» Tips on How to Save & When to Spend Money

Running a small business is a very stressful, expensive process and unfortunately, no one (to date!) has been successful at finding the money-growing tree. Identifying the balance of ways to save money and when to spend it is an important task for any small business, whether you’ve been open for 10 months or 10 years. All of the points outlined below are meant to simplify your business; utilize the points as they apply to your company and business plan!

1. Go Green – Go Paperless

You’ve always been told to keep detailed and accurate records but there are many ways to go paperless while maintaining comprehensive files. Saving money by cutting the reams of paper you buy is just one way to save. Sorting and managing all of your files takes up time and manpower when your employees’ time is best spent completing role-specific tasks. Utilizing online file sharing such as Google Docs and Dropbox will save time and money! Additionally, the WeddingWire Clients tab makes it easy to manage your clients, payments and store and share important documents – all in one easy to manage place!

2. Utilize Free Resources

Resources such as Microsoft Office and Quickbooks are software packages that many businesses take advantage of to create, organize and prepare content, orders and invoices. Google Apps Marketplace is another useful site to search for online tools that are easy to use and free or low cost. Programs like these allow a business owner to complete all necessary tasks just as they would with tools like Microsoft Office Suite but with a lower cost option.

3. It’s OK to Be a Guinea Pig

When choosing computer programs, it is always more comforting to know that you are investing and using products that have run the gamut of testing and are tried and true. That being said, a sensible option for saving money on what is typically very expensive software are Beta products. These releases are “not-quite-there products” but in most cases, the products are very refined. Because these tools aren’t yet released to the public, you can receive the Beta software for free while the creators apply the finishing touches before release; therefore, saving some green. If you are a flexible company, with patience to roll with the punches, this is a good option for you. However, because these products may still have some unfound glitches, if you don’t have the time for the unknown, stick with certified, publicly-distributed releases.

4. When to Spend

While it is important to mind your dollars and cents as you are launching and building your business, there are a few ‘splurges’ that financially-cautious companies should make.

  • First impressions are everything. Don’t skimp on a basic site building program; invest the budget necessary to create a website that effectively portrays your company’s brand and vision. Search Engine Optimization is also a worthwhile expense to invest in while building your site.
  • These days, it is essential to make sure your business is mobile. With the ever-changing access to technology, your customers are always on the go; therefore, you should be, too. Not only should you be accessible to your clients, but you should have access to your files, documents, important contacts, etc. While in a client meeting, being able to quickly show examples of your work could make the difference in a new deal. We make it easy with the WeddingWire Mobile Website Creator!

Read this full article and more great insights for your business in our Education Center!