3 Ways To Spend Less On Your Company Cars

Most business owners will invest in at least one company car as their operations begin to succeed. The issue is that you could end up spending far more than is necessary if you take the incorrect approach. Considering that, three expert strategies on this page should ensure you keep the costs down to a minimum. You can then use your budget to fund additional advertising or the growth of your company. We’ll try to keep things as simple as possible so every reader can benefit from this advice.

Consider a leasing deal

Firstly, you need to consider the fact that you don’t need to purchase the vehicle outright in most instances. That could be a significant business mistake if you don’t have thousands of dollars in your accounts. Nothing is stopping you from taking a look at some of the deals on offer from specialist leasing firms. In many situations, you can gain access to vehicles you wouldn’t otherwise be able to afford to drive. Also, you don’t have to worry about repairs because the hire company will handle those. For a small payment each month, you can get a suitable car that will get you from A to B and impress your clients. You can swap and change the model at the end of each contract too!

Maintain the vehicle yourself

If you’re going to buy your business car outright, there are lots of ways in which you can reduce the running costs. For example, you might decide to sign up for a servicing arrangement that will ensure mechanics take a look at the automobile every twelve months. However, those who want to save the most amount of cash will need to get used to the idea of performing maintenance jobs without professional assistance. Click here or visit an auto specialist in your hometown to take a look at how much you will need to spend on essentials to keep the vehicle in working order.

Compare commercial insurance packages

It’s sometimes possible to reduce the cost of your business car insurance by getting a policy for your entire company from the same provider. You can learn more about that here or search Google. There are many commercial insurance specialists out there, and some of them offer packages that provide all the protection your operation requires. That might include things like public liability, employer’s insurance, and even car cover. Getting all that from the same brand is the best way to reduce the price you have to pay. Also, you can obtain quotes from multiple firms and use them to drive the cost down with others. Just use some common sense.

Those three strategies should assist all readers when it comes to keeping more cash in their business accounts this year. When all’s said and done, even those with successful brands will need to reduce spending as much as possible. That is the best way to ensure you always have enough funds available to pay for marketing and utilize any new concepts as they appear throughout the year. So, put some of this advice into practice, and you should never end up overspending on the vehicle you use to represent your venture.

Starting Your New Business on a Budget

While many business owners would love to have enough money to start their business the way they want, the reality is that most companies struggle for capital when they first start. That doesn’t mean that you cannot start your business, it just means you will need to be prudent and cautious when it comes to spending. There are many ways that you can get your company up and running, even on a budget.

Don’t Borrow Unless You Must

While there is a big urge just to borrow the money you need and get the things you want; you need to be careful. You want your business to start earning you money, not generating the money to pay another debt. You must also be aware of the fact that your company might not survive. If that’s the case, then you will be saddled with the repayments for your business loan. If you do have to borrow money, only borrow the smallest amount that you need to get started, that way if your company takes off, you will still get some profit.

Start in a Modest Way

Although you might have the dream of a nice shop or a large office, you should avoid such things until you are on the more stable ground. The best thing to do at first is to start from home to keep costs down, or perhaps share office space with another company. If you need to be out there to sell products, start small by going to fairs and markets and going from there. Once your company is making money, you can rent a small store to sell your products.

Think About Refurbished Items

Buying a new printer, computers and other office equipment can become expensive in a short space of time. To cut down on those costs while still getting the equipment you need, why not consider buying refurbished or used items. Many companies offer used office copiers and other electronics that have been refurbished, so they are working perfectly. You can get desks, chairs and other furniture from used office suppliers. They are usually in good condition, just taken from offices that have been refurbished.

Be Smart with Your Services

To run your business effectively, you will need a phone line with the internet, though getting these set up especially with a business rate can be expensive. Do plenty of research into the best deals you can get for your business, and see if there are deals that offer extras such as a business mobile or free web space for a website. To cut costs further, try to develop your website yourself using the many website building sites that are on the internet. It might not be as polished as you want, but it will be free, and it will be a good start until your business takes off.

