Running your own business can be a dream come true — or it can be a total nightmare — this all boils down how good you are with your funds and your financial planning ideas.
A smart business person knows how to cut corners to save money, without it having a negative impact on their business or their employees. So, if you wish to learn money-saving tips most successful entrepreneurs are using to run their businesses, continue reading.
Service your HVAC system
If you’re looking for financial planning ideas for business success, one of the best places to start is with regular maintenance in your building. For instance, an HVAC system that isn’t regularly serviced can end up eating into your monthly energy costs, driving up your bills and monthly expenses.
You want to conduct regular heating and cooling maintenance at least twice a year, once during the spring and once during the fall, to keep energy costs down. Replacing the entire HVAC system can be costly if it breaks down on you. However, you can prolong its life with proper maintenance.
Don’t go overboard on curb appeal
Another great tip if you’re looking for financial planning ideas is to hire a commercial tree maintenance team that suits your budget. Stick to the basics when it comes to curb appeal. It’s not necessary to have rose bushes and a water feature. But you still want the area to look well-maintained and inviting.
Some ideas for basic commercial lawn maintenance can include:
- green grass
- short shrubs
- a few flowers
You can also opt for plants that don’t require a lot of water such as cacti, succulents, snake plants, air plants, and begonia brigades.
Your landscape shouldn’t be too overbearing — use it to direct the flow of traffic to your building. Accent your walkways with solar-powered lights for a change. If you’re unsure of how to make your landscape stand out with a smaller budget, contact a team of contractors to help you create a beautiful — yet budget-friendly — area.
Service your elevator regularly
If you work in a high rise, you already understand the importance of commercial elevator maintenance. Servicing your elevator equipment ensures your system lasts as long as possible and keeps employees, business partners, and consumers safe.
To keep your elevator looking its best, be wary of the weight limit, and avoid using industrial cleaning agents. Proper maintenance can single out problematic areas before they get worse, so make sure the car top is clean and that the buttons are functioning so it can pass inspection year after year.
Have your roof inspected biannually
Another good tip if you’re looking for financial planning ideas is to contact a team of roofing specialists at least twice a year to prevent major, expensive roofing damage. The biggest threats to your commercial roof are as follows:
- the sun’s UV rays
- snow and ice
- a clogged gutter
- falling trees and branches
It’s nearly impossible to avoid these outdoor elements, so get the roof inspected twice a year. This way, you’ll know when you need roof repair. Doing this routinely can save you in the long run. Why? If your roof caves in, this can cause even more damage to the property. Not to mention, you’re also putting lives at risk. This is one expense that cannot be compromised.
Take advantage of outsourcing
Outsourcing is key when it comes to financial planning ideas and strategies, especially for computer services. Outsourcing computer services helps to keep energy and tech costs down. You can do nearly anything online. In fact, you may find that working remotely can increase your productivity. Not to mention that it’s also cheaper than renting out an office space.
Negotiate your parcel contract
Parcel contract negotiation is key for financial planning ideas to help you reduce your shipping costs. First, know and understand exactly what you’re paying for — know the surcharges and carrier rule tariffs. Review your service contract line by line before sitting down to negotiate a better rate.
Use energy-efficient appliances
If you’re looking for more financial planning ideas, try to use energy-efficient appliances if you work in a building with a kitchen. These appliances don’t compromise on quality but use less energy than your standard stove, microwave, or fridge. They will also save you more on your energy bill every month, paying for themselves in no time!
If your entire building is in need of an energy-efficient make-over, contact commercial general contractors to start on your renovation and construction project. A newly renovated area can make your employees feel more comfortable while they work. You also won’t need to fix every little issue that’s bound to come up within the next few years.
Power down after-hours
Leaving your lights turned on when you’re not even in the room is not only bad for the environment, but it can also cause your electricity bill to shoot up unnecessarily. Get into the habit of turning the lights off every time you leave a room in the building. If you can work with the daylight alone, leave them turned off throughout the day.
Better yet, you can install lights with an auto-timer, so you never have to worry about leaving your lights on when you’re not there. These lights use a motion-detecting sensor, so they won’t shut off if you’re buzzing around the office trying to complete your tasks for the day.
Switch to a paperless system
Switching to a paperless system is key when looking for financial planning ideas because not only does it save money but it’s also great for the environment.
