the document. And ensure you recycle paper that has only been printed on one side. Paper usage is rising by around 20% every year, with the average office worker using approximately 50 sheets of paper every day in the typical office. Just by reducing the amount of a paper an employee uses daily you can dramatically decrease your costs.

4. Get software for free. Go to www.download.com and try hundreds of software products for free. And if they don’t have the product you want, check the manufacturer’s website – most offer free trial downloads.

5. In terms of depreciation: If you believe that an asset’s write-off period should be different from what is laid down in Practice Note 19, contact SARS and request their consent to this in writing. Also when an asset is used on more than one shift, with the expected useful life thus being shorter than specified in the Practice Note, you can also apply for a shorter write-off period. Remember that you must not start depreciating from the date of purchasing the asset but rather from the date you start using it. If you make use of efiling, you are allowed to submit your VAT201 return and payment electronically up to and including the last business day of the month during which it is due, without incurring any interest or penalties.

6. Buy used equipment and save up to 60% on computer equipment, copiers and office furniture. Auctions and newspaper classifieds are good sources of used equipment.

7. Cut paper costs. It’s frustrating to stop by the fax machine and find a pile of marketing faxes that will end up in the trash bin. The cost of paper, toner, and a phone line can really start to add up for something you don’t even want. An alternative is a fax-to-email service. Sign up for free here and you will receive an email with an 0866-number. This is your personal fax number that’s linked to your email address, any faxes sent to your number will appear in your email inbox. You pay nothing, the catch, the person sending the fax pays an extra 3c, that’s it!

8. Time your payments: Ask suppliers if they give discounts for early payment. If not, there are two primary rules, used by all properly managed companies, from one appraiser firms to Fortune 500 companies: Pay your bills only when they are due and get your income as soon as possible.

The well-known saying: “Look after your pennies and your pounds will look after themselves”, is as true now as when William Lowndes first said it and every entrepeneur should follow it.