By trying to plan your spending and by using used or refurbished goods, you can start your new business with minimum capital.

Don’t Leave These Things Out Of Your Business Budget!

People just starting out in the business world will often make mistakes when it comes to creating their budgets. That is a significant problem because it means the entrepreneurs can run out of money before they make a profit. With that in mind, there are some budget essentials listed below that you won’t want to overlook.

Marketing and promotion

Marketing is the single most critical aspect of your operation, and you need to spend a lot of money if you want the best results. These days, it’s possible to lower your promotional spend using digital tools like social media. However, you still need to allocate a substantial amount of funds.

Employment costs

You need to make sure there is always enough money in the bank to pay your employees. At the same time, you also need to think about whether or not you might employ more people in the next twelve months. Be sure you include all those costs in your budget.

Travel and accommodation fees

As the infographic below shows, most business owners have to spend a lot of cash when it comes to travel and accommodation. You never know when you might need to meet a client on the other side of the country, and so it’s vital that you keep enough funds in your accounts.

If you remember to include all those things in your business budget this year; you should find your company on the right track. Still, there is always more to learn, and so you should continue your research after clicking away from this page.

Infographic designed by Jettly

StrategyDriven Budget Development Article

Invest To Improve: Where To Spend Your Money In Business

If you run a business, continual improvement is probably top of the list of your goals. If you can continue to grow, make more money and improve the service you offer your customers, you’re on to a good thing. When you’re a company director, you have a lot of decisions to make, and it’s important to spend money wisely. Often, it’s essential to make the right decisions when it comes to investing your capital. If you want to invest to improve, here are some suggestions you may find useful.

StrategyDriven Budget Development Article

Investing in your staff

Most successful entrepreneurs have a team of people around them. Not even a superhero disguised as a business mogul could run every single aspect of a growing company, and as the boss, you may be reliant on tens, hundreds or even thousands of people. Your staff should mean a lot to you. Investing in them is a means of showing how grateful you are for their hard work and demonstrating that you have trust in them. Training is incredibly valuable for both the business and your employees. Training programs, courses and workshops enable your team to gain new skills and develop existing skills, and the outcome could be incredibly beneficial for your company. Consider how important confidence and the ability to speak with clarity and passion are for a sales team or how beneficial skills related to brand new technology or software could be to a cutting-edge e-commerce store. Training existing members of staff often enables you to offer more as a business without outsourcing or hiring additional employees, and it can also give your team more confidence and encourage them to want to develop their skill set further.

If you operate in a competitive industry, it’s worth investing money in trying to keep your star players. If your best workers start looking at roles and positions offered by rival companies, and you can’t compete, there’s every chance that you’ll lose them, even if they love their job. Consider salaries and employee benefits packages carefully and be prepared to outdo competitors if you’re desperate to keep your team together.

StrategyDriven Budget Development Article

Investing in business premises

Whether you work from home and you’re self-employed, or you have an office or a chain of stores or warehouses, you may reach a stage when you think about investing in new premises. Buying property can be incredibly lucrative, especially in the long-term, but it’s essential to make the right decisions.

If you’re home-based and you’re looking to improve your business, you may consider looking at a new location or a larger house or making your current home more suitable for work purposes. Location is incredibly important in business, and if you intend to work from home, your current location may not be ideally suited to what you do. If you’re a therapist or you specialize in consulting, for example, this probably means that you’re going to come into contact with clients on a daily basis. If you’re out in the country, this could put clients off if they have to travel to you or increase your running costs if you’re constantly driving into the city. If this scenario sounds familiar, it may be worth considering a move and having a look at new condos for sale. If the location is right, and the property works on both a personal and professional level, this could be an ideal investment.

