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Practice Smart Business Spending With These 5 Tips

Business owners know you need to spend money to make money. Being wise about your investments, though, is a key aspect of maximizing your ROI and helping your business grow. Fortunately, you can take several steps to effectively budgeting and spending your money.

Use a Corporate Credit Card

Consider getting a dedicated business credit card to keep track of all your business expenses in one place. This tactic has a few notable benefits. First, you know exactly where all your company’s money is going each month, thanks to an itemized statement from your bank. Second, corporate credit cards help you keep personal and business transactions separate.

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The smaller your company, the easier it is to let personal and business funds commingle, but it’s essential to keep all your business spending separate, particularly for tax purposes. Finally, using a business credit card allows you the opportunity to gain rewards or even cash back. Rewards programs typically involve modest gains, but they add up over time.

 

Shop Around

Get multiple quotes when hiring vendors or outside help for your business. Remember, these individuals are working for you, so it’s appropriate to ask questions and inquire about potential discounts. Spending more time in the research process allows you to find the best price and save money on your overhead in the long run. Many vendors allow discounts or specials for first-time customers or switching contractors. It’s also a good idea to revisit contracts each year and negotiate price reductions, if possible.

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Go Green

Going green is eco-friendly and reduces your business footprint, but it also puts more green back into your business accounts each month. Storing your business files with free tools like Google Drive or Dropbox helps eliminate paper waste and money on paper supplies.

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Cowork in an Office Space

If you’re a smaller company, you may be able to lease office space in a coworking space. This newer alternative to leasing is less expensive than traditional office environments, and it adds valuable opportunities for networking. Coworking offers a naturally more collaborative work environment and will make your employees feel more relaxed, which can increase their productivity.

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Offer Employee Perks

 Invest money in your employees to increase productivity and enhance your company’s bottom line. Offering your employees a corporate discount on a gym membership is a valuable way to spend your money. This is a generally affordable perk and makes for healthier, happier employees.

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It also serves as an attractive alternative if you cannot afford to provide top-tier health benefits. If you do offer insurance, a gym membership may help reduce costs by effectively controlling lifestyle factors that contribute to prescriptions and doctor’s visits.

Conclusion

Businesses must keep track of spending wisely and make the most of small budgets. By using these tips, you can efficiently track your business expenditures, maximize your return on investment, and create cost savings wherever possible.

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