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Smart Ways To Save Your Business Money

September 1st, 2023 Posted in Business, Money Tips
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The cost of living has been steadily rising and businesses have been feeling the pinch too. Saving money in business has many advantages, not least of them being able to invest the saved money back into the business. The more money a business has, the better the chance of future growth.

Fortunately, there are many ways to save money in business that exist now where they didn’t a decade ago. Take advancing technology, for instance. Technology can help businesses to save time and money in many different ways. Take a look at the smartest ways to save your business money today.

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Image by aymane jdidi from Pixabay

Hybrid Working

Many people are looking for hybrid or remote working positions now. After COVID-19 forced many people to work from home, the whole landscape of business and how or where employees work has completely changed. Allowing employees to work remotely or have a hybrid role, saves on the office space needed.

Businesses have found that they’ve been able to downscale when it comes to office space and save money on property spending. 

Software Solutions

Technology has advanced rapidly in the last few years and with it has come software solutions that present answers to many business problems. For example, private equity software from Ontra.ai allows legal firms to operate at their most efficient by providing services like contract automation. Most businesses have mundane tasks that can be outsourced to software solutions.

Passing on these time consuming tasks can free up employees time to concentrate on more complicated matters within the business.

Analyze Customer Data

The better you know your customers, the less guess work you’ll need to do. If you can narrow down your target audience and create a customer profile using the data analyzed from digital marketing, you’ll know exactly how to catch your fish. Many businesses make the mistake of marketing to a wider audience just in case they miss out on a few sales.

This takes time and costs money. Money that is often wasted. Investing in learning about your customers and what they want from you is a great way to hit the bullseye every time.

Improve Productivity

The higher productivity levels are, the more money your business makes. When productivity levels slide, it can cost your business more money because you’re paying more man hours. The best way to boost productivity is to boost morale.

As a business owner, you’ll need to lead by example and know how to boost morale when it’s needed. It could simply be giving a pep talk and thanking your employees for their hard work or offering an incentive to employees who increase their productivity levels.

Word of Mouth

Never underestimate the power of word of mouth. If you can increase the number of customers who are advertising your business by word of mouth, you can decrease the amount your business is spending on advertising. Refer a friend programs are ideal for those wanting to share your products to receive a reward.

If you’ve enjoyed reading this article, take a look at the others.

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These Mistakes Can Cost Your Business Serious Money!

June 1st, 2020 Posted in Business
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Whatever the other aims of your business, staying economically viable is likely to be right at the top of your list. Unfortunately, doing so is often easier said than done. In fact, many businesses go under because they end up paying out more than is coming in. The good news is that you can avoid paying out for costly business mistakes. Just keep reading to discover what they are and how to dodge them! 

These Mistakes Can Cost Your Business Serious Money! - business success image

Employing the wrong people.

Unless you can run your business entirely alone, you will need employees. However, employing the wrong people can mean you risk a great deal of money. After all, the recruitment and training process is never cheap. Not to mention the impact on the day to day running of your business that a poorly chosen employee can have. 

That is why you must make the right choice when it comes to new employees. Of course, this means paying due care and attention to the recruitment process. Additionally, considering potential employees personality types and ways of working can make the process of picking the right people a great deal more accurate and cost-effective. 

Not attending to your tax correctly. 

Tax is something that all businesses will need to attend to. Unfortunately, there can be a great deal of cost and risk involved if your company taxes are not dealt with properly. 

For example, if you do not declare the correct tax status for the type of business that you run, the government can take a very dim view. Sadly, the guidance that covers this known as the IR35 is very complicated. Therefore, it can be very confusing as to whether your business counts as inside or outside of these laws. 

The good news is that there are tax specialists such as https://www.qaccounting.com/ir35-contract-reviews/ that can review the contracts that your business operates under. Thus being able to tell you whether you fall under the IR35 regulations or not. Something that can help minimise your business’s risk of breaking the rules, and so reduce any chance that you will need to pay levies or fees because of this. 

Not asking enough for the products and service you provide.

Believe it or not, some businesses lose out finally because they do not realise what the products and services they provide are actually worth. Unfortunately, this tends to apply mostly to smaller and independent businesses. The reason being that they tend to be so eager to establish their brand, that they end up undercutting their competitors and even their own costs to gain pole position. Of course, this is not a sustainable model and can cause some severe issues in the long term. 

With that in mind, knowing the real value of the products and service you provide is essential. Luckily, this can be gleaned fairly easily with a little market research. In fact, where possible testing the market before you launch your products, perhaps with a soft launch can help you avoid costing your business a greedy deal of lost money in the long run. 

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5 Crucial Expenses Founders Need to Budget for

October 28th, 2019 Posted in Business, Entrepreneurship
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It’s easy to underestimate how expensive starting your own business can be. Building an industry-leading company requires more than just a great idea or plenty of industry passion, you also need the right finances in place to guide your organization towards success. 

While some entrepreneurs assume that they can simply jump in and tackle each expense as and when it arises, the truth is that planning your costs ahead of time is a far better alternative. Not only will your budget give you the guidance you need to make the right decisions on behalf of your business, but it will also make it easier to apply for a loan or seek out funding from investors too. Everyone who might consider giving your business money will want proof that you’ve thought about the future. 

Here are a few of the crucial business expenses that you will have to consider when you’re building your startup budgeting plan. 

