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Brooke Chaplan
Brooke Chaplan has written 60 articles for SB Informer.
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Budgeting Tips for Your Business’ Biggest Expenses

Brooke Chaplan

June 09, 2016


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No matter what your business does, the competition in your market can make things tough. This is especially true if you own a small business or are trying to get off of the ground. Things are hard enough trying to make your new business financially solvent while simultaneously growing it. Obviously, the biggest concern for any fledgling small business is the financial aspect of running it. Here are some tips you can use to help with your businesses budget to help it grow more quickly and become a success down the road. 

Private Contractors

One of the biggest budget eaters on any company’s book is the payroll. One big mistake a lot of business owners make is employing people in full-time positions when they aren’t necessary all the time. You can fight this by hiring private contractors to perform certain tasks. This means you only pay for certain tasks on a case by case basis and the employee’s salary will not become a drain on your companies’ budget in the long-term. For example you might hire out for managed services from Ottawa for your IT department just while you work to set up the computer systems.

Marketing

Advertising is another thing that can have a disastrous effect on the budget if it isn’t used correctly. Hire a PR manager on a case by case basis and be sure to take advantage of resources for guerilla marketing that exist on social media. Most of these methods are free and can be extremely effective if implemented correctly. Don’t waste money on ineffective marketing campaigns since spending money and getting nothing in return will have a huge negative impact on your companies’ bottom line. 

Office Space

Try not to rent office space until you absolutely have to. Many of the most successful businesses in the world were started in someone’s garage. It is unwise to take on any added expenses before the cost is something that is absolutely needed. Don’t let your eyes become bigger than your stomach when it comes to renting office space and keep things moderate until you are sure you have enough room in the budget.

These are just a few ways you can help your small business grow in its early years. There is very little margin for error in the early days of a new business which means you must avoid any costly mistakes or baseless purchases or you will be swallowed up and defeated by your competition.


                   



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