We’ve all heard it before – “every little bit counts.” And it’s totally true. Business owners have lots of little opportunities to save money in ways that are often overlooked. Together, these little things could add up to big savings.
Things like business mailings, advertisements, or shipped promotional items to people on your client/prospect list are good investments for your business. But if your customer relationship management (CRM) software program is a mess, then you’re probably wasting money on items that are being sent to bad addresses. Clean up your client list to make every penny of your mailing investment count.
On the surface, joining a business association in your industry might feel like an unnecessary expense. And while it will likely come with an upfront cost or membership dues, the benefits you receive in return are usually too valuable to ignore.
Being a part of an association is a fantastic way to learn about your industry and get to know other professionals in your field. Through these connections, you’ll be able to find out about new business leads, topics that could impact your business, and ideas that can be put to work. There are likely other benefits too, like strong advertising placement via sponsorships, possible discounts, formal learning opportunities, and support networks.
Things like these can save you tons of money in the long run and will certainly outweigh membership costs. The key is to maximize your involvement.
Time is money. Mixing your business finances with your personal finances convolutes your entire bookkeeping and tax accounting systems and leads to inefficiencies and wasted time. Not to mention that it makes you look unprofessional, creates a nightmare at tax time, could lead to missed deductions, and invariably ends up costing you more money one way or another.
Over the last year or two, social media has become a remarkable way to unload unwanted items for quick cash. Let’s say for example you’ve got an old, heavy filing cabinet that you don’t want to move to your new office. In the past, you might’ve donated it to a local school or community organization, which would require time and effort. Or, you might’ve just thrown it away, getting nothing for it.
But today, it’s so easy to just take a picture of the item, list it on something like Facebook Marketplace or other social sites, and offer to sell it at a cheap price if the buyer comes to pick it up. You’d be surprised by what people buy. Also, you won’t have to do the heavy lifting. This is a great option for getting rid of things like old phones, office furniture, and other equipment for a little extra cash and a lot less effort.
Relating to the previous item, you should also take a look at social media when considering a purchase of new equipment or furniture. You never know – you might find what you need locally for a really low price. Resale shops might also be worth a look.
When it comes to a service swap, other businesses are frequently receptive when an in-kind trade is offered. Say for example you’re an IT company with a plumbing problem. Rather than contract a plumber for repairs, you may be able to offer them a limited period of IT assistance in exchange for repairs. It all depends on both of your needs, but you may be surprised by the kinds of mutually beneficial opportunities you’ll find when you ask.
Most business owners are likely charged somewhere between 1.5% and 2.9% for processing fees on credit card transactions (2020 data from CreditDonkey). It’s just plain and simply a cost of doing business, as a majority of customers typically pay with cards these days. But one shouldn’t overlook the fact that customers love a discount too, and you can duck around processing fees by offering a cash discount on purchases. It’s an easy way to please customers and help you save.
The current business climate is leading to increasing levels of automation among all kinds of industries, and there’s no exception when it comes to the tax service sector. The use of automated tax software can be a little scary for business owners at first. Many folks are likely very comfortable with their tax accountant or CPA. But the services of those experts come at a cost, in terms of both time and money. It can be automated for less, in most cases.
Importantly, these programs are constantly updated with the latest tax laws and regulations, meaning you could find new deductions and more ways to save. The most popular examples of corporate tax software programs available currently are ones like ProSystem fx, Vertex Cloud, and Intuit Turbotax, according out outlets such as G2, Capterra, and Business News Daily.
These are just a few basic examples of ways to save money from what are likely countless more. Improving efficiencies and cutting a few small percentage points off your overhead could add up to thousands every year. Take a close look at processes that you haven’t thought of in a while. You’ll be surprised by what improvements you’ll find.
