Making sure that your profits exceed your expenses can be difficult when you own a small business or if you're trying to get a new business off the ground.
Transportation costs can be outrageous if you don't plan ahead.
Try to limit your travel by communicating by web video phone or having conference calls with clients and suppliers.
You can get a web cam and video conference with a lot of people at once online for just a few dollars, instead of investing hundreds or thousands in video conferencing equipment or travelling every time you need to meet with someone.
Travel arrangements should be made as far in advance as possible to ensure the best prices.
Research different airlines, hotels, rental car companies, and restaurants to figure out who gives the best discounts.
Sometimes you'll get a discount simply for making your reservation online or far in advance.
Ask about discounts for using certain credit cards or belonging to certain professional organizations and clubs.
You can also try to use credit cards that give you travel rewards when you use them.
Keep up with frequent traveler information to make future trips cheaper.
Organization can save you a bundle in the long run.
So many small business owners get overwhelmed with paperwork once they get going because they don't have a good organization system.
There's nothing worse than finding out that you don't have the documentation that you need to get a big tax refund or deduction because you had no idea it was important.
Meet with a financial/tax advisor each year to determine what bookkeeping system will work for you and your business.
Keep track of every cent to maximize your benefit when tax time rolls around.
Basic bills can be higher than you imagined, especially in the hottest or coldest months of the year.
Call your power company and ask about discounts that you may be eligible for.
Some offer energy saver discounts for companies that do not use their power for 50% of each day.
You may be eligible for tax refunds or credits if you purchase appliances with good energy ratings.
You can even have thousands of dollars refunded if you upgrade your business making it more energy efficient.
Examples include replacing central heating/cooling units, insulating, residing, putting in energy efficient windows, etc.
If you travel a lot for your business, then you probably have a lot of unplanned expenses while you're on the road.
Meeting clients or suppliers for dinner, using an expensive 411 directory assistance for phone numbers and addresses, ending up at more costly hotels than you planned on, the list of things that can really cut into your budget goes on and on.
Plus, figuring out where to go and when, can make a personal assistant a necessity.
Try using mobile concierge services instead.
For around $8/month, you can have someone available to give you turn by turn directions, hotel and restaurant suggestions, tell you whether or not your flight is delayed, and more.
It sure beats hiring a personal assistant or spending way more time and money on the road than you planned, and you can use it internationally and 24/7.
Utilizing these tips will help you to stretch your dollar and stay ahead of the game.
Being frugal with your money is always a good business plan.
If you are better able to stick to your budget, you and your business will have a much better chance at being successful.