Top Tips To Save Money + Become Financially Savvy In Your Business
Owning a business comes with some risks and many rewards. As a business owner, it’s likely you’re balancing a variety of roles to get your business up and running. This is especially true for those who are in the wedding and event planning business. Not only are you responsible for the day-to-day operations of your business, but you’re also there to help your clients plan some of the most memorable occasions. It may come with its own challenges, but knowing you’re doing something you love, makes it all worth it. However, as is in any business, you’re always looking for the best ways to save money especially during this time currently with COVID-19 happening.
Like any industry, wedding planners work hard and certainly know how to appreciate the value of a dollar. As quickly as money comes in, it can go right back out. Whether it’s bills piling up or a family emergency, you must always be prepared for the unexpected. In order to avoid putting your business or your livelihood at risk, it’s necessary to keep costs down wherever possible. We got some super helpful tips from our friends at NorthOne Banking to share three tips on how small business owners can not only save money, but also retain clients and keep their business thriving even in economic hardships.
Go Green!
You’ve probably heard this phrase and wondered how this would be possible in an event planning setting. While going green may seem like a challenge, it comes with many benefits. Utilizing a paperless method for paying bills, statements and even sending invoices to clients, will save you time and money. It’s likely some vendors you do business with are already going green, so the transition should be a smooth one. Vendors will be more than happy to send digital copies of documents. Additionally, your clients will appreciate having a digital copy of contracts as well. Believe it or not, going green can even earn you some extra cash! Most banks, utility companies and POS systems offer a financial incentive to their customers who opt to go paperless. In addition to saving you money, converting items like receipts and tax documents to digital files will help keep you organized. You can store these files safely on your hard drive or in apps online like Quickbooks.
Research Banks
Unless you ask, many banks are not upfront about some fees that come along with their services. If you don’t research and read the fine print, you may find yourself overpaying without even realizing. First, you want to make sure you’re choosing a bank that allows you to open a business-specific account. This type of institution might offer perks that a non-business specific bank may not. For example, a standard bank may charge monthly maintenance fees or an ATM charge, whereas a business bank may waive these costs.
In addition, choosing to handle your finances through a mobile banking app can also save you both time and money. With mobile banking for small business, your days of waiting in long lines and living by bank hours are over. You’ll gain 24 hour access to your finances and have the ability to make deposits in minutes. The best part, signing up is quick and easy! Which means you can spend more time helping your clients plan successful events and less time worrying about your finances.
Team up with Other Small Businesses
Who better to lean on than the people who know exactly what you’re going through? Teaming up with other small business owners is a great way to save money while also investing in your community. There are a few ways to go about this, but one of the best is the exchange of goods and services between businesses. For example, let’s say you need professional photos for your website. Try reaching out to a local photographer to see if they’re willing to do the work at a discounted rate in exchange for a service or good of yours that is something they might need. Another great example is to organize a styled shoot between you and different vendors to gain connections and exposure for your business. With social distancing happening right now, those can be harder, but maybe you schedule something for the future. Or swap services that can be online like a new logo or content creation. Maybe even being a guest on someone’s podcast, etc. Try to be creative with ideas to connect with other business owners to help each other grow in this time. Support your fellow small business owners and spread the word about each other!
As a business owner and an event planner, you’re faced with a number of responsibilities each and every day. The biggest of which is to keep your business afloat. In order to do so, you must be financially savvy and finding new ways to be creative and make money in other ways. Putting these tips to use will help you keep your business thriving and allow you to continue to do what you love and pursue your passion as a small business owner.
For more tips on how to grow your business, check out our post here or take a listen to our podcast, The Local Table on iTunes and Spotify!