If you run a company and you’re looking to expand or buy premises rather than renting, there are lots of factors to consider. If you’re buying, you need to make sure that the move makes financial sense. Consider the importance of location as a priority. If you’re opening a new clothing store or a café, for example, location is everything, and you should look for areas where footfall is greatest. If you want to buy a warehouse, you don’t need to be in the city center, but being close to transport links will be hugely beneficial. If you’re on the lookout for an office, but you don’t need to be close to the action, searching in the suburbs is a good idea. Once you’ve identified potential locations, consider the size of the premises and the cost. Set a budget at the outset, and don’t go for the first option. It’s worth shopping around, getting an idea of what’s out there and comparing different properties. Weigh up the pros and cons, be prepared to negotiate and consider the long-term benefits of each option. Buying property can drive down costs, as mortgage repayments are often lower than rental fees. You’ll also be putting money into an asset that you own, rather than lining somebody else’s pocket.

StrategyDriven Budget Development Article

Investing in growth

Every business owner dreams of getting to a point where their business is expanding, and the demand for products or services is increasing. If you’re doing well, you’re in profit and consumers want more, it’s worth investing money into trying to make your growth plans a reality. Spend money on marketing methods that work, develop products based on trends and consumer demands, and look at ways you can expand without increasing your running costs. Negotiate with suppliers, manufacturers and distributors and promote efficiency and productivity. If your business is booming, don’t forget to share the rewards with your employees. If they feel valued, they will be more likely to show loyalty and put maximum effort into their job.

StrategyDriven Budget Development Article

In business, you often have to speculate to accumulate. If you’re keen to hit the big time, you may have some pretty tough decisions to make along the way. One of the most important things to do is spend your money wisely. Sometimes, there are opportunities to invest, which could improve your business and ultimately lead to increased profits and better customer service. If you run a team, don’t underestimate the value of investing in your employees and giving them a platform to fulfil their potential. If you’re expanding, or you’re keen to attract more clients or reduce running costs, it may also be worth looking into buying new business premises. If you are heading in the right direction, consider which areas to invest more money in and plan a strategy carefully.

Hank Moore

Mentoring and Lifelong Learning

Professionals who succeed the most are the products of mentoring. I heartily endorse that find a great mentor. I have had many excellent ones in my long career and have in turn mentored hundreds of others.

The mentor is a resource for business trends, societal issues and opportunities. The mentor becomes a role model, offering insights about their own life-career. The mentor is an advocate for progress and change. Such work empowers the mentee to hear, accept, believe and get results. The sharing of trust and ideas leads to developing business philosophies.

The mentor endorses the mentee, messages ways to approach issues, helps draw distinctions and paints pictures of success. The mentor opens doors for the mentee. The mentor requests pro-active changes of mentee, evaluates realism of goals and offers truths about path to success and shortcomings of mentee’s approaches. This is a bonded collaboration toward each other’s success. The mentor stands for mentees throughout their careers and celebrates their successes. This is a lifelong dedication toward mentorship… in all aspects of one’s life.

The most significant lessons that I learned in my business life from mentors, verified with experience, are shared here:

