4 Uncommon Ways to Save Money Like A Boss In Your Small Biz

Being an entrepreneur can be really rad. You can schedule your own hours, do work that feels soul-fulfilling and choose the plants you put in your office. (We are really digging cacti currently).

However the first few years can also be quite a drag when it comes to saving money – especially when you haven’t established a reliable client base.

We’ve been through this too.

Luckily, there are processes and tips you can use to keep your costs low but still run an efficient and fun business.

Here they are…

Write a business plan and follow it

One reason entrepreneurs fail is because they don’t have a business plan. A business plan is a great way to strategize how much money you want to spend on the different areas of your business. It can also help you predict what outcomes will arise from your expenditures and how to make changes if things don’t go as planned.

If you don’t have a business plan, you have a greater chance of spending more money. You may also spend more money on things that may not be important for profit.

Tip: Write a business plan with financials even if you are already in business. You can get a free template at Futurpreneur or contact us and we can help you write one.

Barter services

A fun and easy way to save on costs when starting a business is to barter services with friends, clients and business contacts. For example, if you own a dental practice, you can offer a free teeth cleaning to a business contact in return for two hours of blog writing. This is also a great way for people to experience your services so they can refer you to other people.

Tip: If you don’t have a large enough in-person network to barter services, you can Google “barter services” and your location to find websites that offer business exchanges.

Use cloud based accounting software

One of the easiest ways to keep costs low is to know how much money you currently have and where it’s going. Cloud accounting is a great, real-time way to see exactly what’s going on with your money, as any time you make a transaction, you can see it online with cloud accounting. (Rather than using paper-based systems where you need to wait months before you can see your accounting information.)

Tip: You can try cloud accounting software for free such as with a QuickBook’s free trial.

Get accounting advice

One of the most efficient ways to learn how to save money in your business is to learn from an expert. An accountant can go through your records and show you how you can lower costs, and can teach you tax tips, breaks and advice that you may otherwise not know about that could save you money.

Tip: Contact us for a completely free consult, and we can show you ways we can help you save money.

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Do you have any funky money saving tips you think others would benefit from? Tweet us at @bdgllp.