Now we’re half way through the year, it feels like a good time to take stock of our business finances and see where we can pinch a few pennies.
1. Make credit comparisons
If you have unpaid balances on your credit cards at the end of the month, shop around for a card with a low interest rate.
2. Bank on an early deposit
Make bank deposits early enough in the day so you get credit (and start earning interest) that day.
Bartering has been an effective way of pinching pennies for centuries… give it a go!
4. Borrow, rent, buy used
Find ways to use other people’s resources in addition to your own. Whenever possible, borrow rather than rent; rent rather than buy; and buy used rather than new.
5. Use free software
There’ s lots of free software online you should be taking advantage of. Programs that can help you manage your finances, plan your projects, track your customers, and much more. You can also take advantage of free trial periods for most business software. This gives you a chance to use the application for free for 30 days or more to see if you really need it.
6. Go green
Going green, saves green! Whether it’s a home business, office, storefront—whatever kind of space your business is using, the more energy efficient your space is, the lower utility costs you’re going to have. So go out and buy those compact fluorescent bulbs - they can save you three quarters of your lighting bill per year!
7. Review your operating expenses
Day to day expenditures on simple things—coffee, maintenance, and supplies all add up. Taking a chunk of time to go through things and see where you might be paying more than you need to can save you a lot over time.
8. Ask for a discount
So simple, yet often very effective. Just ask whatever vendor if they have some kind of promotional offer or rate. This won’t always be the case, but when it is, it’s so easy and worth it.
9. Go paperless!
This is a must in this day and age. Not only can saving on materials save you money directly, this can also be a time (and more money) saver.
10. Stay on top of your accounting
Failing to keep good financial records is like driving a sports car at top speed with your eyes closed. It may be ok for a little while, but eventually you will crash and burn. Get in touch if you need any help with this.