  1. You cannot go through life as a carbon copy of someone else.
  2. You must establish your own identity, which is a long, exacting process.
  3. As you establish a unique identity, others will criticize. Being different, you become a moving target.
  4. People criticize you because of what you represent, not who you are. It is rarely personal against you. Your success may bring out insecurities within others. You might be what they cannot or are not willing to become.
  5. If you cannot take the dirtiest job in any company and do it yourself, then you will never become “management.”
  6. Approach your career as a body of work. This requires planning, purpose and commitment. It’s a career, not just a series of jobs.
  7. The person who is only identified with one career accomplishment or by the identity of one company for whom he-she formerly worked is a one-hit wonder and, thus, has no body of work.
  8. The management that takes steps to “fix themselves” rather than always projecting problems upon other people will have a successful organization.
  9. It’s not when you learn. It’s that you learn.
  10. Many people do without the substantive insights into business because they have not really developed critical thinking skills.
  11. Analytical and reasoning skills are extensions of critical thinking skills.
  12. You perform your best work for free. How you fulfill commitments and pro-bono work speaks to the kind of professional that you are.
  13. People worry so much what others think about them. If they knew how little others thought, they wouldn’t worry so much. This too is your challenge to frame how they see you and your company.
  14. Fame is fleeting and artificial. The public is fickle and quick to jump on the newest flavor, without showing loyalty to the old ones, especially those who are truly original. Working in radio, I was taught, “They only care about you when you’re behind the microphone.”
  15. The pioneer and “one of a kind” professional has a tough lot in life. It is tough to be first or so far ahead of the curve that others cannot see it. Few will understand you. Others will attain success with portions of what you did. None will do it as well.
  16. Consumers are under-educated and don’t know the substance of a pioneer. Our society takes more to the copycats and latest fads. Only the pioneer knows and appreciates what he-she really accomplished. That reassurance will have to be enough.
  17. Life and careers include peaks and valleys. It’s how one copes during the “down times” that is the true measure of success.
  18. Long-term success must be earned. It is not automatic and is worthless if ill-gotten. The more dues one pays, the more you must continue paying.
  19. The next best achievement is the one you’re working on now, inspired by your body of knowledge to date.
  20. The person who never has aggressively pursued a dream or mounted a series of achievements cannot understand the quest of one with a deeply committed dream.
  21. A great percentage of the population does not achieve huge goals but still admires and learns from those who do persevere and succeed. The achiever thus becomes a lifelong mentor to others.
  22. Achievement is a continuum, but it must be benchmarked and enjoyed along the way.

These are my concluding pieces of leadership advice. Know where you are going. Develop, update and maintain a career growth document. Keep a diary of lessons learned but not soon forgotten. Learn the reasons for success and, more importantly, from failure.

Good bosses were good employees. They have keen understanding for both roles. Bad bosses likely were not ideal employees. They too are consistent in career history. Being your own boss is yet another lesson. People who were downsized from a corporate environment suddenly enter the entrepreneurial world and find the transition to be tough.

Poor people skills cloud any job performance and overshadow good technical skills. The worst bosses do not sustain long careers at the top. Their track record catches up with them, whether they choose to acknowledge it or not.

Good workers don’t automatically become good bosses. Just because someone is technically proficient or is an exemplary producer does not mean that he-she will transition to being a boss. The best school teachers do not want to become principals, for that reason. Good job performers are better left doing what they do best. Administrators, at all levels, need to be properly trained as such, not bumped up from the field to do something for which they have no inclination.

Truth and ethics must be woven into how you conduct business. If you do not “walk the talk,” who will? Realize that very little of what happens to you in business is personal. Find common meeting grounds with colleagues. The only workable solution is a win-win.

Leadership and executive development skills are steadily learned and continually sharpened. One course or a quick-read book will not instill them. The best leaders are prepared to go the distance. Professional enrichment must be life-long. Early formal education is but a starting point. Study trends in business, in your industry and in the industries of your customers.

People skills mastery applies to every profession. There is no organization that does not have to communicate to others about what it does. The process of open company dialogs must be developed to address conflicts, facilitate win-win solutions and further organizational goals.

About the Author

Hank MoorePower Stars to Light the Business Flame, by Hank Moore, encompasses a full-scope business perspective, invaluable for the corporate and small business markets. It is a compendium book, containing quotes and extrapolations into business culture, arranged in 76 business categories.

Hank’s latest book functions as a ‘PDR of business,’ a view of Big Picture strategies, methodologies and recommendations. This is a creative way of re-treading old knowledge to enable executives to master change rather than feel as they’re victims of it.

Power Stars to Light the Business Flame is now out in all three e-book formats: iTunes, Kindle, and Nook.