3 simple things that will save your business money to start the fiscal year
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.
This new Slack feature will save you time during your busy workday.
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
Emoji quiz: How many countries can you guess correctly?
With so much turmoil in the world today, it’s important to take a moment to appreciate the lighter side of life. While you’re at home flattening the curve, making time for something fun can greatly improve your mental health and attitude.