5 Cash-Savings Tips for small businesses
April 12th 2022
Starting a business is an expensive investment in both your time and money – and we’ve felt that too, as small business owners ourselves who bought our business at the start of the Pandemic. Whether you’re just starting out, or have been weathering the storm alongside us over the past few years, here are 5 tips that we’d recommend to help save you some hard-earned cash.
1. FIND A GREAT ACCOUNTANT WHO SPECIALIZES IN YOUR AREA
Consult an accountant who specializes or has experience with businesses in your industry or small businesses specifically. You’ll be able to draw on their expertise when it comes to things like tax deductions that could save you thousands of dollars every year. They can also assist you in applying for grants and loans you may be eligible for and help you with succession planning.
2. NOT ALL PAYMENT PROCESSORS ARE CREATED EQUAL - COMPARE!
Spend some time compare your payment processing options – and if you can, offer multiple options to your customers! Each payment processing company will have different fee structures or taking payments online and in person, which pay be different between debit and credit cards and even different between credit cards. These fees can really add up and eat into your bottom line every month, so do your research to compare your options. And if available, use your transaction history to create scenarios you can compare that are backed by real data so you have a better idea of what your costs might be with each provider.
3. IT'S WORTH INVESTING IN THE RIGHT TECH TOOLS
Investing in the right tools and technologies may have an upfront cost, but can end up saving you a lot of money in time saved, but you have to be strategic about which ones you invest in. To determine which tools your business could benefit from, start by making a list of all of the functions that take place in your business: accounting, project management, time tracking, social media management and email marketing are just a few examples. Then research the best tools for each and conduct a cost-benefit analysis – will the cost of the tool ultimately save you more in time/labour saved? If so, it’s probably worth investing in. And most of these tools have free trial periods, so make sure to take advantage of them, especially if you’re trying to decide between tools.
4. OFFER A COORDINATED BENEFITS PLAN TO SAVE MONEY IN THE LONG RUN
Offering a coordinated benefits plan can really help attract and retain employees! Especially as we continue to see a shift towards more employees advocating for themselves and being clear about what they need from a workplace, employers need to stay competitive in the hiring market. Many business owners don’t know that benefits plans can be a really cost-effective way to differentiate themselves and make it clear to potential employees that their health and well-being is a company priority. If you’re not sure where to start, BarterPay Niagara has partnered with Green Benefits Group to offer several affordable plans which may work for your business – and offering a benefits plan can actually reduce the costs associated with employee health and staff turnover in the long run.
5. EXPLORE YOUR AVAILABLE RESOURCES AND ALTERNATIVE FORMS OF COMMERCE
Lastly, get creative about the resources you have available to you when it comes to managing your cash. Look for loans and grants you may qualify for through your local Chamber of Commerce, Small Business Centre or government. And of course, explore alternative forms of commerce, like Barter! Being a member of the BarterPay network can help you leverage your goods and services to obtain things you need for your business without spending cash, which can give your business a huge boost. Feel free to reach out to us anytime to learn how Barter can work for your small business.