Hello everyone! While I sit here in my office, this thought came to me. How can one save money, but rather how can you save money for your business? Here are some points I jotted down:
Buying the Necessities Growing up, my mother always told us, "Don't buy things that you want but rather the things that you need." That statement has stuck with me every day since then, and I apply it to every aspect of my life. So my question to you, business owners, are you buying things your company needs and not what you want.
Tracking your Expenses Sometimes it is best to take a few hours to look at your business expenses. Running an expense report is beneficial because you can see exactly where and how much money is being spent. In doing so, you may be able to find cheaper alternatives to save cash.
Taking care of your staff This can benefit your firm in the long run. Taking an interest in your team like motivating them, engaging in conversations daily outside of work-related things sometimes, and so forth shows the caring side as an employer. Even a mere gesture as giving your employees a thank you card goes a long way. This could potentially reduce employees' turnover rate, as they add value to your company.
In conclusion, what are some ways or practices you use to save money for your business? I'll love for you to share your ideas with the community!
I created a habit of thinking of everything I buy in terms of monthly expense and comparing it to my income. This helps to put things in perspective. E.g if I'm buying a pair of shoes for $120 today, it means that I'm basically spending $10 each month this year to own this pair of shoes. Or if a new TV is $1200, it means I'm out of pocket $100 each month just to have it (or $50 per month, if I estimate that the TV will be good for 2 years). This helps me analyze whether the purchase is actually worth it or whether I actually can afford it.