Putting Administrative Costs on The Chopping Block 

Are you looking at your expenses every month?

We allll want to save money, right? And let’s be real, EVERYTHING is expensive. So finding ways to make sure you’re on the top of your budget is key in saving those dollars and cents so you can use them to make sure your company can make payroll, cover overhead expenses and eventually grow to be bigger and better. 

 

DISCOVER THE #1 KEY TO A THRIVING BUSINESS 

The best start-Up finance playbook, direct to you-FREE! Starting with the #1 Key book is the best way to get your feet wet , and get expert strategies to help build a solid financial foundation. 

Control Yourself! 

Is self control something we all struggle with when entering a Target or when putting down the container of Oreos…. Yes. But is it absolutely NECESSARY when looking at your company’s expenses? YES. The most important thing to know is that you have control over your expenses, especially if your resources are very limited. “But how do I do that?” You ask? Let us explain:

  • MINIMIZE expenses. Especially as you’re scaling because you’re going to want to upgrade certain things and you need money to do that.
  • MAXIMIZE profitability. You want to take some money from elsewhere to invest in areas that will help you as you scale. 
  • Once a month, you have to pretend you’re on an overly dramatic cooking game show because EVERYTHING is on the chopping block. As you go through your expenses, really think, “do I need this? Do I REALLY need this?” And if the answer is no, it’s gotta go! It’s like when you realize you’ve been paying for Disney+ for 8 months but now that you realize you still have it you don’t want to cancel because what if you feel inclined to watch The Lego Movie at some point? You’re not going to watch it. Trust us, cancel it. 

By getting rid of expenses that weren’t actually helping you, you’re allowed to focus on spending money on things that ACTUALLY help you grow! That way you can only go up from where you’re standing. 

But What if You REALLLY Want it?

Ok, so above getting on your knees and begging for a cheaper price, there are ways you may be able to keep a product or service without breaking the bank. The biggest tip: ASK. Ask them if they have a discount, or if they can do anything to keep a well paying, awesome customer like you. Maybe cry on the phone, hey we won’t judge. 

There may be some sort of long term agreement you can opt into instead of having to pay full price each month. Maybe paying annually or semiannually works better for you.

Bottom line, see if there are any ways the company can accommodate your needs so that you can continue using it. If it looks like there’s no hope, take a deep breath. You’ll be able to revisit it when you scale up and get more revenue! All is not lost. 

Think Out of the Box

Truth is, when you’re penny pinching, it helps to get a bit creative. And it’ll be worth it in the end. Saving money allows you to spend money on higher quality things to help you actually GROW your business. Don’t make the mistake of paying for something that is not facilitating that growth!

 

Now go, little caterpillar. Tweet us when you become a butterfly. 

DISCOVER THE #1 KEY TO A THRIVING BUSINESS 

The best start-Up finance playbook, direct to you-FREE 

Starting with the #1 Key book is the best way to get your feet wet , and get expert strategies to help build a solid financial foundation.