5 Money Saving Tips For Small Business Owners
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Small business owners are faced with a multitude of different problems, from meeting market demands to having enough money to pay the bills each month. The struggle to maintain a steady cash flow plagues many business owners, calling on the need to implement money saving tips.
Every penny counts, which is why small business owners should leverage credit card rewards, consider bulk order discounts, invest extra money, promote effective cash flow procedures and maintain proper insurance coverage.
Leverage Credit Card Rewards
It’s no secret that digital payments are becoming the new norm in today’s society. Business owners in the past wrote cheques, but the new future involves electronic payments with credit cards. This is not all bad as many credit card companies have cash-saving incentives not only when you join, but also when you use the card. Points earned on credit cards can be redeemed for cash back, putting extra money back into your pocket for purchases you would already be making.
If you aren’t already leveraging credit card rewards, search around for one that fits your business needs and start earning today. Just be sure to use it responsibly!
Consider Bulk Order Discounts
Another money saving tip is to consider bulk order discounts. If you are ordering supplies and materials every week, reach out to your supplier to see if they offer bulk order discounts for less frequent, but higher volume orders. Having materials and supplies delivered every month or two instead of weekly can save you additional money, which can help pad up your savings account.
Invest Extra Money
As money starts to flow in, don’t leave a large amount of cash sitting in your savings account. Instead, calculate how much you generally need for 6 months of operations and transfer any excess out to a high-yield savings account, money market account or other investment account.
You earned the money, so now let the money work for you through accruing extra income.
Promote Effective Cash Flow Procedures
One of the top money saving tips for small business owners is to promote effective cash flow procedures within the company. Cash flow policies depend on if you need to save cash or have excess cash on hand. If you are running low on cash, defer payments until the invoice date and speed up receivables collection.
On the other hand, if you have excess cash, take advantage of supplier early payment discounts to save additional money. Effective cash flow procedures rely on having a good understanding of your business’s financial position.
Maintain Proper Insurance Coverage
Last, but certainly not least, all small businesses should have proper insurance coverage. Insurance coverage is there to protect you in the event of a lawsuit. As a small business owner, any lawsuit or unforeseen event could have a massive financial blow on (or even bankrupt) your business. Plan ahead! You can start today by getting an instant quote in seconds through upcover.
Although this might not seem like a money saving tip at the moment, it will be key to mitigating any adverse lawsuit effects in the future, should they arise.
Getting started saving money as a small business owner doesn’t have to be scary. Consider implementing one money saving strategy at a time, slowly building up to complete efficiency within your small business. We’ve got the first strategy covered with business insurance designed for small businesses. Get an instant quote today to find out how much your policy will be.