As a small-business owner, it's important that you use every dollar and cent wisely. Any frivolous or extraneous purchases could result in trouble down the line. Of course, you've had to make some large investments to get the company off the ground in the first place, but ideally these will pay for themselves in time. It's especially important to have a good handle on your finances at every phase in your business, and investing your budget into smart solutions will set you up for future successes.
Here are a few tips for using your hard-earned funds wisely and details of how your business will benefit from these services.
1. Invest in VoIP
In the world of business, communications are a vital part of daily operations and should not be sacrificed. Even though many customers go online to find out certain information about your company, there are still a good deal of people who will call you and expect to get service over the phone. And these days when more than 40 percent of American homes have gotten rid of their landline phones, noted GetRichSlowly, it makes sense that businesses should follow suit.
If you're looking for a business phone service that not only provides you with high-quality phone interactions, but also gives you flexibility and costs less than traditional PBX services, then look no further than Voice over Internet Protocol for all your business needs.
VoIP has been around for years and helped small businesses in a variety of ways. For starters, VoIP services are a lot less expensive than traditional landline phones. Since most, if not all, companies these days have some sort of Internet connection for the office, it makes sense to utilize the same connection for phone services. Telappliant noted that companies should still have communications in place, but they don't have to cost as much money.
As though cost savings weren't a strong enough pull, VoIP phone services allow you to receive calls made to your business phone from any device that's connected to the Internet. Not that you should necessarily be bringing work home with you or out to dinner, but if you offer an emergency service, you need to be available for your client base.
Also, VoIP and unified communications systems provide support and 24/7 customer service, a customary benefit that comes along with the paid subscription. Not only are you saving money and remaining available for your customers even when you're out of the building, but you have a built-in support system for when things go awry.
2. Check for tax deductions where possible
With how much time, energy and funding you funnel into the business, it pays to save money where you can. Maybe you purchase some used items for your office or you source out a graphic design student to create your logo for a lower price than hiring a firm. However you decide to skimp is entirely your choice, but what if you don't have to cut corners to make ends meet? What if some of your purchases for the business could be tax-deductible?
According to WhaTech, some countries and states will allow you to deduct business purchases, in particular cases up to $20,000. Of course, this is not to say that every city will have these allowances in place, but it's worth it to check this out and determine what you can do to get a little bit of your investment back for the business. Click on this video about other tax deductions that small-business owners tend to overlook and see where else you can claim items for your business.
Even at state level, many communities will give small-business owners a break for some things, as your business adds value to the region and shouldn't be penalized for trying to keep up with larger chain companies.
3. Have a reliable data backup solution
These days, you can't be too careful when it comes to your sensitive data. It seems as though there's some major security breach happening at least once a week. Just because you're a small business, doesn't mean that you won't be targeted. In fact, hackers often focus on small businesses because they lack the expensive and sophisticated security systems that larger companies deploy.
Should you fall victim to a cyberattack, the best next step you can take is to wipe your system entirely and reload a safe copy of your database. If you know how these unauthorized parties accessed your information, you can patch up the hole and move on from there. SmallBusinessComputing asserted that having a backup and recovery plan in place will help you if something of this magnitude should occur. You can get back to business much faster with a disaster recovery plan at the ready and you won't have to start from scratch and potentially lose important business.
"You don't have to break the bank to make a profit."
The adage "You have to have money to make money" is certainly true for the small-business owner. However, if you use your funds wisely and make smart investments in the company at the outset, your budget can stretch far beyond where original estimations assumed you would end up. And now that there is a wide variety of gadgets and services specifically tailored toward the small business, budding entrepreneurs have many opportunities to select products that work with their budget and company goals.
You don't have to break the bank to make a profit, you just have to allocate your funds properly and make it through the first few years. Once you've been established for that long, you can then consider upgrades, but you shouldn't get everything right away. Owning a business is a journey, and it's important to plan for it appropriately.