While some businesses, like toy manufacturers and eCommerce companies, are thriving, other businesses, like travel companies and sports clubs, are struggling to stay afloat. If you are one of the companies working to stay in business, you may want to find ways to save money after this new year.
When it comes to your business, it’s important to find ways to increase your cash flow while allowing yourself room to be comfortable in your new or existing business. Save money this year by following these tips. You’ll see that it’s all too possible to find cash savings if you get creative and look around. The possibilities are there; let’s see what we can discover.
How to Save Money with Your Small Business
- Get feedback for your business.
One of the best ways to save money is to ask your satisfied customers for feedback and determine why your unsatisfied customers were not happy. Work with your clients and customers to get a solid base of good customer feedback for your website, brochures, and other promotional materials. This can be a great way to show potential customers that you rock!
You could include the feedback you get on your website as a section called “Here’s What Other People Had to Say,” or something like that. Include a separate section on your website for Customer Comments or Feedback, or include these great comments on your About Us pages. Anything you can do to get the word out that you are a great company to do business with will be helpful!
Learn more about how to create your about pages to make yours spectacular! Of course, if you want to start a truly magical website, you should hire a web designer to help you get the best results from your online presence. Your digital presence represents who you are, what you are all about, and what you can offer your target audience.
- Share your expertise.
If you don’t already have one, you should add a blog to your company’s website. If you are an expert in your field, you can share your knowledge in your blog posts and attract new clients and customers who read your blog and want to learn more about you. Find out more about how to write blog posts that other people will actually want to read!
Another way you can use your expertise and earn a little extra money is to teach a class at a community college near you. By reaching out to budding students in your field, you may meet others who can help your business – students, other teachers, and other administrative personnel. Any connections you make could be potential customers, clients, or business associates that could help you succeed in your business.
- Promote yourself.
If you have the time and a little expertise, you could create your own business cards, letterhead, and other promotional materials. If you don’t already have a website, it may be time to learn a bit more about the importance of having a website for your business. All of these ideas will help you promote your business, giving you a stronger chance at success.
- Find it free or create your own.
Did you know that you can create your own business cards, letterhead, forms, and other promotional materials? There are also many software companies that offer free trials. All of this can help you reduce your office expense overhead.
Entrepreneur recommends using Download for your free software downloads and creating your own business forms or finding free printables online. If you need certain forms for your business, in many document programs, you can create your own. Take a free online class and learn how to create your own printables.
Another option is to look online for free printables. Just do a search in the search engine for the form you are looking for, and you may find that someone out there is eager to share what they have put together. You can use it free of charge; typically, the only stipulation is that you not sell what someone else created. That’s a fair trade-off!
- Work with your neighbors.
Your business neighbors may be able to help you save money on expenses that you didn’t realize were possible. Share promotional television spots and other advertising expenses by joining forces to see how you can best help one another out. You really won’t know what the possibilities are unless you ask around to find out more.
- Hire an intern.
Did you know you can get extra help from eager students for free (or at a very low cost)? This is one of the best ways to save money as a small or budding business. Plus, you are giving someone a chance to learn something new, and you never know; you may learn from them as well! Check out the opportunities at your local community college.
How can you pass up free or low-cost help? Plus, you are getting someone who is eager to learn and anxious to help you out in any way that he or she can. It may take a little time and a lot more patience than you are used to, but having someone else to train and pass on your valuable insight can be quite rewarding.
- Save on shipping.
Entrepreneur has some great ideas on how to save money with shipping. The United States Postal Service can help improve your mailing lists for free, for one. Also, you can use large mailers that give discounts on larger volumes of mail to save even more.
Did you know that if you mail your promotional materials earlier in the day that you can get fast delivery for the price of a regular stamp? Lastly, it is suggested that you shop around for a better delivery rate on your overnight couriers to cut costs.
- Try a side hustle.
Are you a small business owner looking to start saving money each month by earning some extra cash? Map out your savings goals and meet your financial goals by adding to your savings account and building up your checking account with a part-time job (a side hustle).
You could even rent out some of your office space while you are away, working a second job. You might be surprised at how much you could save each month by improving your cash flow by renting out some space.
Build up your emergency fund with a side hustle. Consider it a short-term solution to your current spending habits or a new way to save for retirement if you are having money worries.
Read more about how to increase your money with a side hustle, or learn more with this complete guide to starting a side hustle. This should get you started with this new venture.
- Keep excellent records for taxes.
Increase your tax savings by keeping diligent records. You may find it very beneficial to keep all of your receipts and other important tax paperwork organized. Think about what will happen come tax season. You could save big on a tax accountant if you don’t require that they sort through all your disorganized paperwork.
Plus, there may be tax deductions that you can take that you wouldn’t otherwise be eligible for if you keep well-organized records. For example, keeping receipts of all your business expenses will help you if you are eligible to take the home office deduction. Meet with a tax consultant to find out the best ways to save money this tax season.
A qualified tax consultant can help you get the best tax benefits and make sure you are filing your annual tax return (or paying your estimated quarterly tax payments) in the right way. You want your tax return to be correct, or the worry or fear of a tax audit may keep you up at night. You need those deep REM sleep cycles to devote to the creativity needed with your business.
- Join a business association.
Many business associations offer benefits, such as reasonable membership fees, discounted travel deals, and even golf course fees to members. Plus, working with other business associates can help your business thrive. They may have skills in areas you didn’t even realize you needed help with. Check out the local business associations around your business to find out what they can offer you.
- Join a business association.
- Keep excellent records for taxes.
- Try a side hustle.
- Save on shipping.
- Hire an intern.
- Work with your neighbors.
- Find it free or create your own.
- Promote yourself.
- Share your expertise.
In Conclusion
With interest rates sky-high and other expenses running sky high, it’s no wonder it’s so hard for small businesses to stay afloat. Hopefully, these suggestions, ideas, and thoughts have given you some insight on what to do for your small business. Get creative; try to think outside the box, and you will see even more solutions come your way.
Are you struggling to make your business see a profit? Are you looking for ways to improve your cash standing? What are you struggling to keep your business alive? How do you think a small business can save money best?
What do you think of these suggestions? We’d love to hear more about you and your business. If you’d like, you can even contact us to learn more about our group, Best of Indy. We are a local business organization that strives to keep businesses in Indiana alive and thriving.
