5 Simple Money Saving Tips for Small Business Owners

If you’re a small business owner, you’re probably looking for smart ways to save a few pennies here and there. Running your own business isn’t cheap, and if you can save on operating costs, you’ll be able to ensure your profitability – and the continued success of your company.

How? Here are just 5 of our top money saving tips for small business owners. See how you can use each one to save big on operational costs, loans and more!

Make Use of Cheap (Or Free) Advertising

 Advertising is necessary to expand the reach of your business, but this doesn’t mean you have to pay an arm and a leg to reach customers. A few great ways to get free or cheap advertising include:

  • Staying active on social media websites like Facebook, Twitter and Instagram
  • Putting up flyers and posters in other businesses
  • Sending coupons with invoices or giving them away at the point of sale
  • Asking for online reviews to help with word-of-mouth marketing
  • Promoting sales by partnering with other nearby small businesses
  • Optimizing your website for SEO (Search Engines)

Cut Costs in The Office

 Looking to cut down on office overhead? Here are a few great ideas.

  • Buy a laser printer, as they cost much less to run, compared to inkjet printers
  • Buy used office equipment, furniture and other such basic necessities
  • Make sure you have a system in place for controlling employee use of office supplies, to avoid excessive use or theft
  • Buy generic office supplies, such as pens, note cards, sticky notes, and paper to save
  • Go paperless! Try to minimize the use of paper with online collaborative and digital tools

Shop Around if You’re Looking for Loans

If you’re looking for small business loans and want to expand your company, make sure that you look for a loan from several different lenders, to ensure that you get a great rate, and can afford to repay your loan.

 Get Professional Tax Help

 Small business taxes can be very complicated. And if you file incorrectly, you could miss out on quite a few great tax deductions – or even get in trouble with the IRS if you’ve misclassified an employee, failed to keep proper records, or otherwise made a mistake.

It’s best to hire a professional CPA or tax attorney to prepare your taxes. It’s not cheap – but you’ll pay less in the long run and maximize your tax savings.

 Make Sure You’ve got the Right Insurance Coverage

 Similar to the above point, you need to make sure you have the right insurance coverage for liability, workman’s compensation, and any other coverage required, especially if you work in the service industry or own a restaurant. A lawsuit can cost you a lot of money in legal fees – even if you win the case. You don’t want this to impact your bottom line, so make sure that you have proper insurance coverage.

Follow These 5 Tips – Ensure Your Business Can Continue to Expand!

While there are many other tips we could give you about running a small business and saving money, these five are easy to implement – and can be used by just about any business owner. Think about how you can benefit from one or more of these tips and start using them at your company.

5 Reasons Your Budget Plan Doesn’t Work

If you find yourself frustrated that your budget isn’t working – or you can’t seem to stick to the plan no matter how hard you try, you aren’t alone. Here are five problems that affect your budget success:

  1. Over-analyzing

You always have a budget plan in mind, but you never start because everything has to be ‘perfect’ for it to work. Even when most of your financial systems are stable, there are one or two things you feel aren’t quite there yet. So you keep postponing until a later day.

What you can do about it: Understand that nothing is wrong with you for being a perfectionist (you can talk to a therapist if you think it could be affecting your life). You’re probably afraid that one thing could mess the whole thing up. Instead, start with one or two financial categories you know you can manage.

In time, you can add one plan after another. After all, better a slightly flawed budget than none at all.

  1. Over-complicating

You could complicate the entire budget idea – or you could genuinely find it a little problematic. You started off well but got lost somewhere after a few days or weeks. Other individuals say it’s too much work and give up before reaping the benefits.

What you can do about it: Budgeting isn’t as complicated as many people assume. Be patient and start off small. Have a notebook or an app to keep track of the realistic and straightforward changes and solutions you make to your finances. You’ll get the hang of it and move on to major expenses.

  1. Unplanned Finances

On most occasions, we only tend to factor in what is right in front of us. Daily expenses? Check. Weekly shopping? Check. Gas, Tuition Fees, and the occasional treats? Check. Unfortunately, you hadn’t planned for the random car repair, a trip to the doctor, having guests over or even contacting that family law office over irreconcilable marriage differences.

Here’s what you can do: Assuming you already have your weekly, monthly, and annual budget, include a ‘miscellaneous’ expenses plan. When you’re in the clear from any necessary expenses that week or month, even better, you’re still saving. Keep including it in your plan; you never know when you may need it.

  1. Generosity

You’re great at maintaining, sticking to, or adjusting your budget to fit your expenses. Unfortunately, all of it goes out the window when your family and friends are involved. You go out of your way to spoil your nieces and nephews, help your parents or siblings out with their expenses, and buy the gifts for your friends or spouse.

What you can do: Nothing’s wrong with being generous. However, these are expenses as well. Include them in your budget!

  1. Small Purchases

On a good day, you’re lucky to find impressive discounts in a store on your way home. Streaming movies and buying some apps are small expenses that you can handle. Making the purchases regularly, though, will add up to significant costs.

Here’s a solution: It’s easy buying when you use your credit card for such transactions. Track these small expenditures for a week or a month, and you’ll be surprised at the total. Next time, take a minute to consider whether you need the app before you buy it.