Saving money will help you build a strong financial future for your small business. No matter what industry you’re in, you need to pay attention to your bottom line. These simple ideas can help you save both time and money so you can get on surer footing.
Stop with the endless meetings
We’re social creatures, but spending hours in meetings socializing with coworkers is not a way to spend your small businesses’ time. This is a crucial area where you can save time, and therefore money. Evaluate the true cost of those meetings to your company.
Be a discount hunter
Even though they may not advertise it, many larger retailers offer discounts for small businesses. Just ask – it won’t hurt! This approach normally works better on larger items like home office equipment than a stack of Post-It notes. But small discounts add up so be sure to ask!
Save the delivery fee
If you’ve ever ordered a pizza for a pick up, you know that there are savings involved in being your own delivery driver. For orders of reams of paper and other smaller bulk office supplies, a truck or SUV will do just fine and may save you money on business supplies.
Keep track of petty cash to the penny
Even if you’re spending a small sum of under $75, you should still keep a record of all of your business-related expenses. Petty cash drawers should be accounted for just as carefully as your checking accounts. Remember every penny does count.
Rely on the cloud to maximize storage and minimize costs
Don’t sink your small business budget with hardware that will be outdated before you make it through your critical first year, and difficult to maintain in the long run. Cloud-based tools for accounting, project management, marketing automation, customer relationships and more are available to help you get more done without maintaining expensive hardware.
Trade and business associations can offer more than just a membership. You can save quite a bit on insurance and other business-related expenses like car rentals and phone services. Sign up to get the best deals – most associations have reasonable membership fees.
Make outsourcing a priority
Employees are helpful but can be costly in the early days of your business. Keep your budget in order by making outsourcing a top priority over hiring. Independent contractors can get the job done without coming with the salary, office space and benefits costs.
Lend out your expertise
Save money on publicity and garner attention with your target market by showcasing your expertise. Look for opportunities to teach a class, speak to the community or write an article for your ideal audience. It costs time but it’s worth the investment for the exposure.
Focus on free software
Freemium software plans offer multiple features for zero cost. As you look for cloud-based solutions to your business admin and online accounting issues, focus on the freemium products to save on your costs early on. You can upgrade later for more features as you grow.
Explore executive suites
Solo or small business doesn’t have to mean home based. Executive suites and shared office spaces can improve your business’s prestige and offer helpful business services. Many come with receptionist services, private mailboxes and part-time office hours. Search for office business centers, executive suites, co-working spaces and shared office space in your area for ideas.
It doesn’t matter if you’re just starting out or in growth mode, every dollar you spend is a dollar you don’t have to keep your business going strong.
The 6 stages of smarter money management
Discover what successful business owners from all over the world do to win at small business finances during every stage of their journey.