Smart spending and financial management in business are some of the most important factors to being successful – from your first day to the day you retire or sell. Have you heard the saying “you have to spend money to make money?” Well, unfortunately, it’s true. That doesn’t mean that you have to spend a lot, or get a loan, or go into debt for years. (It may, but it may not.) Here are some things that you may find will come in handy as you start your new business, grow & expand, or even in your personal life! As you read, remember that all of this can be overwhelming for one person. Personal assistant services can be a cost-effective way to help you manage and track your spending.
Plot it out. First of all, you have to sit down with a spreadsheet and a calculator and all of your expenses. Just because the bank approves you for a loan does not mean you can afford it. Will you need to lease a store? Will you need to remodel the space? How much is hydro and Internet? How much will you be paying yourself?
Is this item worth it?? Let’s say you make $30/hour. There is this awesome 3-D printer that you have had your eye on for many months. It costs $300. You had to work 10 hours to afford that printer – before taxes. Is this 3-D printer worth 10 hours of your time? Is this purchase going to bring you in enough new revenue to make it worth it? If the answer is yes then go for it!
Keep that receipt! Did you know that your daily coffee could possibly be written off as a business expense? Or your bank fees? Or dinner last night? Keep all of your receipts and hand them over to your accountant. Every little bit helps!! A personal assistant can help you track receipts and spending. Your assistant can file & enter the data for you.
Shop around. Don’t just take the first or second price you hear and figure there’s nothing lower out there, because there probably is (with the same or not better quality). It is always worth it to shop around!
Credit cards can be great. Some new business owners rely on credit cards to purchase the up-front basics. Using credit cards wisely will make your credit score climb and get you better rates for loans and subsequent credit cards. Do the opposite and the opposite will happen – and it is a very long process to restore good credit.
You won’t know unless you ask. In almost all circumstances, it is OK to ask for a discount. The worst you are going to hear is “no.” If you ask, you may find that you don’t have to pay full price for things! Always use common sense when asking for discounts, though. It is not always appropriate to ask for a discount. You don’t want to burn any bridges with your business contacts!
No one said starting your own business was going to be easy or cheap. But with research, dedication, and a positive attitude you can stretch every dollar and make the best choices possible. Consider our personal assistant services to help you out!