December is right around the corner. And before you know it, the holiday season will be here. Whether the holiday season is your busy season or slow season, this is a great time for you to be saving cash. With tax season right around the corner from the end of the year, we’re sharing with you 4 simple tips that will help you save cash as a small business owner.
Did you know?
In 2018 alone, Canadians spent on average CA$1,5633 (up 3.7% compared to last year) on commodities during the holidays. From gift exchanges and spoiling loved ones to giving in to that new office laptop you wanted so badly, small business owners need to know how to save cash where possible as we approach Christmas this year.
Whether your business is in a funk, or you need to be proactive and save for a rainy day, here’s how you can start saving some cash right now:
Tip #1: Cut the Fat
When it comes to considering products and services for your business, it’s easy to get inundated with products and offers. As a small business owner, you probably receive countless offers describing how XYZ products are a good fit for your business. As overwhelming as it can be, a general rule of thumb for sifting through countless offers is to ask yourself a simple question:
“Does product X make or save us money when we do Y?”
If the answer is no, then the product likely isn’t for you. If the answer is yes—or even a maybe—then a demo would be a good way to go before you commit.
During the holidays, it’s a particularly ideal time to revisit any product or service offerings that peaked you and your team’s interest. You might not need it after all (which will help save cash) and it means extra money to spend for the holiday season.
Tip #2: Switch to the Cloud
Maintaining expensive hardware for your operations can be costly. Desperately looking to save some cash around the holiday season? A surefire strategy is to look to the cloud to host data. Accounting software, for example, can provide heaps of benefits to a small business owner looking to save cash, including cost-efficiency, saving time, minimizing mistakes, and of course, the ability to scale.
Tip #3: Go Virtual with Communications
Telecommuting isn’t possible for all businesses or for everyone, but when it is, it can save you a heck load of cash. Collaboration software such as Zoom, Google Hangouts, Cisco WebEx, and more, are available at your disposal. Think about all the gas, transit dollars, and time you and your employees can save during the hustle and bustle of the holiday season.
Tip #4: Outsource When Needed
Founders, entrepreneurs, and business owners are clearly qualified—but they can’t do everything. Plus, employee costs (think salaries, insurance, and office space) can become costly over time.
While it might sound counterintuitive to outsource in order to save cash, outsourcing can bring benefits too. Access to skilled, specialized expertise, better risk management, improved cost-savings, and increased staffing flexibility are all advantages that outsourcing can provide.
Can’t quite figure out exactly how much you’re spending on what each month? Kashoo can help! Track all of your income, expenses, sales taxes and more, easily with Kashoo! See exactly how much is coming in and going out, and know where you need to be trimming! Try Kashoo for free for 14 days today.