StrategyDriven Budget Management Article

A Comprehensive Guide To Saving Money In Business

Saving money in business can be done in numerous ways. Just about any business owner could look at their business and find ways to save when using the tips in this guide. You might think that you’re already saving as much as you possibly can, but don’t leave yet – take a quick look through the advice below and see if you can use any of the suggestions.

Don’t Hire – Outsource

Hiring comes with a whole host of responsibilities that you need to be aware of – one of them being that you have to pay your staff regardless of the money they earn for you each month. This is why it’s a good idea to look into outsourcing instead. If you’re unsure of whether you’ll need things doing consistently, outsourcing gives you fewer responsibilities while still getting the work done. If it turns out that you do need the work full time, you can then hire. Until then, outsource so you can be sure and save yourself any hassle.

Learn How To Negotiate With Vendors

Negotiating with vendors is key if you want to save money. You likely need to work with multiple vendors to run your business, so take advantage of this and practice your negotiating skills if you can. You also have the option of seeing if you can pool with other businesses to buy in bulk, which can further help you to save money.

Make sure you research vendors carefully too; the cheapest vendor isn’t always the best. You want a vendor that is going to give you top notch customer service on top of a great product. You can look at businesses like Construction Trailer Specialists, Inc. to give you an idea of what you should be looking for when working with vendors. In general, the better the relationship you have with a vendor, the more chance you have of negotiating a better deal with them. Focus on building strong relationships and you’ll be on your way to getting better deals.

Become A Greener Business

Becoming a greener business involves various techniques, but it’s a great way to go about saving money. You may also make more money, as people who are interested in working with green businesses might just come to you! So, how can you create a greener business? Start by cutting back on things like paper, and turn things off when you leave work for the night. Use recyclable packaging, and work with other green businesses to have an even bigger impact. There’s literally a long list of things you can do that will help you to become a greener business. Kinder to the environment and kinder on your bank balance!

Cut Back On Meetings

Meetings take up a lot of time and energy, so cut back on them where possible. Using collaboration software is much more effective, and it’s rare you actually need a meeting to talk about something important. In some cases a simple phone call or stopping by somebody’s desk can do it. Meetings simply aren’t productive, and this means they are costing you money.

Discourage Multi Tasking

Multi tasking in the workplace can trick you into thinking you’re getting more done, but you’re not. For example, checking your emails, updating social media, and working on a project will make you feel like you’re busy, but in reality, you’re getting less done than you would when focusing on one project at a time. Discourage multi tasking as much as possible, and discourage the use of things like social media and email during the day altogether. Have a set time for checking email, and then leave it alone for the rest of the day.

Shop Around For Your Business Utilities

In business you also need to pay the bills. Your utility bills can be a big drain on your finances if you don’t shop around for the best deals. Make sure you shop around for things like electricity so you can make savings – these will really add up over the course of a year.

Make The Most Of Telecommuting

Whether you can embrace telecommuting or not will depend on your type of business, as it isn’t possible for every single business type out there. However, where it is possible, it can be a huge money saver for your business. If you can keep things virtual as much as possible, you’ll be able to save money on overhead expenses and operating costs. Even if you can only find a way to convert at least some of your staff, it’ll make a huge difference.

Start Using Free Software

Using free software can be a game changer in business – it doesn’t all have to be paid to be effective. See what you can use that will help you to make things faster and cheaper. Even investing in some pieces of software could help you to save money in the long run, as you’re saving time and energy elsewhere.

Find Ways To Save On Your Marketing

Marketing is one of the most expensive things that a business will spend money on. Find ways to save on your marketing and you’ll have more money to your name. However, you should only save where you’re not going to hinder your efforts. Going to a cheaper marketing company may mean losing your results entirely. Word of mouth referrals are great forms of marketing, but you can’t buy them. You can create them by giving the best customer service experience that you can muster. You could take care of some of your own content marketing by creating awesome, shareable content, and then taking to social media to get your content out there.

Using social media regularly and taking control of other marketing aspects will help you to both make more money and save.

Find Ways To Get The Most From Your Employees

Make sure you look for ways to get the most from your employees. You can improve their productivity by giving them a great place to work, ensuring natural light and refreshments, and by being a great leader.

