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Entrepreneur Savings: How to Plan for the Future of Your Business

November 16, 2018 8:34 pm

Calculator and money with notepad

You’re cultivating a successful business and starting to see it grow. In the beginning it may feel like profit margins are slim, but you might still have your eye on expansions, important events, or other ways to invest in your own success. This is where your business savings come in. Keep reading to see the best ways to start saving up for your next big business expense.

Keep Savings Separate

Your first step: set up an account just for your business savings. This way you won’t be tempted to use it for everyday or personal expenses. A separate account is a simple way to establish that these funds are only for the future of your business.

How to Cut Costs

A few money-saving tips can add up to big results.

  • Reduce your traditional advertising expenses in favor of more affordable options, such as social media marketing.
  • If it works for your business, allow employees to telecommute, which will reduce your need for office space.
  • When it’s time for renewal, renegotiate your lease with your landlord. If you’ve been a dependable tenant you might have a little leverage. You’ll never know if it will work unless you try.
  • Look into buying your necessary business supplies in bulk, instead of as you need them.
  • Find software that makes your business easier and more affordable, such as business management or accounting software.
  • Go green. Not only does it make your business look environmentally responsible and forward thinking, but it can also save you money. As your lights burn out, start switching to long lasting, energy efficient LED bulbs. And if your operation goes paperless, you’ll save printer maintenance, ink, and, of course, paper.
  • Look closely to find hidden expenses. These will vary from business to business, but you never know what you might find with careful examination. Could employees start printing double-sided documents? Could your cleaning service visit weekly instead of daily? Are perks starting to go over budget?

Put all of these extra savings away and you’ll be one step closer to your goal. Good luck on your next business move!

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