Now just because we’re getting rich everyday doesn’t mean we should take our eye off of those little expenses because they all add up and it means you can make a greater profit in your business.
So, let’s talk about three ways you can save money right now in your business.
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Lucky Bitch Video Transcript – 3 Ways to Save Money NOW in your Business
One of the things I’ve learned over the last couple of years is to really pay attention to my money and to be a good steward of my money. Because when you take care of it, even those small pennies and dollars, it does add up and it does mean that you can attract more money because you actually take care of it.
The big mistake that I made the first year I made six figures was that I spent almost the entire amount.
I remember my accountant telling me that I didn’t need to pay tax that year, and I thought I was super clever, and then I realized it was because I spent a lot and I didn’t have any profit.
I see this sometimes as a money block that we feel almost uncomfortable with having excess money, and so we always do anything we can to get rid of it.
Here are three ways that I’ve some up with recently about how to save money in your business.
Check your recurring subscriptions.
Number one is to get rid of some of those recurring sneaky subscriptions. Now I was using teleconferencing software and paying for it every month and never ever using it and all these like little tools that are sometimes ten dollars or fifteen dollars a month, and I just wasn’t using them.
When I cancelled them all, I realized I was spending at least a couple of thousand dollars every year in tools that I didn’t even use.
And it could be that you’re paying membership subscriptions or dues to a networking club that you never even go to, or just software or online programs or things that just come out every month and you’re not even aware of it. If you go through your credit card statement or your bank statement every month, have a look at every single thing and really ask yourself if you’re actually using it. Because all of that can add up to more profit in your business.
And you know what? It means you can maybe even give yourself a bonus, because that money is just completely going to waste.
So, I’ve actually done a video about money leaks that I’m going to link below, make sure you go through those with a fine-toothed comb and get rid of them, that’s going to save you a lot of money.
Ready to find your money leaks? Here’s how I did it: How to Find Money Leaks in Your Business
Use the right tools.
The second thing is to invest in the right tool rather than a bunch of cobbled-together solutions. And that might mean that you actually pay more for the one particular tool, but I’ve always found if you buy cheap you buy twice.
And it could be that investing in a few, kind of cobbled-together solutions is driving you crazy, it’s creating a lot of stress in your life, and when you invest in the right one, the exact right one even if it costs more money, that is going to save you money and time in the long run.
And you might even find that investing in a right tool, maybe an automated tool, it might mean that you don’t have to hire somebody to do that role. That you can replace that with something that’s completely automated, and that is definitely going to save you time and money as well.
Take advantage of savings opportunities.
And then the third thing that I found in my business is to really take advantage of loyalty programs, points, membership clubs, anything that will save you money on things that you use a lot.
Now for example I used to travel a lot, and so I had a membership program with a hotel chain and it was only a couple of hundred dollars a year, but every single time I stay in one of those hotels I was guaranteed a room upgrade and allowed not to checkout until 4pm.
Now that saved me tons of money because I could just kind of buy normal-sized rooms instead of a suite, but it meant that I had it for the whole day. So if I wanted to run a meet-up or some client stuff in that room as well, I had that event space and it meant I didn’t have to pay for a boardroom, which was very, very, cool.
It also might mean you might want to take advantage of credit card points so you can use them for upgrades when you fly.
All of that stuff will definitely save you time and money.
So there you have three tips but I want to hear from you.
What are some of the things you’ve done in your business recently which have saved you money, or have saved you time, and have allowed you to create a lot more profit?
If you’ve gone over the other half of this video I would love to hear it in the comments below.
Make sure you come over to luckybitch.com because I have a ton more ideas and tips for you about how you can make more money in your business, and have a lot more fun as well.
So have yourself a lucky day and I’ll see you soon.
Did you miss last weeks post? Check it out here: How Hobbies Make You A Better Entrepreneur