Every company, whether large or small, will always have one constant concern: how to manage track of expenses.
Managing expenses is essential for any startup, at least if you want to have some order in your business. The idea is to have it so that profits exceed costs, but depending on the type of industry, you may have to be operating at a loss for some time.
At the end of the day, if you do not control the expenses and income you have in your business, you will not be able to know what you should do to improve, or if your business is succeeding or going bankrupt.
In this article, I will provide a few hacks to help manage your expenses, which is quite critical considering how the pandemic is clamping down on small startups.
Buying With Cashback
A cashback is the return of a part of your money for your purchases. Sounds good, right? It's totally true. With this system, you will receive a refund for every purchase you make through this type of site.
The percentage of money back you will receive depends on the total amount you spent on the purchase you made and also on the site that gives you the cashback.
I would highly recommend a tool like Checkout Saver while shopping for business-related supplies. Simply install their Chrome extension, and as you browse your typical shopping sites, it will alert you with cashback opportunities. You would be surprised at how much you can save.
Negotiate to save
Only half the consumers negotiate prices when they make a purchase. Even if you find a good price online, some services allow you to negotiate with some sellers.
When you buy items in person, keep an eye out for ways to get a deal. Negotiating usually works best when you can see the person face to face. Here are some strategies to consider:
- Ask if there's a discount when you pay cash.
- If you notice a defect in an item you want, such as a loose button on a jacket, ask if there might be a discount because of it.
- Ask for a discount when you buy in bulk.
Outsourcing Smaller Tasks
You are probably familiar with outsourcing work, but it’s actually much less complicated than it may seem. While there is always the prospect of hiring a team in developing countries in the place of full-time employees, you may simply outsource the more tedious or low-skill tasks overseas while still retaining your local employees.
For example, if you want to write blog articles and you’ve been putting it off for quite a while, you can hire someone from a freelancing website to do it for a tiny fraction of what your time is worth.
Create your own marketing materials
Marketing materials are the most fun part of starting a business: choosing a logo, designing business cards, selecting graphics and colors for your website, doing stationery business, etc.
But if you don't have the money to hire a professional at first, you can start with DIY. There are several sites on the Internet that allow you to create your own resources. A couple of examples include:
- Canva.com to create logos and social media graphics
- Pixabay to obtain free stock photos for blog posts & internet marketing.
Therefore, it may be convenient to start simply with free marketing resources until you feel the need to include a designer to make them from scratch.