Negosentro | 5 Simple Money-Saving Tips for Your Business | When you’re starting up a business, it can be hard to navigate the extra expenses that come with owning your company. There are the mundane costs that you see coming, but you can’t plan for everything, and there will likely be emergencies that will have you reluctantly reaching into your wallet.
It’s always a good idea for your business to have a surplus of money set aside for these emergencies, but you might be wondering how to make that surplus happen. The good news is that there are some easy, small ways to save money that don’t require bending over backwards to change your business model. Here are a few.
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Go Green
It’s a common misconception that going green is more costly than burning fossil fuels. It’s not true; the price of energy is not dropping, but the cost of installing solar panels is! Powering your business with solar panels will cut down your average electricity bill massively, and they require little upkeep that drains your wallet. Not only will installing solar panels allow you to put the money you’re saving on your electric bill away for later, but you’ll be able to brand your business as environmentally-conscious. People love to shop eco-friendly, and your company’s income will only increase.
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Create a Strict Budget and Stick To it
Every good business keeps track of the money they’re spending on company expenses, but it’s easy to forget about those pop-up costs that seem trivial. These costs add up, and it’s important to set a budget and keep a strict record of the small things so as to not spend more than you can. For example, if you buy your employees’ lunch one day, it might not seem like a big deal (and it’s a great way to boost company morale). However, if you buy your employees’ lunch three times per week, it could start to make a dent in your income that you can’t afford. Set a weekly budget and try not to budge.
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Don’t Forget About Freelancers
Perhaps you’re in need of a content writer or a social media manager to increase brand visibility and amp up your sales. Instead of onboarding a full-time employee and paying them a competitive salary, consider going the freelance route. There are tons of independent contractors that are cheaper to employ and really talented at what they do. Hiring a freelancer means you don’t have to offer employee benefits, but you still get someone to produce the high-quality content you’re business needs.
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Use Your Credit Card Mindfully
A credit card just seems like free money, right? Unfortunately, it’s not that simple. It’s important to consider all your options before choosing a credit card, as not all credit cards offer equal benefits and it’s essential that you know what credit card is right for your business. Some credit cards can rack up awesome rewards, and you need to make sure those rewards are relevant to your company’s growth. With that said, regardless of the card you choose, you must be sure to pay your credit card balance on time, as late payments can accrue interest and add an avoidable expense to your budget.
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Keep Track of Tax Deduction Receipts
Small business owners are eligible for huge tax deductions, and keeping track of your receipts will make sure you’re as prepared as possible to save all that you can during tax season. You can get reimbursed for things like home and in-person office supplies, business insurance, and vehicle use. It may seem like an annoying task, but gathering up those receipts is totally worth it.
While owning a business has lots of frustrating expenses, it also comes with tons of gratification and pride. With these tips, you can award yourself the freedom to focus less on your bills and more on doing what you love. Your business will thrive because of it.
