Review your expenses regularly.
Create a list that includes all of your overhead costs and expenses, including profit and loss statements, equipment leasing, office rental expense, internet services, utilities and travel. Review that list regularly to scan for items you no longer need or are paying too much for. It’s also a great way to track deductions when it comes time to file your taxes.
Hire an accountant.
Yes, it’s another added cost. But it can also save you time and money come tax season. Accountants will be able to recognize deductions you may have overlooked, as well as other savings opportunities.
Ask for deals.
You’ll never know if you can get a discount unless you ask. Reach out to all of your vendors and service providers and see if there’s any way to negotiate lower prices. Most companies would rather lower your bills than lose you as a customer altogether.
If you can, work from home.
Some small businesses require a physical office. If yours doesn’t, save that rent money to spend on something that will generate revenue. If you need to work outside of the home due to space constraints or distractions, consider using a shared office space, which has an existing IT infrastructure, low overhead, flexibility, and maybe even networking opportunities.
Almost everything, including contracts and invoicing, can be done electronically these days. That means saving money on ink cartridges, paper, postage stamps and storage for old-fashioned files. It’s also much better for the environment.
Save time with software.
Instead of manually entering and paying bills, use payable automation to have information from electronic emails automatically extracted and scheduled. There are also document management applications that eliminate the need for you to print out documents and get them physically signed. Time card services can do everything from tracking employee time to scheduling. And automated invoicing services allow you to send professional invoices via email and get paid.
Get creative with your marketing.
Think of ways to get the word out that won’t cost as much as traditional or online advertising. That might mean offering an incentive for referrals, asking customers to leave online reviews or ramping up your social media efforts.
Remember: Your time is money.
When you’re starting a business, doing everything yourself to avoid paying someone else seems like a good idea. But at some point, it makes more sense for you to spend your time on a task that actually makes money; not bookkeeping or website maintenance. Figure out tasks you can outsource or delegate.
What were your biggest struggles when you started your business? Share in the comments.