It’s important to keep track of your spending when in business. It is easier to overspend if you do not keep a handle on money coming in and going out. Now is the perfect time to improve your spending habits.
Less is more
Our advice is to focus on what the business needs. If you want to invest in a new website, for example, you don’t need to pay top dollar. You could invest a little, to begin with, and develop the site further over time.
Search for deals
Talk to vendors about volume discounts and take advantage of free trials before you buy any new software.
Seek expert advice
There’s no harm in spending money on good legal advice, an accountant, human resources consultant, or marketing company. If you ‘go cheap’ yes, you’ll save money in the short term, but you could hurt your profit margins in the long run.
Company culture
If you want the business to save money you need to spread the message throughout the company. Lead by example and instill a thrifty culture.
Invest in your employees
Small tokens of appreciation will go a long way: a free lunch, gift card, or company drinks after work are not going to break the bank but will show your staff how much you appreciate their work. They, in turn, will work harder for you. It’s likely they will stay with the company longer, and you’ll avoid recruitment costs.
Keep a check on your finances
It’s really important to keep a close eye on your business finances, that way if anything goes awry, you’ll be able to spot it quickly and avoid costly errors.
Warren-Boynton State Bank's commercial cash management service means you can manage your business' financial needs online. Commercial cash management services allow you to:
- Make account inquiries
- Generate ACH payments
- Initiate account transfers
- Generate stop payments
- Add sub-users
For more information visit wbsb.net/business-banking/ or stop in at one of our branches in New Berlin, Springfield, Modesto, or Palmyra.