Have you been struggling with your business’s finances lately? Are you making more losses than profits then take a look at this short guide on how to save money in places you may not have realised.
Wherever possible you should think about using discounts to purchase goods and services. This may not be a huge saving but it will save you money nonetheless and over time the discount will become more noticeable.
If you are looking for discounts with the software you are using, why not check online for any available at the time of checkout. For example, if you are using Xero bookkeeping software and accounting services then you could research how to get Xero discounts. Although software and services like these very rarely offer discounts as they do not need to, people will always purchase it no matter the cost.
One of the more common ways your business financials may be suffering is by paying too much for advertising. The old-fashioned methods of advertising such as paying to be in newspapers or printing loads of flyers can end up costing the earth. If your business is making money from advertising on social media then continue doing so. Signing up to social media is free and posting on your business page is also free so why not take advantage of this. Word of mouth is much more effective when done through social media as one post can be seen by hundreds possibly thousands of people through likes and shares.
Take a look at ways to save on your business website. Rather than dealing with a company that will produce your website, why not create your own website. It is fairly straightforward these days with all the guides and tutorials available online. Ensure it is user-friendly and easy to navigate, have a section on there explaining who you are and what your company has to offer. This will have the customers coming back for more and telling all their family and friends about your business.
Using freelancers is a great way to save money within your business. You may not necessarily need or want to hire a full-time person who will only have sporadic work as this is a waste of money. Instead, look at freelancers and outsource the work to them. They will invoice you for the work they complete, you pay them and then if you need them again you know where they are. Using freelancers works out better for your business as you don’t need to pay wages, including tax to that person as they are responsible for covering their own tax and insurance.
Finally, if you have looked into all these and you are still struggling to save money then look into any further possible cutbacks you can make. If you are renting your office space why not see if you can downsize or change to a cheaper location, this will save you money. Even better you could see if it’s feasible to work from home, this would save on rent and travel expenses putting less strain on your budget and finances.