Improve Your Business Cash Flow

Improving cash flow within your business can reduce your need for loans and credit which come with interest, thus helping you to save money. Make sure you invoice promptly and send out reminders. Credit checking your customers can also help you to improve your cash flow and save money. If you work with a client with a bad credit score, you’d likely never get paid and end up losing out.

Hire A Professional Accountant

Hiring a professional accountant should be looked at as an investment, not an expense. They will look at your records and can help you to make better decisions, not to mention keep everything in order and ensure you avoid paying more tax than you need to.

Passive Energy Saving Measures

Earlier we talked about saving money on your energy, but there are also passive energy saving measures you can use. You can double pane your windows to keep the heat in, ensure tight seals, and use solar water heaters. Making energy efficient upgrades as your budget allows can save you thousands.

Turn Things Off After Hours

One seriously straightforward way to save money in business is to turn things off after hours. You can easily reduce your company’s electricity bill this way, and if you get the whole team on board, it’s very easy to do. Having personal computers left on overnight, or even over the weekend can suck energy out of your business like no tomorrow. Ensure everybody has turned theirs off before leaving work. If you own a restaurant or something similar then you’ll need to use your common sense; while you should turn off your ovens and similar appliances, you’ll need to keep your freezers running all the time. Looking for star rated energy appliances can further help you to save money.

Using Your Space Efficiently

As a business grows, it’s natural to dream of moving your business into an even larger space. However, you don’t have to do this if you’re smart; you simply have to make sure you’re using your space more efficiently. At the moment, many businesses tend to have 185 square feet of dedicated office space per worker. Many businesses even report their plans to shrink their footprints to less than 100 square feet of dedicated office space per worker by the end of this year. Things like mobile device usage, collaborative workstations, and multipurpose rooms (for example, conference rooms that can also be used as break rooms) are all great solutions for business owners who want to save money on the rent and make the most of their space.

If you take a close look at your business, you should find that these tips help you to save a fortune over the course of a year. Examine your business carefully and see what you find that can be improved upon. Do you have any tips to add to this guide? Leave your own thoughts and ideas below!

StrategyDriven Entrepreneurship Article

How Having A Way With Numbers Will Lead You To Success

No matter what kind of business that you run, it is absolutely essential that you know how to manage your numbers. So many companies end up bankrupt or missing on out amazing deals because they haven’t understood something, or they have miscalculated and are now at a total loss.

While being a good manager is important, if you don’t know the basic ins and out of transactions and financial management, you won’t get very far. Even knowing how to take out a loan with companies like Summit Financial Resources without having to worry about all the terms and conditions on interests, will save you.

Like anything; if you want to thrive in something you do, you should apply yourself to it as much as you can, drawing out as much information and going over that again and again so that it’s stuck in your mind and becomes second nature to you.

That’s how we learn.

Here are some of the most basic ways you can boost up your number skills.

Hire an accountant

Hiring an accountant to deal with all your money transactions is a great way of knowing that the job is under control, and allows you to have peace of mind. Trying to manage it all yourself can be very overwhelming and stressful, which then makes it more likely for you to mess up and make a mistake. An accountant will be able to monitor all of the money coming in, and all of the money going out of your accounts, ensuring that it is all done correctly and you aren’t missing anything. But not only that, they also deal with tax and any other things that you need to stay on top of so that your business is sticking to all the rules and doesn’t risk finding itself in any trouble down the line.

Speak to a financial advisor

If you aren’t sure what you’re doing, what to invest your money in, and what to put away safely, then a financial advisor will help you with making all those kind of decisions. You would sit down, and break apart your business finances with them, and they would work out what risks are good ones, and what risks you just can’t afford to make. They will help you figure out how to earn more of an income more often, while teaching you how to pay less in areas of your business like for manufacturing fees and marketing strategies. Advisors are trained to spot things that you may not, because they know exactly where to look. So bringing in a fresh set of professional eyes can make the whole world of difference to how your business is run.

So as you can see, these are only a couple of examples as to what you can do, but they are by far the most effective. A lot of people don’t like the idea of having to reach out for help, and bring a stranger into their company, but sometimes it’s necessary if you want to grow.

