How to Save Big Bucks
Whether you’re just starting out in business or you’re well-established, the one thing all business-owners really want to know is how to save big bucks. Each year as you see expenses and overheads rise, it’s easy to sit back and say ‘that’s just business’. But it doesn’t have to be that way. That’s why we’re sharing our top tips to help you save big bucks in your business and have a thriving 2018.
Buying at the right time
Whether its cars, technology or some updated office furniture you need, there is a “best” time of year to buy these items. The difference between buying at the best time or not can be quite substantial. Many products follow pricing cycles, which are based on when the next year’s models are being released.
For instance, buying a new car is best done either at the end of financial year, because dealerships and brands are looking to boost their sales figures for the financial year, or the end of the year. This is when the cars built that year are about to become last year’s model.
Build credit in your business name
When starting out in business, many people use personal credit. Unfortunately, you could be missing out on a way to save big bucks. If you build strong credit, not in your personal name, but your business name, you will have access to financing at better rates. You will also have access to more financing options as your business grows. Of course, that doesn’t mean you should neglect your personal credit – you should always maintain a great personal credit score too.
Be wise with utilities
According to Energy and Sustainability Consultant, Arthur Klein, the majority of businesses could save 20% on their annual utilities. That’s a substantial amount, and it’s straightforward to do. As well as renegotiating with your existing utilities suppliers, or changing suppliers, it’s important to pay attention to careless usage. For example, how many hours a day do your lights, computer or other business equipment sit turned on and not in use? Have you changed your light bulbs to eco-friendly LED’s? They may seem like insignificant things now but remember it all adds up over time.
Use free online tools
The quality of free online software programs is incredible and often gives you the same capability as paid tools – ie: using Google Docs, Sheets and Slides could replace your need for paid tools you’re already using. It can be easy to just stick to what you know – but you could find yourself surprised at how well the free tools work for your business.
Form mutually-beneficial relationships
Trading goods and services with other businesses is a great way to get what you need, without having to pay full price. This works particularly well for start-ups, where people are happy to help each other out to meet their different needs.
For instance, if you run a Virtual Assistant business, perhaps you could trade services with a graphic design business. They can update your branding, while you help them out of a few tight spots when their administrative staff are on leave.
Hire an accountant
Even if you’ve been managing your own business accounts for a while, engaging an accountant can help you save in more ways than one. For example, there could be significant tax incentives you are missing out on right now. After all, the minutiae of tax laws change frequently, so it’s wise to consult an expert.
If you engage an accountant to also assist with financial strategy (we cannot stress enough how important this is!) They will help you invest in the right areas of your business to see growth, without wasting money in areas that shouldn’t be your focus right now.
For the best Gold Coast accountants, call IQ Accountants on 07 5576 0011. We can do all of this for you and more.
These are all great ways to save big bucks, but concentrate on the ones that you think will work best for your business. One thing’s for sure – if you put in some research, look for free tools, hire the right accountants, and buy at the right time of year, saving big bucks is very probable!