29 Sep 3 Quick Money Saving Tips for the Small Business Owner
We are headed into the fourth quarter with all of it’s holiday cheer and taxes looming around the corner. If you have ever walked through this season as a small business owner before you know it can get crazy.
Depending on your industry, sales may pick up around the holidays. BUT so will your expenses. Not just the usual increase in cost of goods as sales increase but holiday parties, bonuses, gifts for clients and employees and the list goes on.
We have done more extensive looks at budgeting and cutting business costs that you should check out when you have 30 minutes to spare. (Check out Part 1, Part 2, Part 3 and Part 4 of our money saving series.) But while you bust your butt to meet your year-end goals, here are three quick and simple areas of your business you can review to ensure that you are not needlessly spending money when it counts most!
3 Simple Money-Saving Tips:
Audit Your Software:
We live in a digital age and around every corner, we are getting bombarded and enticed with the next best software, app or tool that is going to save you countless hours and streamline your business like never before.
Listen, we are a cloud-based bookkeeping company and around here we LOVE awesome software. We kind of geek out about it. BUT it is important to add things to your routine with research and purpose. It is also important to go back and assess!
Take five minutes to write a quick list of all the softwares and apps that you are currently paying for as a business. Go through the list and assess if each of these has been utilized the way you imagined it would be. Ask yourself these questions:
→ Is it serving the money making engine of your business?
→ Is it increasing the effectiveness of your team?
→ Does it considerably increase the satisfaction of your customers?
→ How frequently do you or your team use it?
If it isn’t building into the bottom-line of your business, it is most likely time to cut your ties. Little fees pile up and amount to cash that could be going toward your employees end-of-year bonuses and the like.
Toss the Paper:
Paper, inks, toner and the like can add up to one pricey line item in your budget. While these items are deductible, you still end up forking out a lot of cold hard cash to keep them stocked in your office.
Are you still using printers and papers and traditional invoicing and receipts? Consider some of the following to cut back or completely rid yourself of this business expense!
→ Invoicing? Go paperless and accept online payments! If you already have a cloud-based bookkeeping software like Quickbooks Online, then you most likely already have access to this in your software. It is typically much more affordable to digitally bill your customers than it is to send paper.
→ Printing and filing paperwork and receipts? There are now several options for free and secure cloud-based storage systems for your digital files. Don’t waste the paper printing, file your items where you won’t lose them and you can forget the clutter!
→ Printing Receipts? Many POS systems are updated now to give your customers the option to receive receipts via email. Even if introducing this only cuts your receipt printing by a percentage, you should still see decreased spending in your cost of goods sold.
Cut the Landline:
Do you still pay for a landline for your office? This traditional expense can really add up, especially depending on the size of your office. There are now several options available to rid yourself of this bulky bill! Costs for these types of service are usually much smaller than your typical landline bills and offer just as professional of solutions.
→ Virtual services are available so that you can still keep a business phone number and have calls routed to the appropriate employees cell phone. These services also offer professional voicemail systems and the ability to mask outgoing calls with your business number.
→ There are also several good VoIP options such as RingCentral or Skype. These will still offer the ability to fax and are utilize the internet service which you are already paying for!
→ If you are a smaller shop, you can also consider just adding a dedicated business line to your current cell plan. Often the cost for this is very minimal and depending on your business set up, the company can reimburse you for phone use each month.
These three areas are often things that can fly under the radar without being given a second thought BUT if you take a quick ten minutes to analyze the way that your business is interacting with each, you can find easy ways to infuse cash back into your budget!