For all your online business building info! , 2020-10-28 18:21:17
5 Ways for Small Online Business Owners to Save Money
Like it or not, in this period of economic recession and, for many businesses and people, very hard times. Even if it seems that your business is doing well, this is definitely the time to make your business a leaner machine. Below you’ll find some tips to save some money.
1. Cancel Subscriptions
You should definitely look into canceling unnecessary subscriptions. Many subscription services use PayPal to take your money automatically, so before you know it you’ve paid for another subscription period. For instance many online business owners have a lot of domains gathered over the years with the intention of developing them in the future. Go through the list of domains and cancel or sell those you that are not worth keeping. If you’re not using a subscription service, but paying for it, cancel it.
2. Unnecessary Consumables
Don’t spend the business money on unnecessary things. For example you shouldn’t order new business cards or stationary before you really need it. Have some old ones lying around, use them instead. Think before you order! Is there a point in ordering new business cards with your address on them, if you might not be in the same location in four months? In a recession time you never know what will happen. If you have to order something, try to order in small quantities.
We all know that many banks have a massive part to play in creating the current economic mess, but this doesn’t mean you shouldn’t talk to your bank. For instance if you have credit facilities with the bank, try to renegotiate. Especially if your business is creditworthy and have a build up of cash, they don’t want to let your business go, so tell them that you want a better rate or you will take your business elsewhere. At least try it, it makes business sense.
4. Savvy Marketing
Every business needs to market their products and/or service, especially in an economic downturn. Try to find less expensive ways to do marketing for your products and/or service. In short rethink your marketing strategy, but keep marketing your products.
5. Talk to Accountants
In these times you should definitely talk to your accountant. Talk things through! Maybe they can help you to find area’s where you can cut costs (thus saving money) or identify areas in which you should invest. Maybe there are expenses that are paid from your own pocket which you could be putting through as business expenses (saving you of course money by claiming back taxes.) Most CPA’s should be able to give you great advice to help you and your business to save money!
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