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When Every Penny Counts: Saving Money for Small Businesses

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When Every Penny Counts: Saving Money for Small Businesses

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When Every Penny Counts: Saving Money for Small Businesses

Businesses don’t always experience consistent revenue streams. Customers don’t always purchase in high volumes, so businesses shouldn’t throw money away unnecessarily. Many companies make attempts at managing their budgets effectively but run into a brick wall when trying to figure out how to save more money. Some steps to save money aren’t all that difficult to put into practice. Here are three ways to do so:

Technology

Doing things the “old school” way has some benefits, but there comes a time when you must take steps to modernize. Integrating technological advancements into your business operations could be a critically necessary step to cut down on expenses. Technology serves many functions, with streamlining tasks being among the most helpful. With a smartphone, for example, scores of apps can be downloaded on one device. Accessing the apps to perform business-related tasks speeds work performance up.

Ultimately, you want to cut down on time and labor expenditures. Technology helps with both these causes. You don’t necessarily need the newest and most expensive technology. Outdated technology won’t be helpful when it doesn’t perform at a pace necessary to expedite productivity. Upgrades may cost money upfront, but they could start saving you money almost immediately.

Here are just a couple of tech platforms that you could be using to automate your workflow and spend less in the long run:

  • FancyHands – A virtual assistant platform that allows you to create any kind of task that your own assistant would do (setting up appointments, proofreading articles, compiling data) and delegates that task to a number of highly trained virtual assistants. Think of it like Uber for virtual assistance. The total cost of 50 tasks per month is even cheaper than hiring an assistant!
  • Freshbooks – An all-in-one small business accounting and invoicing solution. Freshbooks allows you to track the time of your employees, and send out invoices to clients based on time tracked. Freshbooks even has a small business loan program just in case.
  • Canva – Canva is a free and easy to use design platform that allows you to create designs specifically for social media. Good designers are an expensive commodity, and Canva won’t replace experienced designers, but what it will do is help you get a presentable Facebook cover, or social media ad out without having to break the bank.

Taxes

Taxes become unavoidable when your business generates profits. One typical mistake business owners make when filing their taxes involves paying more than they should. Saving money on taxes is critical for small businesses. Money directed towards paying excessive taxes doesn’t help with small business savings and fiscal stability.

Why do business owners overpay on taxes? One common reason involves not taking all their available legal deductions. They also may be unaware of local or federal tax breaks. Proprietors concerned about their tax bills may find discussing matters with an accountant valuable. The accountant may be able to help with legitimately reducing tax liabilities.

Energy Efficiency

Energy efficiency isn’t only about helping the environment. A business with an eye on energy efficiency might experience a decrease in expenditures. Gas and electric aren’t free. A company that runs radios and television sets to add “ambiance” to the premises does itself no favors by keeping these things at times when few customers walk through the door.

Cutting back on energy expenses can be done in several ways. The better regulating of heat and air conditioning is one. Simply turning lights off when not using or needing them is another. Perhaps investing in an energy audit would be worthwhile.

The profits earned by a business represent the fruits of your labor. Why see those profits wasted by poor fiscal management? Try to save money anywhere you can.

If you are a small business and just getting started, check out our marketing services to see how we can help.

Nathan Walsh

Nathan has over 8 years of experience crafting web-based solutions. He is a front-end web developer with a focus in user experience and optimized project management. Nathan has assisted more than 150 different small businesses in building powerful online brands.

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