Do you ever look up life hacks on the internet?
There are countless websites out there, all offering life hacks that are guaranteed to change the way you do things. We’re sure that you’ve seen tips like these before:
- Pour cola into your toilet to make it spotlessly clean
- Put pancake mix into an empty ketchup bottle for a perfect batter pour
- Use your car’s seat warmer to keep your pizza box hot on the way home
But when you’re running a small business, you don’t need life hacks; you need money-saving hacks. Unfortunately, these are usually less fun than life hacks. But if you implement these simple hacks at your small business, you could see some significant changes to your bottom line!
Revamp Your Advertising
If you’re a small business (especially a newer one), most traditional advertising and marketing methods simply won’t work for you.
Reaching out with big newspaper ads or TV spots casts too wide a net, not to mention that both marketing methods are costly. If you’re a small business, we encourage you to think about targeted advertising, so you are reaching out to the exact audience you want to capture.
This method is often much cheaper as well, as you can use digital marketing strategies to massively narrow the focus of your campaign. For example, Facebook Ads allow you to specifically pick the audience you want to target, in terms of both demographics and locations. You can also choose your exact budget, guaranteeing that you won’t go over budget.
You can also utilize free marketing platforms like YouTube. By creating a few fun YouTube videos advertising your business, you will have content that you can share on all of your social media profiles!
In other words, when it comes to your marketing, don’t think “big.” Instead, think “targeted.”
Utilize Remote Work
Remote work has become more common than ever. But have you ever considered how powerful it could be to hire remote workers for your business?
We’re not necessarily talking about full-time employees here. If you have repetitive tasks that take up a ton of your time every week, you might want to look at hiring a virtual assistant to help you out part-time. You usually only need to pay them for the time they spend on a task, making them extremely cost-effective for targeted work.
Other reasons to hire remote workers like virtual assistants are that you often don’t need to spend money or time to train them and you don’t need to pay them benefits. If you’re a small business that needs some extra hands, but you can’t afford to bring on new employees, then remote workers might be the way to go!
Review All Your Expenses
Okay, this might not sound like a hack. But you would be surprised at the number of small businesses out there that never look closely at their books to see where they can cut back on expenses.
Monitoring your expenses has become even more critical as we move into a post-pandemic world. Small expenses, like paper supplies, can be a significant drain over the life of your business. It might be time to think about creating a paperless office, especially if you are now working from home!
And if you’ve already transitioned your small business into a home office environment, maybe you should consider staying that way. Not only will it save you big bucks in office rent, but you could also likely write off a part of your mortgage or home rent. We can help you find those savings!
It can also be a challenge to identify these savings if your books are not well-organized. If you have excellent bookkeeping, then finding these expenses should be a piece of cake. In fact, one of the best ways to make sure all of your finances are organized (besides hiring a professional bookkeeper) is our next hack!
Learn to Use QuickBooks Online
Here at The Number Works, we are huge fans of QuickBooks Online. This cloud-based accounting software has entirely changed the game for countless small businesses, including many that we have worked with directly.
In many cases, we take the lead on the management of your finances, but what if you want to do it yourself? Then you need to learn all the ins and outs of QBO! It may sound easy, but it can be trickier than you think. While it’s simple enough to learn the basics, things can get complicated when you get into many of its more advanced financial management features.
That’s why we think one of the best money-saving hacks you can try is getting QuickBooks Online training. It’s one of the reasons why we offer this service to small business owners. It can save you money on hiring an accountant, and it will also deeply immerse you in the financial health of your business. You’ll know exactly what is going on in your business at all times!
Save on Office Supplies
Remember what we said about saving on paper? What if you need paper at work? Well, it might be time to look at your office supplies supplier and see if someone else can offer you a better deal.
You might want to look for savings in places where you would typically pay a premium. For example, how much do you spend on “genuine” ink for your printer? If you use toner, it can cost you hundreds of dollars a year. You can always look into third-party ink or toner cartridges. Just make sure to do your research first, ensuring that they are guaranteed not to damage your printer or copier. But using off-brand products like these can save you a massive amount of money!
Life and small business hacks are fantastic, but nothing beats solid financial management strategies when it comes to saving money. If you want to set yourself up for success in managing your business finances by learning QuickBooks Online, contact us today to ensure that your small business’ finances are always well taken care of!