While many businesses have already switched to this model for its convenience factor, don’t be left in the dust! Going paperless can save you money, therefore send all invoices electronically, and keep electronic records.
Switching to a paperless system will also mean that you’ll never lose your records. You’ll be able to find them in the cloud at the push of a button.
Start a carpool initiative
You may be spending more on gas and tolls while on your way to work than you have to. If you own your own business, encourage your employees to carpool. You’ll also never have a boring car ride to work again with a co-worker in the passenger seat.
Purchase secondhand goods for the office
If you’re looking for financial planning ideas for business success, buying secondhand goods for your office is essential. If you wish to have a gorgeous and professional-looking office, buying sturdy furniture is the key to transforming any space. However, new couches, desks, and chairs can be a pricey investment. Therefore, consider buying secondhand furniture instead.
Go to a nice consignment store in town, and you’re bound to find something that almost looks brand new for an absolute steal. Browse online for appliances or lightly owned computers too.
Use freelancers when you can
Use freelancers to complete non-crucial tasks around the office, as this is cheaper than hiring someone to work full-time. With so many digital nomads working online, you can easily find someone more than qualified to do the job.
Make sure to read their Terms of Agreement Letter closely before signing and negotiating a fair rate. You can find creatives on sites like Fiverr. You can even browse social media when looking for a qualified writer, marketer, or graphic designer.
Take advantage of social media marketing
While television and radio ads are great exposure for your business, this kind of marketing can add up fast. So, take the social media route if you wish to save money, yet still, get the word about your brand out.
Even running ads on Facebook and Instagram is significantly cheaper than traditional marketing. You don’t even need to hire an entire department dedicated to social media if you’re trying to cut expenses. While having someone well-versed in this new age of marketing is important, you can learn the basics online for a fairly low cost.
Buy in bulk when necessary
Buying in bulk can either be a great way to save money. However, this can vary depending on the goods you’re buying in bulk. If your team loves drinking coffee, buy the beans in bulk. However, if you’re not using a lot of paper a day, it makes no sense to buy more than you actually need.
Be diligent about your taxes
If you’re wasting time trying to balance your own books, hire someone to lend a hand. While this may not be the cheaper option up front, a good accountant can save you money on your taxes once tax season rolls around.
Cut down on impulse buying
Another way you can save money is by adjusting how you handle it. When purchasing items for your business, make sure it’s not an impulse buy. For example, don’t buy a new watercooler if your current one runs fine. Split your costs into essentials and nonessentials, and if you find that something falls into the latter, wait a full 24 hours before purchasing. This will give you time to think it over and determine whether it was an impulse buy.
The intern system can be quite valuable, as it allows high school and college-aged students to learn the ins-and-outs of your industry up close.
It’s mutualism at its finest. When starting an intern program at your place of business, follow these guidelines.
- While saving on labor is a perk for starting an intern program, this shouldn’t be your only incentive to bring in fresh young minds. Ask yourself ‘why’ you want to be a part of this. Do you wish to mold the future’s youngest and brightest workers before they enter the workforce? Do you believe that you can be a strong and reliable mentor to these kids?
- Learn about the legality of hiring an intern — they must not be under the impression that they will not receive financial compensation for their work so draw up an agreement that makes this clear.
- Understand how college credit works — after all, this is how you’ll be able to compensate your employees.
- Design a program with concrete learning objectives.
- Delegate duties for each specific intern, and then get to hiring!
Set firm spending limits for your team
Sticking to a budget sounds obvious. However, if you’re finding it difficult to work with a set of fixed numbers, try the following:
- Track your business expenses on an app on your phone or another digital program on your computer.
- Frequently remind yourself of your business’s goals to motivate you to stick to your budget.
- Before buying anything, conduct extensive research. Find flaws in everything, as to deter you from spending money you don’t need to spend!
Do not use your own finances for business-related expenses
Every business owner may fall victim to this one — however, refrain from using your own money for business-related expenses. This can put a strain on your family and personal life, and it’s often too big of a risk.
In conclusion, there are many ways you can find financial planning ideas. By keeping your building properly maintained, going green, and knowing who to hire for the job — whether you need an intern or a freelancer— your business will start working for you, and not the other way around.