Is your business on a budget? These days, every business is. While it’s a good idea for small businesses to save money, sometimes going the cheap route is not.
What’s your favorite thing to spend money on? Battling IT problems? Keeping up to date with all the tech and social media trendsetters? How about the really fun stuff, like your accountant or your cleaning service?What, nobody agrees with me?
Admittedly, money is much more fun to spend on splashy things, like vacations and our grown-up toys. Unfortunately, we usually have to allocate our funds elsewhere. This is especially true for small businesses, be they established or startups. So, it’s perfectly natural to want to conserve funds.
Saving money can be carried too far. Ever try to replace your favorite premium-brand coffee with the cheapest stuff you can find? After your first cup of cut-rate joe, you know that there’s a lot more to life than saving every possible penny. The business equivalent of this is pairing down costs to the bone. Rent, utilities, stock – these are pretty much non-negotiable. The problem lies when savings are carried too far and costs are cut in the wrong places. What are some of the favorite targets of penny-wise, dollar-foolish cost cutters?
While we’re all for saving money, sometimes it’s better to spend now and save in terms down the road. Conversely, the good old saying that “you need to spend money to make money” is also true; spending some in marketing-type activities can return much more than your original investment. So, here are four things not to do when you’re trying to save some funds:
Spend wisely. Smoothly running computers and office equipment are as non-negotiable as rent and utilities. Reliable IT assistance, like what TechSperts Services offers, is a must-have if you don’t have an onsite computer guru. And marketing, well, consider that an investment in your future, not a simple expense.