Saving Money in Your Business
Starting and maintaining a successful business is an exceptionally difficult endeavor. It's much like trying to lead a lifestyle comprised solely of good habits. Once one good habit falls to the wayside, everything else can follow the slip into dysfunction.
Similarly, if you neglect to keep your business healthy, the unchecked corners of your enterprise can become infested with inefficiency. This is when money starts to leak, the dominoes are set in motion. Then before you know it, you can quickly find yourself in the midst of frantic damage control.
This is not an article about slick new 'business tech,' but an examination of how some modern innovations could make running your business easier and less expensive.
Open-Source Software
Purchasing the right software, even basic office software, can be a massive expense for a business. Before you spend hundreds or thousands on that next upgrade, have a look at what's on offer for free.
Open-Source software is developed on an ethos of sharing, and you'll find a whole wealth of free downloads to suit your needs.
Just be sure to check them out completely as you often get what you pay for! Starting with an open-source software for FREE is a great idea before your upgrade to a paid version.
Furthermore, you can test the software out along the way before making a purchase. I'd done quite a few of those over the years here at Inspire To Thrive. I love testing new ways to save time which often equates to saving money. 😊
Sourcing Your Utilities for Saving Money in Your Business
Although this may seem obvious and is something people do at home, but this can be an expense that entrepreneurs often overlook. Did you know entrepreneurs are at least 80% overpaying for at least one utility?
With the availability of comparison websites, there's no need for this to be happening. Your business gas and electricity, alongside other utilities such as the internet, should always come from a provider that meets your needs at a sensible price.
Oftentimes I have to travel miles to meet with customers and being able to save money on my gas is important. Why have the money go out the window, right?
On the other side of the equation is internet services. The money I save on gas for the vehicle I invest into the best and fastest internet speed I can buy for the business. You have to decide what you need the most and spend accordingly for your business.
Be Careful not to be Penny Wise, Pound Foolish, Robert Burton
Automate the Workload To Save Time and Money
The advance of technology has only accelerated since the Industrial Revolution. The phenomenal changes we've witnessed within a couple of short decades suggest that the march of progress will only continue to accelerate in the foreseeable future.
As a business owner, you need to always have the latest intelligence on how this will affect your business and the job roles within it.
Take accountancy, for example. This is a job largely based on coordinating and crunching numbers, making it a prime candidate for automation. There are already many options online for automating business taxes and monitoring income and expenses. Additionally, there are programs that cut much of the legwork from secretarial roles.
You won't be able to staff your entire business with robots just yet. But, you'll find that by using technology in the right places you can economize on how many hours staff need to work, and how many people you hire.
If you have been reading Inspire To Thrive for long you know I've been using Agorapulse to automate my social media management. This software been a lifesaver not just in money but in time!
Not only does this tool help with social media management but now offers social media listening tools. I can also respond to customers within the dashboard. Thus, this tool gives me more ways to save TIME! Remember, time is money too!
Advertising Intelligently
This is where technology can trip us up as much as facilitate us; don't assume that the most modern digital advertising methods are always the greatest. Sometimes digital advertising platforms isn't always the best use of your money.
Advertising needs creative flair, and while data harvesting can enable us to choose targets better. Therefore, technology can't substitute the human creativity required to make an effective advert.
So keep this in mind when you look at options for advertising your business. Don't continue to pour money into advertising unless you know the approach is working.
Be ready to always monitor your digital ads, whether they are Facebook ads or Google ads. They are always a work in progress!
The advertising models for digital ads are changing rapidly and you must be always in the know about them to use them effectively.
Monitoring Your Spending
Of course, keeping track of your business expenses is a must today if you want to save money in business. Not only do I keep a spreadsheet of daily and monthly expenses but I look ahead. You can use modern or old fashion methods to monitor this spending. (Whatever way works for you!)
By looking ahead you can see what months have unique expenses like estimated taxes, business insurance, etc. The only time then to can add to your monthly budget is when there are no other unique expenses.
Next, is also keeping track of your business deposits. When these go up you can decide whether to re-invest in your business, save the money or make a little more money.
Your Turn on Saving Money in Your Business
How are YOU saving money in your business today?
I'd love to know more in the comments below about the ways you are saving money for your business.