You might have heard that a recession might be on the way. Well, it’s pretty safe to throw the word “might” out the window because it’s basically already here. So, we want to share some money-saving recession tips that your business can use to make things a little easier.
Before we begin, these tips aren’t meant to be your saving grace. There will be some tough decisions ahead, and you’ll need to stay reactive in the coming months. Most recessions last less than a year, but don’t think your pre-recession plan will cut it.
Adapt or die.
Shop Around
From a large, business-altering purchase to a seemingly inconsequential item like pens, always compare prices.
It might not seem like much, but saving on a series of small costs can add up to a large difference. If you don’t have time, assign a team member to do it, or make sure anyone making budgetary decisions takes a bit of extra time to search for multiple sources.
You can also negotiate with companies you currently work with. They know it’s a recession and might just lower their prices in order to keep you as a customer.
Make The Most Of Deductions
It doesn’t really matter when you’re reading this, tax season is coming. It might not be a month away, but you just can’t escape the tax man.
That being said, you need to make sure you’re taking advantage of every possible opportunity when it comes to deductible income. You can find a full list here, or reach out to an expert for help. The cost of hiring someone who knows what they’re doing is often covered by the savings themselves.
There are deductibles for every business, even ones that are run out of your home, so don’t sleep on them.
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Trim Your Subscriptions
We all know when it comes to our personal finances, subscriptions can get out of hand quickly. We frequently forget exactly what we’re paying for every month as money quietly exits our bank accounts.
The same thing can happen to our businesses! There are tons of tools we use on a daily basis that are no doubt useful, but it might be time to see if they’re still worth it.
For example, when was the last time you checked how many people actually open your Mailchimp automated emails? You might find that a percentage of recipients aren’t even opening the mail. So, trim them from the list, and you might fall under the cheaper tier subscription.
The above is just an example, but you can see how many minor fixes can lead to a solid amount in monthly savings.
Connect With Your Community
You don’t need to weather tough times alone.
Join your local chamber of commerce or simply connect with other business owners at a coworking space. You can provide support for one another in many forms. You might get even more money-saving recession tips from someone who has been through it before. You could also work together to create strategies that will benefit both of your businesses.
We’re all in this together, and there’s no shame in asking for help.