5 creative ways to save your business money

After that, you’ll have to perform a financial balancing act, attempting to raise your profits into the black while continuing to invest in your business. You’ll have to weigh the pros and cons of tons of financial decisions over the life of your business — and that’s when things are going well in the broader economy.

When economic factors like inflation or a global recession start affecting your business, the day-to-day reality can become quite different, and you may have to start thinking a little more creatively about how to pinch pennies and tighten up operations. While some of these money-saving steps are obvious — optimizing your budget, identifying core needs, maybe cutting back on seasonal decorations this year — others require a little more out-of-the-box thinking.

Here are some creative ways to help you save money for your business right now.

1. Start an emergency fund

Yes, one of the oldest and best tips in personal finance can also be applied to your business. If you can manage to put a few dollars into a dedicated emergency fund every day or at the end of every week, it could be a lifesaver. The fact is, you never know what kind of emergency expenditure might hit your business — a flood, a fire, a fee — and if you’re not financially ready, it can be devastating.

Most experts recommend having anywhere from three to six months’ worth of expenses saved up, but there isn’t necessarily a perfect number. As long as you’re regularly putting money into an emergency fund, it will help you build a safety net over time. Plus, the longer you go without actually needing it, the bigger it gets.

READ: 5 ways small businesses can prepare for the unexpected

2. Go green

Going green can save the planet while also saving you money. Whether you’re running your business from home, out of a storefront, or even in an office or coworking space, if you make your business more energy-efficient, you’ll save money on utility costs over the long term.

There are other ways to go green and save money simultaneously, depending on what kind of business you have. For example, restaurants can look into sourcing their ingredients sustainably and/or partnering with local farms, which can help you reduce shipping costs while expanding your local network of partnerships. If you need to do repairs or construction at your business, you can purchase recycled construction materials that are cheaper and more sustainable. If your business makes deliveries, consider hiring a delivery person who uses a bicycle instead of a car. Other small changes like recycling, installing light-timers, buying used equipment, and letting employees telecommute can help your business save money and reduce its carbon footprint over time.

In fact, by digitizing more aspects of your business — like accepting cashless payments — you go green while also potentially increasing your sales.

Cashless is growing. Consumers are focused on finding what they want, when they want it, and how they want to pay for it. This can be more important to your business than other any other factor.

Whatever and wherever your business is, there are probably a few creative ways to go green and save green.

3. Automate with technology

Technology has come a long way, and your business might be able to automate more tasks than you think, especially if your business runs on Clover. Our technology is so much more than just accepting payments. We can help you run all aspects of your business.

With tons of built-in features and hundreds of additional apps to download, a Clover POS system can help you automate everything from payroll to inventory tracking to customer feedback. You can even use a Clover device to automatically generate a sales report, and identify areas of your business that might be losing money unnecessarily. Building automated tech solutions into your business doesn’t just help you modernize, it can also help you stay focused on the areas of your business that need your attention the most.

4. Partner and outsource

Most businesses may already be familiar with the concept of partnering and outsourcing by the time they launch. For example, if your business needed a logo design, you might have outsourced that task to a graphic designer. It’s imperative that new businesses focus on their core mission and goals as much as possible while forming long-term business partnerships and outsourcing ancillary tasks and support functions. That way, you can pay for services only when you need them, instead of incurring the cost of full-time employees.

Partnering with local vendors, artists, and services can be a huge help as your business grows. You can also collaborate with local colleges and universities, especially if they offer business degrees. Those colleges often require students to do capstone projects in conjunction with local businesses, meaning they can help you out with things like website evaluations, data audits, or even short-term marketing ideas.

5. Build a community

This one might sound a little more nebulous, but it’s important and can be a genuine money-saver over time. Building your business as a community, and making your employees feel like they’re part of the same team, can help save you money and headaches in a lot of ways. For one, you’ll save on hiring costs by reducing employee turnover. If employees feel valued respected, and like they’re part of a community, they’ll also be more productive and dedicated to the long-term growth of the business. Taking a little extra time to make your business feel like a community can pay off in dividends.

And don’t forget about your broader community, either! Getting involved in the local community in which your business operates is the best way to form relationships, spur word-of-mouth marketing, and find new customers. Sponsoring a community event is another great use of time and resources, as it will help get the word out about your business around town and maybe even in the local media.

To learn more about automating your business with Clover, contact a Clover Business Consultant today.

This information is provided for informational purposes only and should not be construed as legal, financial, or tax advice. Readers should contact their attorneys, financial advisors, or tax professionals to obtain advice with respect to any particular matter.

Editorial Team

Accounting, Money management, Run your business, Strategy

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