StrategyDriven Entrepreneurship Article

Geting to Grips With Your New Business’s Finances

Starting a new business can be challenging, especially if you don’t have any financial training or experience. Your company will grow with wise financial choices and decisions, and there’ll be little room for error, especially in the first tentative months. However, this does not mean that you can’t do a little research and ensure that you seek the right advice so that your startup can begin to thrive, and you’ll become financially savvy as you evolve with your company. Therefore, it’s worth taking some time and making an effort to better understand your income and expenses. You’ll also need to work on where you’re you’re going to invest, save, and improve regarding your cash flow.

The more knowledge and understanding you possess surrounding your business finances, the more clarity you’ll have when it comes to important decision making and spending. It can be a challenge to gain the interest of other investors and those who will help you to take your business to the next level, especially when you’re a small fish in a big pond. Therefore, you must get the basics right regarding your money so that your success and reputation can proceed you in a meeting or networking event. The following are some ideas, inspiration, and advice for those who need a confidence boost regarding their business and its finances.

Get Yourself A Great Rating

When you’re trying to be careful with your funds, and save wherever you can; you might think that getting yourself a credit card might be a bad idea. However, it’s worth getting one so that you’ll have a credit rating or score for you and your business. Without a credit score, it can be difficult to gain investment or receive a loan, and you’ll probably need these at some point to invest further in your company. Take a look at the discover it review so that you can better understand how a credit card could work in the favor of your business. Alongside having a great credit rating; you’ll be able to receive rewards and even cash back on certain things when you use the card to spend, so it’s well worth looking into. As long as you’re prepared and able to pay your monthly bills back on time; there’s no reason a credit card and its resulting score, won’t be beneficial to your company.

Get Yourself Some Professional Advice

In order to ensure that you’re making the right choices regarding your money; you’ll to invest in expert help and advice. Hiring a reputable and qualified accountant to look over your finances, and advise you on what to do with your spending and saving, will give you the peace of mind that you’re making the right decisions for your business. They will be able to help you understand your monthly figures and targets, and they can suggest budgeting tools for when they’re not there; investing early on in expert advice will make sure that you reap the rewards further down the line.

StrategyDriven Entrepreneurship Article

How to Save Money for Your Business

We don’t tend to be very thoughtful when it comes to business spending. Truth be told, most companies wait until they’ve hit a cash crunch before they start looking at their spending levels and end up having to cut key personnel because of that. Avoiding losing valuable members of staff because the business overspent when the good times were rolling along and expected to never end should be a priority for any CEO who understands that people are the lifeblood of their business.

Here are a few ways to begin reducing the spending levels to give the company breathing room in difficult economic times; possibly even allowing for expansion plans when competitors are having to cut back.

Better Contract Negotiations

When negotiating with suppliers, making payment arrangements that spread the cost over a longer period makes cash flow easier to manage. Even if the sales don’t add up to as much as hoped, at least the costs of the purchases are distributed well. Make the payment terms part of the agreement, not something to tack on at the end. If the sales staff intimate that that’s not their area and try to brush it off, then ask them to bring the finance people into the meeting (by phone if necessary) to get a deal done to your liking.

Sub-let Space You’re Not Using

Does the business currently lease more space than it needs? Whether it’s a warehouse facility or an office, other people will pay dearly for the convenience of an office (or part of a larger one) that’s near to where they live. There are plenty of ways to rent an office out without needing to pay a high fee to a broker, which would make it a bit pointless otherwise.

Renting a “hot desk” is all the rage with digital nomads at the minute because they can grab a desk for a week or a month and use the photocopier, the internet, and the other facilities while there. Eager to fill the need, sites like Desks Near Me and Deskcamping act as an intermediary, connecting spare desks with people who need one.

Frugal Spending & Money Management

Spending less and managing money better go together. There’s not much benefit to watching the pennies if the dollars are flying out the door faster than you can cut back. A company that’s lost its way when it comes to the financial management side of the equation will struggle mightily as a result.

One way to get a handle on this is to study for an Ohio University masters in financial economics, which covers financial markets, business accounting, and touches on a broad range of subjects to better understand money. The Ohio University course delivers a well-rounded education on financial matters, which is bound to help staff who are struggling to manage the money well. This Ohio University online course is accessible over the internet, so no time is lost in traffic getting to the campus on time.

Managing money helps in all aspects of a business because when there’s too little of it available, all the clever strategic thinking in the world won’t save the company. Just like with the foundations of a house, getting the money management right provides something solid that can be built upon.

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.