Have you noted that your non-taxable income has gone down in 2024?
For small businesses, this is expected at times, but it can strain you when it comes to tax season, or even paying bills.
There are some things you can do to save money in the new year, and while they will vary slightly based on what your business does and who your customers are, here are some top tips to consider.
Buy Wholesale
Everyone knows the value of buying goods wholesale.
It will save you time, money, and effort, as well as ensure that you always have access to bargains and discounts on said goods as and when you need them. There are many bulk wholesale distributors that you can choose from, but try to approach well-known wholesale suppliers; there’s a reason they are well-known. Try to build a good relationship with the suppliers, as this will prevent mishaps with deliveries and costs.
Also, make sure you get everything in writing and review contracts often!
Embrace Tech
Using technology in your small business is one of the most effective options to streamline areas like invoicing, payroll, email marketing, and so on. Software like QuickBooks is great for accounting (and saves headaches come tax season), and other tech options, like Mailchimp, can oversee any marketing emails you want to send out to alert your client list about any offers or deals you have without you having to constantly think about it.
This will save you and your accountants time and money when it comes to working out your taxes and help you save money with your marketing.
Try Going Green
So many people don’t see the benefits of going green as part of their business. However, it can and will save you money, and not only from appealing to green-focused customers.
Try switching to energy-efficient lighting in your store, warehouse, or office and investing in programmable thermostats. If you have a large enough group of employees, look into the option for remote working, as this will cut utility expenses and will also save on the money needed to rent an office space.
Outsource If You Can!
Unless you have been living under a rock, you will have noted that there has been an increase in the number of freelancers in specialized roles. Some of these could help your business gain traction and save you money.
Instead of hiring employees full-time, why not outsource specialized areas like graphic design of your website, IT support, or even website landing writing to skilled professionals? It’s not as expensive as you may think and, as before, can help you make more money by attracting more customers or clients to your business.
Up Your Marketing
How does spending more on marketing save you money?
By using platforms like Facebook, Instagram, and TikTok, you can attract more people to your business, and, while these may sound like expensive things to oversee, they aren’t. You will likely need to hire a social media manager, but as before, this can be done around freelancers who will be able to oversee the project with ease and professionalism. It will pay off!
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