Money Hacks for Small Business Owners
In today’s economic climate, every little tip on how to save and earn money comes in handy. We’ve compiled a list of tried and tested money saving hacks to make your life that much easier:
1. Don’t be afraid of technology
There’s an app, program, or piece of software for everything nowadays. Whether it’s managing your business or finding more efficient ways of communicating with your employees, there’s an app! Most of the time, they are cost effective and don’t require a huge investment of time.
As a business owner, it’s up to you to be across the market trends available to you at the touch of a fingertip. Don’t be afraid to try new things, we’ve compiled a list; 8 Business Tools To Help The Busy Business Owner to get you started.
2. Review your loan payments
As a business owner, managing your loans and repayments is a vital responsibility. Make a habit to review your monthly loans and adjust your repayment accordingly. An extra $50 a month or simply rounding off your payments (eg: from $136 to $140-$150) can make a huge impact on your loan.
Pro tip: Pay fortnightly instead of monthly. If you keep at it and use this money hack, next thing you know, your interest charges have shrunken and the loan is easier to pay.
3. Check your subscriptions
There are so many enticing subscription programs available today. A subscription to Netflix here, a Spotify premium membership there, and a number of newspaper subscriptions to round off. Beware though, you may be quite surprised to see how quickly these add up each month.
A simple audit of all your paid subscriptions will help you to reevaluate your spending habits. Consider eliminating the unnecessary subscriptions. Every dollar or two that you save can go a long, long way. That can very well be an extra dollar on rent money or a new business gadget that you’ve had your eye on.
4. Take a ‘No Spend Day’
Can you survive a day without spending? Sure you can! Get out your calendar and set a NO SPEND DAY alarm on your chosen days. It might only be once or twice a week but after a while you will start to notice your wallet getting a little fatter. Furthermore, the NO SPEND exercise will help develop your discipline when it comes to money.
5. Track your spending habits
Take a moment and review your day: From a $6 coffee in the morning, $15-$20 lunch, $10 on magazines and another $6 on your second cup of coffee, it is easy for your monthly budget to spiral out of control. Jot down every purchase and track your spending by journaling, a budget tracker app or simply by keeping notes on your phone. This way you can easily review your spending at the end of each month, allowing you to improve your saving habits.
This is one word most people are afraid to do or even try. Our take on it: There’s no harm in trying. If you buy in bulk or a loyal customer of a trusted supplier, you’ve earned your right to haggle or request for a price negotiation, at the least. Getting supplies in bulk can adjust the price of a product compared to buying it retail. This simple way can save you a lot of money in the grand scheme of things.
7. Find your perfect “business” partner
A great accountant can be the best money hack, especially for small business owners. Finding the right accountant, someone you can talk to about business strategies and who can provide you with financial advice tailored for your personal and business life, is the best investment you can make.
Make sure your accountant can answer these questions.
Care to share money tips that you swear by? Comment on the section below and we look forward to hearing from you!