Are you making any of these mistakes with your money?

If you are like most small business owners you are looking to save money. But also like most owners, it is all too easy to get buried in running your business and miss out on chances to save money. Organization and setting guidelines are the keys to finding these various savings opportunities.

1. Missing tax deadlines, failing to fill out the proper paperwork, or a hundred other legal complications can cost you hundreds or thousands of dollars.  The two main causes of these issues are not knowing or forgetting.  The solutions are simple though; maintain up-to-date calendars and procedure guidelines OR hire an expert that does.

2. Review expenses quarterly. Make sure all your routine expenses are legitimate and are working for you the way you expect them to. Do not get caught paying for services or products that you are not using.  Making sure your accounting is current, will ensure your access to reports that will quickly and easily show you this information.

3. Use a budget, do not get caught making impulse decisions. Create your budget and stick to it with little to no deviation.  Do you have a hard time saying, “no”? I have a guideline for myself, I won’t buy from anyone on their first communication with me.  This gives me time to look into the product and determine if it will benefit my company and if the budget can accommodate it.

4. Do not let family involvement cloud your judgment.  Having the support of family in your business can be very reassuring. But when too many people are making financial decisions you can very quickly find yourself over budget.  You might also find you are going in various directions due to varying financial styles. Strict guidelines and a little bit of tact on your part can spare hurt feelings and save your business money.

Stress comes with the territory when it comes to owning your own business, and most of this stress revolves around money.  With some planning and proper systems in place, you can go a long way to alleviating some needless worries. 

For more details on each of these topics, check out our E-BOOK, Becoming a Sensible Business Owner. 

Do you have favorite ways to save money in your business?  Let us know in the comments.