Do you need to cut back on your business expenses but are not sure where to even start??
I’ve been coming across so many business owners lately who have not reviewed their business expenses in a while… or ever! Whilst this makes me absolutely cringe… if this is you don’t freak out because here I am going to give you 5 super quick ways to save money in your business with minimal time and effort!
So read on and start saving money in your business TODAY!!
Start by reviewing your bank account. Are you paying back fees? If you are…. Why? If there’s a specific reason for it, then that’s fine. But if you’re paying bank fees simply because you are, then you need to change bank accounts STAT! There are so many options for free business accounts, so there’s no reason you should have to pay bank fees if you don’t want to. You can check out my Top 4 Favourite Business Bank Accounts.
If the thought of changing banks makes you break out in hives… don’t stress! It can be done easily! Just make sure you communicate the change of bank account well to your clients so you get paid hassle free.
Payment Service Fees
Do you take payment through Paypal or Stripe? Now is the time to question – do you have to? Do you have a business model where your clients are happy to transfer the money to you instead of paying through a service provider.
Do you know how much you pay in fees to get paid this way? It’s largely dependent on the amount, but I took payments for a $29 Masterclass recently through paypal. I then lost $1.05 each ticket to Paypal simply for them to take the payment for me.
If you are a product based business, then it probably does make sense for you to take payment through a provider. Just make sure you do your homework and know exactly how much they are going to charge you to do it and choose the best one for you, your business and your target audience.
Subscriptions & Software
Oh those shiny new things! They seem fantastic at the time of signup and you think “Oh, only $9.95 a month! That’s so cheap!” But tell me… How many of these subscriptions do you have?? How much does that all add up to? Here’s a quick exercise for you to review your subscriptions and save money straight away!
- 1. Make a list of all the subscriptions you pay for in your business.
- 2. Make sure you add next to them how much you pay for that service.
- 3. Tally that up for me…. how much in total are you spending on subscriptions on a monthly or yearly basis??
- 4. Next I’d like to ask you…. what do those subscriptions actually DO for you? HOW do they help you in your business? Do they help you make more MONEY? Are they WORTH the investment?
We all tend to load up on subscription services, and those costs can add up super quick!
But I really want you to review these and ask yourself if they are something that you really NEED to be paying for!
Phone & Internet Plans
How much are you actually paying for your phone & internet? If you’re like me, you have a mobile plan plus a home NBN plan. If you’re lucky you can bundle them together to get a better deal.
So RIGHT NOW I challenge you to look up and compare the prices for other providers, or even with your current provider. Call them and see if they can sign you up to a better deal!
Just make sure when you are comparing that it’s the same level of service you were previously getting so you can compare apples and apples. OR if you don’t think you need to keep the same level then you could be saving even more!
Here’s a great example for you. I was in a contract with Telstra for home NBN unlimited paying $89 per month. I did some research once my contract ended and found that with Belong (which is also a Telstra run service so I was going to get the same coverage) for $65 per month. That’s a saving for me of $24 per month. Which doesn’t sound like much when you look at it like that. But per year that’s a saving of $288!
I’d love to know… how much money are you going to save in your business today??
If the thought of doing all this freaks you out then jump on a free 30 minute call with me and I can talk you through it and give you some personalised options to how you can save money in your business! Book here!