3 Money Saving Tips for Running Your Own Business

Dec 02

No business owner wants to hear the phrases, cutting down, downsizing and cost reductions; these words have long been associated with foreclosure, capital loss and bankruptcy. Savvy business owners hide under a blanket fort of denial, re-enacting their childhoods until the problem magically disappears; your financial woes won’t dissolve overnight, so how do you conquer a monetary nightmare before it happens? To ensure your business stays in the green for the next quarter, apply our three rarely reviewed developmental factors to your half-yearly plan.

Are You Paying Too Much?

Ask yourself this, how much are you really spending? What do your balances look like? Where are you losing money? The details of your utilities and miscellaneous expenses may surprise you, if you’ve neglected their numbers to rogue accountants and office assistants. Assessing your incoming bills takes time, and honestly, who has a few spare minutes per day to sit down with leaflets of paper and rounded figures? Not you. Well, it can be bad news as not having track of your outgoing money can eventually lead you to bankruptcy. This in turn can cause other businesses to decline all the deals with your business as would probably run a bankrupty search for your company and upon knowledge of your financial status, they might choose to cut all business ties. That said, though you probably have more pressing matters to attend to now, you have been empowered by the market to seek the best deal for your venture, so why delay? There will always be a client to see, a presentation to practice and something to do; prioritising a swift comparison won’t set you back, but may save you dollars, resulting in a healthier bank account and a happier you.

Hire Freelancers

Your business is growing at a steady rate, but you’re not ready to take on another full timer; this is where freelancers and contractors come in handy.
Suited to upcoming projects and flexible accounts, hiring a freelance give you the freedom to make the right choices for your clients, depending on experience, creativity and a host of other qualifiers, without negotiating on quality. Indeed, hiring an outsider allows you as an employer the autonomy to enter into a transparent agreement, free of hidden expectations and the hassle of sick days, annual leave, superannuation, tax and the rest! Pay a bit more now to save serious coin later, as you invest in work you need, opposed to petulant juniors hanging out on Facebook.

Do you really need that big city office space?

The ever-increasing price of office blocks is one of the biggest outlays a company can face, especially if the space you require is just for yourself or a few staff members. If you are an online business currently renting a unit for the purpose of having a space to meet clients, then it might be in your favour to look to alternatives like Corporate House’s virtual offices. These for-hire rooms give you all the perks of a corporate workplace without paying a small fortune for a permanent headquarters. They will provide you with a local business number, complimentary use of boardrooms and private working areas, a virtual receptionist and courier and mail management. To see more information check out www.corporatehouse.com.au .