Here we are! Two weeks into the new year! How are your resolutions coming along? Did you set any? We have mixed feelings about them for sure! Resolutions are often focused on personal goals – read more, drink less soda, spend more time with family. We did a search for the top 10 New Year’s resolutions for 2019 and think that many of those personal goals can also be applied to our small business. This month we are putting our own spin on a few popular New Year’s resolutions.
This week: “Save More, Spend Less!” Who doesn’t want a bit more green in their bank account? Typically, when we start to look at how to save more or spend less, one of the first things that comes to mind is cutting our household expenses. Can we eat out less and cook more at home? Do we really NEED 25 throw pillows on the couch? Is there a way to decrease the amount we spend on cleaning supplies? (Yes and yes. No. And heck yeah!) Here are a few ways to increase saving and/or cut back on spending in your business.
–Repetitive tasks! These can be a time sucking black hole if we aren’t careful. Do you have weekly, or monthly, tasks that don’t really need your talents? Save some time by enlisting help! Your kids can handle some of those repetitive tasks for you; anything from stamping your catalogs to entering customer orders. And as a bonus, you’ll be working on that resolution to spend more time with family!
–Carry Less Inventory! Do you place an order every time your company runs a sale? Do you order so many catalogs every year that you feel bad about how many you recycle when a new year and a new catalog roll around? Save more space in your home office and spend less of your income by carrying less inventory. You’ll lose some (business) weight too! I went a bit overboard with limited edition colors and flash sales in 2018, so this one might make my fashionably-late 2019 resolutions list.
–Get a Grip on Expenses! The first step to spending less cash in your business is know where it is all going. Is your advertising spending disproportionate to the income you generate? How much did you really spend on new inventory last month? It’s tough to know what you are spending money on unless you have a bookkeeping system in place. We happen to know a couple of fun-loving accountants that could hook you up with a system if you need one. 😉 A bookkeeping system that will save you time, while at the same time show you where you could spend a little less.
We’d love to hear how you save more or spend less this year. And what you plan to do with that extra green in your pocket!