Savings Strategies so you can maximise profit in your business!
A Triad of cost-cutting strategies for your business
As a business owner are you constantly wondering not only how you can MAKE money, but more importantly how you can SAVE money and still have the same (if not better) outcomes financially.
There are 3 key areas where significant savings can be achieved. Subscriptions, insurances and loans.
- Subscriptions:
Who doesn’t love a good scavenger hunt? The Subscription Scavenger Hunt is the perfect opportunity for you to channel your inner detective AND save money!
Audit your subscriptions:
What are you paying for that you don’t use, have never used, or won’t be using in the future?
It takes a few minutes to cancel or amend these subscriptions resulting in an instant saving.
The currency changer is a game changer:
Now that you have established what you don’t need, it’s time to ensure you are getting the best price for the ones you are.
What currency are you paying your subscriptions in? Did you know that subscriptions like Mailchimp and Canva automatically go off in US Dollars which means your monthly subscription amounts vary depending on the exchange rate. Most subscriptions allow you to select the currency you want to be billed in. Always bill in your home country. The savings on this are 2 fold – not only is the amount the same but it also includes the GST which means your actual cost is even less!
What are you actually using?
Finally, check your usage. Do you need the “paid version” or will the “free version” serve you just as well?
- Insurance
Finding the perfect insurance coverage portfolio can feel like dancing – you are looking to find the perfect partner for the perfect dance.
Insurance Audit:
What do you have? What do you need? What can be cancelled?
A simple audit will allow you to know exactly where you are, what you need, and how you can save money.
Insurance limbo:
How low can you go? Shop for competitive rates. Request quotes from different providers and find the “limbo bar” of saving.
Remember, insurance companies usually give a great discount incentive to move to them which can save you up to 30%
The Bundle Boogie:
Some insurance companies offer a bundle deal if you have 2 or more policies with them. Time to get down and “boogie” and bundle these up to save your business money
- Loans:
Review your loans:
Regular reviewing of loans enables you to ensure you are getting the best deals. Compare interest rates, loan terms and fees.
Gather quotes so when chatting to your bank you are able to use those quotes to leverage the best deal.
Maintain a good credit score:
This ensures you get the best possible loan deals.
Accelerate Loan repayments:
Paying fortnightly vs paying monthly means you would pay the equivalent of 2 extra payments a year which can knock a few extra years off your loan.
Saving money is essential in today’s business landscape. As a business owner you may feel overwhelmed with subscriptions, insurances and loans. Taking them one step at a time and working through the triads will enable you to save money as well as positively affect your bottom line AND your mood!
If you are ready to work with a bookkeeper who can work with you to create a savings strategy, I would love to have a chat! Reach out and let’s start saving!
