If you’re a brand new small business owner just bursting out of the starting block, how you decide to save money matters. Even if you’ve gotten off to a good start, and revenues are flowing in, every dollar you save goes directly to the bottom line. In order to maximize your savings, keep the following six tips in mind.
1) Score Free Office Supplies
If you typically pick up your office supplies from your local office supply retailer, understand that there are ways to score supplies for free. Enroll in the store’s rewards program and wait for 100% cash back sales. You buy the supplies at full price, then receive the amount you spent in the form of a rewards certificate, usually issued the following quarter. Common free items include printer paper, pens, notebooks, folders, staplers, and scissors.
Here at MyCorp we’re always happy to see businesses succeed and love to hear about the keys to their success, which more often than not includes making good decisions and repeating them in the days, months, and years to come for the company. As we wrap up the end of the year, today we interviewed 13 business experts to get their feedback on the best business decision they made in 2013 – and how they plan on repeating it in 2014.
1. “The best business decision I made in 2013 was joining EO (Entrepreneurs’ Organization), a global business network of about 9,500 business owners with a very personal flavor. It’s something I’ll definitely stick with for 2014. I am a partner in a 13-year-old boutique advertising agency in New Jersey, and we have reached a steady size and comfort level, but we know we can be more. EO has a unique component called the ‘Forum,’ which is a small group of 6-10 business owners from different disciplines. Forums meet monthly and grow very close, which among other things enables them to serve as a de facto board of directors. Forum members hold each other accountable for business and personal goals, provide feedback and insight, share experiences and sometimes just offer emotional support. The monthly influx of ideas and enthusiasm is invaluable, especially for an entrepreneur like myself who started a business with professional experience but without business training. In addition to the Forum experience, EO holds learning, inspirational and just outright fun events that continuously sharpen the tools I need to be a more effective leader in my company.”
- Adam Schnitzler, Chief Creative Officer, The S3 Agency
2. “Outsourcing is the best decision I’ll remake. Outsourcing web development and SEO this year freed up time to explore other investment opportunities and meet with prospective clients. I’ll continue to invest in outsourcing in 2014 as a means to be able to focus on activities that allow us to continue to grow our business efficiently.”
- Michael Lallana, CEO, Mila Venture Group
Any entrepreneur who has tried to start up a new venture knows how difficult it can be to get the ball rolling – and expensive as the costs begin to add up over time. There are many ways business owners can work to keep their expenses down and one of these methods includes outsourcing. Whether you have three people working for you, or 30, outsourcing your bookkeeping can be hugely beneficial for the following seven reasons.
1. Less mistakes.
In the early stages of a business, you are a one-person operation. All of the hats, from bookkeeping and marketing to cleaning and sales, must be wore each and every day. By doing several jobs at once, it’s much easier to make mistakes due to lack of time and energy or even simply overlooking some assignments.
The more you can have your employees working on assignments aligned with their skill set, the more productive your small business will be. Rather than have them stop every couple of minutes to work on a smaller task, it can help to find other methods to get simpler tasks done rather than have your employees stop everything they’re working on to do it. Here are a few great, efficient, and more affordable ways of getting the busy work out of the way so your team can focus on their assignments.
It can be a bit of a dirty word these days, but outsourcing is an effective way to do business for not only large corporations, but smaller businesses as well. Your company should be focused on really doing one particular niche activity very well. Anything outside of the scope of that focus, or anything that your business may not be skilled at working on, could potentially be outsourced. Companies that emphasize their strength at writing code for websites, for example, could do things much better and faster.
By Jeremy Ames, President & Co-founder, Guidant Financial
Entrepreneurs are typically go-getters… producers that can figure out what needs to be done and execute it. They also tend to struggle with letting things go at times.
Why is that? Most entrepreneurs don’t value their own personal time highly enough. Their strength of doing more with less can sometimes be a hindrance when it leads to spending time working on tasks that aren’t important to complete, are easily delegated or where outsourced options exist that deliver higher quality in half the time.
Whether you are an entrepreneur who’s just starting out or a seasoned small business owner, you probably have one thing in common. Chances are you want to cut the costs of doing business. In addition to increasing profits, this allows you to reinvest in your own success. There are a number of creative ways that entrepreneurs can cut their costs. Here are ten strategies that will help you slash expenses quickly and efficiently.
Today we’re featuring a special guest post from the graphic design gurus at MycroBurst! Co-founder Joe Witte is here to give us the scoop on what the term crowdsourcing means for you and your business and how you can already see its effects in action as Wikipedia is proving to be greater than Encyclopedia Britannica.
We’re all pretty aware of what a brand is but when it comes to crowdsourcing, what’s that all about? Crowdsourcing is defined as outsourcing tasks or a job to a network of people, or “crowd” who can participate to complete those tasks, commonly for compensation. One example of crowdsourcing that most of us are familiar with is Wikipedia. Hundreds of thousands of people have combined to write more than 21mm articles in more than 280 languages in only 12 years! Compare this to Encyclopedia Britannica, which has been in existence for more than 200 years, but only had 65,000 articles in the latest edition. It’s hardly surprising that EB is no longer going to be available in print edition after Wikipedia came onto the scene and took over. Continue reading