Nobody knows the value of a dollar quite like a small business owner. Whether you’re just getting started or have been building your business for years, you want to make every penny count, so you can grow as quickly as possible. One of the best ways to save money is to develop new habits that add some frugality to your daily routine. Part of our duties at Motl Accounting is to provide the best advice to our Chicagoland clients in order to help them be more profitable and successful. It takes a little motivation to change how your business operates – but as an entrepreneur, we’re sure you’re up for the challenge. Here are some small things you can do to make the most of every dollar:
Pick Up Deliveries
It might be a little less convenient, but the amount of money you can save by picking up nearby equipment and products really add up over time. Skip the middleman and you could avoid a few hundred dollars in delivery costs per year. You can set your own guidelines, but anything within a half hour that fits in your car or truck is usually worth picking up yourself. Your time is valuable, so don’t overdo it and become a one-person delivery service, but there are plenty of situations where the extra effort is worth the cost savings.
Team with Other Businesses
When you work near other companies, you have an opportunity to collaborate. Start some conversations and see what things you can do to promote both of your brands. You might find someone who wants to cosponsor a nonprofit event, synchronize a one-day sale or even create joint advertising campaigns. It’s a great way to expand your network, even if they are outside of your industry. Who knows, someday they might refer extra business your way. Motl accounting is a member of the Northern Kane County Chamber of Commerce and we have made some significant business connections as a result. Many of our clients ask for retirement services and we refer them to David Kujawa of OnPath Financial, some ask or need legal assistance and we provide them with Dobosz Law’s information. Membership with a local business group gives you the opportunity to get referred by your colleagues, and it gives you the chance to be a more knowledgeable resource to assist your clients in meeting their many needs.
Become an Influencer
Traditional advertising channels aren’t the only way to get your name out there. You can share your expertise (without giving too much away) in online guest posts or newspaper articles. There are sure to be industry-related publications that want to feature your perspective. This will help to position your company as a thought leader and attract new business opportunities. Teaching is another way to connect with new audiences – look for opportunities to teach classes on a subject you’re passionate about.
Buy Used
However you look at it, you will save plenty of money buying items used rather than new. It’s difficult to resist buying the latest and greatest products that hit the market, but buying used is usually worth the price difference as long as the quality of the used product is decent. Just think of your used equipment as a temporary compromise – one that’s not usually a big deal for most situations. Used tables, chairs, printers, monitors, and shelving can all be bought easily online or at auction. Do your research and know the exact price you’re willing to pay for each product before making a purchase. As your business grows, so will your budget for the shiny new items you really want.
Use Independent Contractors
You can get the same quality of work, at a fraction of the price, when you hire independent contractors. Unlike normal employees, businesses are not required to pay taxes towards contract workers. The IRS has very specific guidelines for what constitutes a contract worker, so read over the regulations before you hire. You will only need to pay these workers when you require their services. When it comes to labor flexibility and affordability, practically nothing beats an independent contractor.
However you decide to cut back, you can rest easy knowing you’re taking important steps to help your business succeed. There’s a reason certain businesses expand so quickly – they have savvy business owners. The smartest of the bunch are able to cut costs without sacrificing the quality of their product.
Want more reliable financial advice available whenever you have a question? Team up with our Motl Accounting experts – we’re always happy to help you solve problems and find savings opportunities for your business along the way. We were able to save one of our clients the expense of a lawyer by helping them fill out a court ordered expense report. Another of our clients based in Chicago saved around $2,000 by having us review their statements and a notice they received from the IRS. This is how we can turn a panicking situation into a profitable one.
We have the Motl Accounting team as a resource for your business; there are many areas we can assist you with that can save your business money. Contact us today to learn more about our Accounting and Bookkeeping services and others ways in which we assist businesses in the northwest suburbs of Chicago and surrounding areas.