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7 Top money tips for small businesses

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If in 2019 you have begun or developed your business, now is the time where you can really begin to grow and thrive in the corporate world. When it comes to running the most successful business that you can, one of the main things you need to think about is money. Money makes the world go round and managing your finances as a business is crucial if you want to keep your head safely above the water. Here are some of our top tips and tricks for managing money as a small business.

Ask an expert

Sometimes the best course of action you can take as a responsible business owner is to ask someone who is an expert in the field. You don’t have to be great at every single thing as a business owner and it is totally fine for you to have some doubts now and again. Taking up financial services research with an accountant can be a great idea for you as a brand and it will allow you to see where you can spend and save for success.

Business and personal should never meet

As an entrepreneur, your business can become such a large part of your life that it can be difficult to imagine switching off at the end of the day. However, if you want to stay healthy and happy as a business owner you need to be aware of when to stop. If you let your personal feelings get in the way of your business, you can end up spending money in the wrong places which of course can affect your budget and the profit you can make. As soon as you put your shirt on in the morning you should switch from your personal self to your business self.

Save up for the future

As much as you want to be smart in a business sense, you should always think about your own future too. As an individual owning your own business, there are a few things you won’t necessarily think about right away. One of these things is a retirement plan. When we work for a company they will usually handle this for us, but as a business owner it is your job to do this yourself. Make sure to find a good plan which suits you and be aware at all times about how you want to save for your own future.

Get insured

Any business should have insurance from day one to make sure that they are safe against any issues which may arise at any time. The last thing you want as a business is to struggle with a legal case and lose because you aren’t protected with liability insurance. Be sure to think about all of the different types of insurance you could get for your business and make a good decision for your brand.

Have a plan

Financially speaking, one of the most crucial things you need to ensure as a small business is that you have a clear plan and direction of where you want to go. Each month you should sit down and go through your profits and spending and use this to make a plan for your next month. For example, you can think about using your spending in the previous month to work out ways to save in the next. If you’ve been spending a lot on marketing but not getting much of a response, it might be a better idea for you to scrap this cost and use your money elsewhere instead.

Save on supplies

As a business owner you will know how to be savvy with your spending and a lot of the time you can also be clever with the way you save on supplies. For example, if you buy an office for your business it can be a good idea for you to look at auctions instead of regular stores as you can often get good deals on old office furniture which is full of character. When you buy items in bulk you can also often haggle for a discount with the seller. If you are able to be confident with your negotiation, you can achieve a lot of things and it can be a way to save a ton of money on the things you need to run your business.

Outsource

Why hire an employee and have to pay for the energy they use, their insurance and retirement plan, when you can hire a team of freelancers who will work from home for half the price?

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