Many people think that owning your own business means you have hundred-dollar bills hanging out of your wallet. Small business owners know differently.
Business owners face a myriad of financial hurdles, more so since the pandemic. So when it comes to budgeting, finding ways to cut costs is a priority for every business owner.
We’ve come up with some essential tips to keep more money in your hands, so you can put it back where it belongs. Here are three simple things that will save your business money.
Audit your upcoming contract renewals
All companies need services to keep their employees and clients running smoothly. Whether you need Microsoft Office to create spreadsheets for inventory tracking or Slack for communication for your remote employees, software and services are a necessary evil.
Most of these services come with contracts that lock you into a specific rate long-term. As you approach the end of a quarter, go through your contracts and add them to your calendar. See which ones will auto-renew and when, and make a note of how much they cost.
This gives you time to reach out to your vendors and renegotiate contracts. You might not be able to renegotiate all of them, but if you’ve been a valued customer for some time, you’d be surprised what they may offer.
Hit up your vendors
Speaking of vendors, it never hurts to hit them up at the end of the quarter and see what deals they may have kicking around. Perhaps there is a new discount they are offering to other customers and can extend to you as well.
Or maybe they have new partnerships or products that can offer you more savings. Worst case scenario, they say no, and you end up where you started. Best case, you put a little bit of money back into your pocket.
Change your mindset
A brain is a powerful tool. Science still has yet to understand how the brain works entirely, but we know that changing your mindset can matter.
Kim follows the principles of zero-based budgeting. Instead of having expected expenses, your baseline is no spending. This mindset shift means you need to justify every dollar you spend. Doing this quarterly is ideal, but even once a year is better than never doing this exercise. It forces you to take a good hard look at what you’re spending.
This is similar to the concept of writing all your expenses down one by one, so you can see where the money is going. Zero-based budgeting makes you hold yourself accountable for every penny.
Bonus: Switch to the financial software that does it all
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If you run a business, you need the right software. Are you fed up with QuickBooks?
That’s where NetSuite comes in. It’s the world’s No. 1 cloud business system for good reason. If you’re bogged down in spreadsheets stored locally on your computer, you’ll love the fact that you can access all your data in one place, whenever you want.
It’s so much more than just accounting software. NetSuite gives you visibility and control over your financials, HR, inventory, e-commerce and more — all in one place, instantaneously. Whether you’re doing a million or hundreds of millions in revenue, you can save time and money with NetSuite.
Stop paying for multiple systems that don’t give you the information you need when you need it. Ditch the spreadsheets and all the old software you’ve outgrown. Now is the time to upgrade to NetSuite.
See it in action for yourself. Head to Netsuite.com/kim and get a free product tour.