It’s a basic fact… the more money you save, the bigger your bottom line, meaning you’ll be more profitable. And now is a great time to get started, since you can make it part of your new year’s goals.
Here are five money-saving ideas for your coaching and consulting business.
#1 Reduce, reuse and recycle
When it comes to office supplies and equipment you can spend a lot of money. A simple desk chair can cost hundreds. However, a used desk chair or a repurposed one can cost just a few dollars. And don’t forget to reuse items. For example, you can print on both sides of your printer paper. A PDF e-book can turn into scratch paper for planning purposes. You can use coffee cans and shipping boxes to store supplies and files.
Take a look at the items you have around you. What can you reduce, reuse and recycle to save money?
#2 Get rid of your business credit card
If you don’t pay off your monthly balance on your business credit card, you’re paying interest. This is money you could be using to grow your business. Instead it’s helping the bank grow their business. Switch your credit card to a debit card. It offers all the same advantages a credit card does. It makes online purchasing a snap. However, you won’t have to pay interest or monthly fees.
#3 Analyze your existing merchant and bank accounts
When you opened your business you may have opened a merchant account. This would enable you to take credit cards. You may have also opened a PayPal account. Take a look at the various accounts you have and assess if there is a way to save money.
For example, can you close your merchant account and open a merchant account with PayPal? You’ll consolidate your accounts and perhaps save money each month. Also take a look at your existing bank accounts. Some accounts charge a hefty fee each month. There are free checking and savings accounts you can open for your business. If you’re paying a lot in fees it’s worth the switch.
#4 Analyze your outsourcing plan
Do you outsource? Is your outsourcing plan as streamlined as it can be? For example, you may have one contractor managing transcription and another contractor managing your affiliates. Would it be cheaper to hire one person to manage both tasks? Or perhaps you can use an intern to get more of your marketing done? Take a look at your current outsourcing practices and make sure they make financial and business sense.
#5 Are you using the right technologies?
ABC company has the best Smartphone on the market. The owner loves her Smartphone and all of the wonderful tools and applications it offers. The phone costs her $60 a month, not including her $60 unlimited data fee. However, the owner of ABC company works from home. She’s never more than thirty seconds away from her laptop. Thus email and planning and organizing tools are always available on her computer. This essentially makes her Smartphone nothing more than an expensive toy. She could get a $20 a month pay as you go phone and save herself $1200 annually.
This story is a common story. We love technology and we love to have the latest and greatest even if it isn’t important for business success. Analyze the technology you’re spending money on. Are you using it? Is it vital to the success of your business? If not, get rid of it.
Saving money is usually a simple process of taking a look at your expenses. What can you improve or eliminate? Remember – the more you save, the more you make!
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