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Money-Saving Tips for Launching and Growing a Successful Business

Contributed by Marissa Perez

Many would-be entrepreneurs shy away from starting a small business because they fear they can’t afford the expenses. Some businesses certainly require more cash than others, but you shouldn’t let the day-to-day costs hold you back. With some smart strategies, you can save money when you launch your business and stay focused to keep ongoing expenses in check.

Ways to Save When You Launch
When you first get your business off the ground, the investment in supplies and equipment can really add up. To lessen that burden, look for ways to cut costs on office supplies, equipment, software for payroll and invoicing, tax preparation, and other necessities. Shop around online for discounts and look for savings through an electronic deals website that will find the best prices for you. For needs like payroll and invoicing options, look for a company that provides the best deal, and look into negotiating with third-party vendors. These deals can be especially helpful for items like electronics, which tend to eat up a large portion of your budget.

Plan Ahead for Future Savings
Even after you’re past that initial investment, your business will be more sustainable if you think about future savings from the start. For example, energy usage is a big ongoing expense, but you can cut that cost for the lifetime of your business by being energy smart right away. When buying office equipment, look for the Energy Star certification and features like sleep mode. 

You can also find ways to save money by anticipating future business needs. If you know that a service or certain supplies will be indispensable to your daily operations, Fit Small Business recommends looking into whether you can get a discount for paying in advance with a yearly subscription. At the same time, stay vigilant about ongoing expenses so you don’t end up paying for services you don’t really need.

Stay Focused on Daily Priorities
One of the best ways to stay on top of which expenses are truly necessary is to focus on your daily priorities. HuffPost recommends spending a little time each day reviewing your goals and breaking those down into smaller goals focused on the most important daily tasks. Doing this will help you assess whether you’re moving in the right direction, which means you’re more likely to hit your financial goals. It also means you have a clear picture of whether you’re doing what’s most important for your business right now and where you could potentially cut spending. 

Keep a Level Head
Sometimes as a business owner, it feels like every financial issue that pops up is a make or break situation. In reality, most financial issues aren’t as dire as they may seem. When a financial issue does arise, the best strategy is to deal with it right away so that it doesn’t become the dire problem you’ve always worried about.

Confronting big expenses, especially ones that are unexpected, is a common experience in business that tends to feel more extreme than it really is. In this situation, see if there are creative ways around the problem. Can you avoid or minimize the expense by substituting one option for another? Or, can you modify some of your processes? These are two components of the idea generation tool called SCAMPER that can reshape how you think about expenses.

Stay on Top of Tax Responsibilities
Be sure to use the right digital tools to keep paperwork and all other tax information organized from day one. Organization lowers your stress and helps you stay on schedule with making payments on time so you avoid having to pay penalties. Having the right accounting software and a good accountant also helps you stay on top of taxes and make the most of deductions.

Taxes and general business expenses are unavoidable, but being organized and proactive can ease the burden significantly. Even though your to-do list as a business owner is neverending, you always want to keep these financial strategies at the top. Focusing on these strategies will help you save money to maximize profit and success.

Photo credit: Pixabay