5 Things You Can Do To Save Money in Your Small Business
Running your business on a shoestring budget? You’re not alone. It’s an age-old small business challenge. That’s why at least 30% of businesses go out of business because they run out of money. Some business expenses are unavoidable. But here are 5 quick things you can do in your business to save you money and increase your profits.
Psst – some of the links in this blog article are affiliate links, which means I may earn a small commission if you purchase.
Go through all your subscriptions and check for ones you don’t need anymore.
You would not believe the number of clients I begin working with who are paying for tools they don’t need.
Here’s a quick checklist of things you can do to check you’re not doing it too:
- Open your business bank account.
- Look through your last 2 months transactions and consider “do I need this still?”
- Cancel any that you don’t need
- Next, consider “do I need the current plan I’m on or am I paying for features I don’t need?”
- Reduce your subscription to the one most appropriate for your business.
There’s actually also a system which can help you keep track of all your subscriptions. It’s called Track my Subs and could be well worth checking out if subscription management is a priority for you.
Check out App Sumo for any lifetime deals on useful subscriptions
App Sumo is one of my favourite places to keep an eye out for great software to help me run the business. If you can find something you need, and it can replace one of your monthly software subscriptions, then it means you can change from a monthly subscription to a lifetime deal and save bucket loads. It’s well worth subscribing to their email updates!
Here’s the checklist of things you can do to check out App Sumo:
- Head to the App Sumo website
- Check through the current deals to see if any of the options could replace your subscriptions
- Sign up to their newsletter and monitor their new software releases.
I can’t explain how useful this has been for me. Over the years I’ve replaced ongoing monthly subscriptions with lifetime deals for:
- My Calendar Software – I replaced my monthly Calendly subscription with a lifetime deal to Book like a BOSS
- My Social Media Scheduling Tools – I replaced my monthly subscription to Buffer with a lifetime deal to Publbox
- My Project Management Software – I replaced my Monday.com monthly subscription with Ora.pm
- Promotion tools – Missinglettr is something I wasn’t actually previously paying for but now I have it wish I had been. It is SOOOOO worth it for helping promote your blog content on autopilot.
- Video Creation Tools – instead of using the paid version of Lumen.5 I now have a lifetime deal to InVideo
- A Chatbot for my website – I went from considering the paid version of ManyChat to a lifetime deal of Continua.ly. The best part of that deal is that I can also use it for clients!
- Reporting tools – My lifetime deal to Reportz gives me almost all of my key metrics on one handy dashboard
- SEO tools – the Alli AI tool is AMAZING for helping you improve your SEO and backlinks.
- Email signature tool – I’ve already mentioned before how much I love New Old Stamp!
All of these have saved me hundreds of dollars and allowing me to do some really really cool things!
Shop around for business insurance
Business insurance is one of those costly things that we all hate to pay until we need it. It’s vital to have, but, as there are so many different variations and levels etc. the company your with and the type of cover can make a HUGE difference to monthly premiums.
For example, last year my insurer wanting to put my premiums up from $150 per month to $600 per month.
I was like “whaaaatt the actual, you have got to be kidding me”!
But, we shopped around and ended up getting half our original premium. We even ended up with a type of Cyber care cover we previously didn’t have, which for our type of business was great to add.
So shop around for insurance.
And don’t wait until they’re going to put yours up – because we could have already been saving over half our premium per month.
Just remember to read the policy details and actually check your policy will be swapping like for like etc.
Check your Ad, Marketing, SEO, Website Maintenance, Website Security spends:
Just like with subscriptions, these ongoing business costs can really eat into your profits unnecessarily if you don’t plan them wisely.
When it comes to your ad spends, check:
- Do I actually have a funnel strategically mapped out?
- And Am I tracking and measuring the results or getting reports provided to me?
If not, then you should be. ALL digital marketing companies should be providing you with reports at least weekly, and recommending changes so that you are optimising your spend.
If you’re not doing either of these things – it’s time to do that before you throw any more money at advertising!
Same goes for Marketing –
If you’re paying for someone to do your social media for you, but you don’t:
- Have a strategic plan and aren’t
- Measuring the results
You need to stop spending and get wise my friend. Because if you aren’t certain you’re getting a return on that investment, that money is not necessarily serving you well in your business.
Rinse and repeat the above for all Website Maintenance, SEO services and Website security that you might be paying for.
- Shop around.
- Make sure you’ve got the best care for your business.
- And make sure you can see where the money is going
Review your arrangement with all professional services such as your business coach, accountant or outsourced HR/recruitment…
Professional services are so valuable to every small business. They can save hours or time and heartache.
However, it’s important to review your arrangements regular to ensure that you are
- Still getting value for what you/your business needs
- Are paying reasonable rates compared to the going market rate
- And have ENOUGH cover for what you need
If you’re running on overwhelm, then this list of things to review might seem tedious and unappealing. But honestly, it’s so worth doing! If you can outsource it to someone, all the better!
But, whether you do it yourself, or you outsource it to a valued team member, I encourage you to make time to review everything above and potentially save your business some money!