3 ways to cut costs and save money in your business
Money-saving tips for your business are nice, but before you can even think about saving money, you have to know the mistakes that are keeping you stuck in your current situation… then worry about the money-saving tips. That’s why episode 59 of 𝑳𝒊𝒇𝒆 𝑩𝒐𝒔𝒔: 𝑩𝒆𝒄𝒐𝒎𝒊𝒏𝒈 𝑼𝒏𝒔𝒕𝒐𝒑𝒑𝒂𝒃𝒍𝒆 Podcast is about discovering and stopping the 3 Money Mistakes that Keep Many Businesses Broke!
In this episode of Life Boss Podcast, I’m sharing the importance of addressing your finances head-on and actionable steps you can take right now to start taking charge of your business money matters. Some of the talking points I go over in this episode include:
- How to avoid falling for the shiny objects
- How to discover hidden payouts that are adding up
- How to know when the higher price item is cheaper in the long run.
Are you ready to start setting the systems you need—to successfully run your business without becoming overwhelmed and overworked?
Then, be sure to tune in to all the episodes to receive tons of practical tips on how to hack your body and mind to squash the overwhelm, stop glorifying stress, and design a business that brings you joy, and to hear even more about the points outlined above.
Thank you for listening!
Stop These 3 Money Mistakes that Keep Your Business Broke
Money saving tips are nice, but before you can even think about saving money, you have to know the mistakes that are keeping you stuck in your current situation… then worry about the money saving tips. Discover and STOP the 3 Money Mistakes that Keep Many Businesses Broke.
Poor money management has been the cause of more business failures than any other single issue. And it’s no wonder. We aren’t born knowing how to manage money. Most of us aren’t taught how to handle it either. We figure it out along the way, through much trial and error.
Those same mindset issues and bad habits that wreak havoc in our personal finances can plague our businesses as well if we’re not careful.
Catching Shiny Object Syndrome
Some things are just hard to resist—especially when your friends and colleagues are all jumping on board! New tools, training, group coaching programs and even business models can all have a strong pull, and if you aren’t careful, these shiny objects can quickly distract you from your current goals.
If you find yourself catching shiny object syndrome frequently, try this two-step plan instead:
- For “too good to refuse” offers, make a plan for achieving a positive ROI before you purchase. If you cannot find a (realistic) way to make the purchase pay for itself, don’t buy it.
- For exciting new business ideas, create a “someday” list. Jot down your idea and a basic outline, then get back to the task at hand. Now that great idea won’t be lost, but it also won’t join the ranks of half-finished business plans that litter the internet.
Falling for the Sunk Costs (hidden cost) Fallacy
If you’ve ever said to yourself, “I’m not using this subscription, but I can’t give it up! I’m still paying the launch price and now it’s much more expensive!” Then you’ve fallen for the sunk costs fallacy.
This common mistake is famous among economists, and we all fall victim to it from time to time. Simply put, the sunk costs fallacy is what makes us justify investing more money or time in something—even though we’re not seeing results—because we’ve already spent so much. It’s what encourages us to repair the car one more time (after all, you just put new tires on it), eat a meal we don’t enjoy (simply because you’ve paid for it), and yes, continue to pay for tools and resources you’re not using.
Take a few minutes and examine your current business expenses. What are you paying for month after month that you’re not using? Either make a plan to put them to work for you, or cancel them. Stop falling for the sunk costs fallacy.
Too Much Penny Pinching
You thought this was all going to be about overspending, didn’t you? Here’s the kicker: Spending too little is just as bad for business.
When you’re constantly on the lookout for free and low-cost tools or working 16-hour days because you “can’t afford to outsource,” you’re not doing your business any favors.
Sure, it looks like you’re bootstrapping and working really hard to make something from nothing, but what you’re really doing is digging yourself a rut it will be nearly impossible to climb out of. Not only that, but you’re reinforcing a scarcity mindset that will continue to plague you for years if you let it.
Rather than pinching pennies, learn to spend money strategically. Buy what you need, when you need it. Invest in top-quality products and programs rather than settling for the low-ticket, half-baked plans. Just like quality clothes, cars and furniture, quality services and software last longer and work better. And unlike that car, good quality business tools will pay for themselves.
Now if you want to create a master plan for your business, I highly recommend that you go to the lifebosscafe.com and grab my Cash Calendar planner this Your 12 Month Marketing and Profit Plan!
Once you have a profit plan with clear steps to make it happen, you will be able to decide on the right tools and services that you will need to achieve your monthly quarterly, and yearly plans.
FREE Punch List to start up your business right and avoid frustrations later. https://bit.ly/2HWvGG7
Take the FREE BUSINESS STAGE QUIZ to get the list of tasks that you should be focusing on now: https://karemmieses.com/the-quiz