5 Crucial Expenses Founders Need to Budget for - startup founder business image
Photo by Startup Stock Photos from Pexels
  • Equipment Costs

Depending on the nature of your business, your equipment costs may be one of the biggest monthly expenses you have to think about. If you’re running a conventional business, like a brick-and-mortar retail store, or a restaurant, your equipment could include everything from point of sale systems to ovens, refrigerators, storage rooms, and more. 

Even if you’re just running a basic online business from the comfort of your own home, there are still equipment expenses to consider. For instance, you might need a computer that you can use to complete your work each day, a printer for your invoices, and a phone that you can use to make long-distance calls. Remember, you can always save some extra cash on equipment by checking out second-hand options.

  • Supplies and Inventory

Next, you’ll need to pay for the materials required to create the products that you’re going to sell. It will be up to you to figure out how much inventory you need to have on-hand at any given moment. However, remember that an absence of inventory could mean that your customers go elsewhere if you can’t deliver what they need straight away. 

Do your research before you begin building your products, so you can determine exactly what kind of products and materials you need. Don’t be afraid to shop around until you find the supplier that gives you the best deal too! If you need somewhere to store your products, take that warehousing cost into account too. 

  • Human Resources

Although it’s becoming a lot easier for entrepreneurs to launch businesses without any outside assistance today, there are companies that you won’t be able to run on your own. You may need the help of a team of dedicated sales assistants to ensure that you can properly serve your target audience. On the other hand, you might just need a few dedicated specialists to help you out at a few times of the year-  such as an accountant or marketing professional. 

Don’t forget that you can reduce some of your HR costs by considering things like remote working today. Working with contractors over the internet means that you don’t have to pay for physical office space where your team members can work. 

  • Legal Fees

There’s more to keeping your business’s head above water legally than paying for an attorney when someone tries to take you to court. You’ll also have fees to consider when it comes to things like incorporating your company or setting up retainers. Make sure that you know exactly how much it’s going to cost to get your business off the ground, then keep it up and running. 

To protect yourself from overly excessive legal fees, don’t forget to invest in the right business insurance too. You might need to take to a business advisor for insights into the kind of insurance that you need for your type of company. Not every kind of coverage will be relevant to you. 

  • Marketing

Finally, if you want your business to grow, then you’re going to need to set some extra money aside for capturing your audience’s attention. Startup founders need to budget at least some of their cash aside for things like social media marketing, email marketing, website development, and so on. 

The good news is that marketing doesn’t have to cost a fortune. Even some basic investment into social media can be enough to start generating real engagement from your target audience. You can always invest more cash into marketing as your business grows. 

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Chasing Your Dreams – The Unexpected Costs

July 24th, 2019 Posted in Entrepreneurship, Money Tips
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According to various surveys nearly 50% of Americans harbor ambitions of starting their own business. Whether for a new career, a passionate cause or an income boosting side hustle – it pays to be aware of some of the unexpected costs of chasing your dreams.

The infographic from turbo.intuit.com below explains some of the costs of starting a business, which you may or may not have considered.

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Should You Buy Or Lease Your Business Assets?

June 19th, 2019 Posted in Entrepreneurship
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Every business owner needs to provide their company with direct access to the industry equipment and premises necessary for growth. Whether you’re considering the machinery your company needs to maintain its productivity or the overall location of your business, an entrepreneur has to decide when it’s time to buy when it’s time to rent. Both options have their advantages and inconveniences. As a result, it’s essential to consider a variety of factors when defining the most suitable solution for your company. Ultimately, while cost is a driving factor in the decision-making process, it isn’t the sole element to take into account. Here’s a little bit more on the pros and cons of buying and renting.

Should You Buy Or Lease Your Business Assets? - retail shop image
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Buying a property gives you more freedom

There is no shortage of commercial rentals. In fact, as many rental shops tend to stay empty for prolonged periods of time, it would seem that there are more rental commercial properties than there are businesses. In reality, small businesses often struggle to secure premises as commercial leasing agreements can be unaffordable in the long term. On the other end, you can turn to expert sites and search PropList or similar realtors to find a list of your local commercial properties to buy. A commercial mortgage can facilitate ownership – commercial loans are very different from personal loans – and protect your business from unexpected leasing cost increase.

What are the risks of renting?

Businesses that consider signing a lease need to be careful about the terms they agree to. Indeed, while the typical length of the contract can be of 5 to 10 years, depending on your business, break clauses, and stamp duty can make it difficult for undercapitalised companies to relocate. it’s not uncommon to find rent-free periods for commercial properties, but what businesses forget to consider is that the actual rent is likely to be inflated as a result.

Buying your equipment: It doesn’t have to be new

Similarly, the next important asset to secure is your business equipment. Buying your equipment is an expensive investment for a startup or a small company. However, a purchased asset can bring tax benefits as it is typically deductible. While there are financing options available, most SMEs prefer reducing their costs with the purchase of used equipment. Ultimately, saving money can come at a high cost if you’re not careful. You can’t commit to a purchase without considering the length of the remaining warranty period as well as the condition of the machinery. Indeed, repair costs could tip your business over the edge!

When is leasing a good idea?

On the other hand, leasing your equipment can be a profitable decision that also comes with a non-negligible tax advantage. Indeed, you can deduct the leasing costs from your tax return. More importantly, leasing allows your company to finance the price of its equipment, which can free up additional capital. For a business working with limited cash flows, leasing is a manageable solution. However, it also implies that you need to find a reliable provider who can maintain and service the equipment.

To buy or to lease, this is the question that countless business owners have to answer. There is no unique solution, as your decision will depend on your cash flow, your market, and your long-term requirements. In short, the cost is not the sole factor to consider!

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