3 Ways to Save Money in Your Business This Year

January 25, 2024 Hilary Johnson

I’m thrilled to share some exciting news regarding our blog.

Starting this week we’re rolling out a brand new approach to our weekly blog. It’s called…

3 Things Thursdays!

Each Thursday we’ll share 3 things that we’re are loving & we think you’ll love to.

Sometimes it will be on a specific theme or topic, like this week: 3 Ways to Save MONEY this year!

Sometimes it will be a completely random collection of things, but it will be valuable nonetheless.

**Our mission continues…to help you build a business (and a life) that you really love.**

And our weekly blog will deliver on that promise.

Without further ado, here is our first edition of 3 Things Thursdays!

3 Ways to Save Money This Year

Your Cell Phone Bill

I used to pay $93 / month with Verizon for an unlimited talk, text, and data plan.

I now pay $30 / month for the exact same thing with Mint Mobile.

I am using the same phone and all I had to do was swap the SIM card (digitally)! And ironically my reception is actually better in my house than it was with Verizon.

So this has been a real WIN for me and my budget.

Total Savings = $756 / year. F’ yeah.

Make the change & see for yourself.

Your Bookkeeping & Accounting

If you are doing your own bookkeeping, you need to keep reading.

Two years ago I began working with Collective, an online bookkeeping company, that has literally saved me so much time and money it’s ridiculous.

The average client saves $10,000 per year. No joke.

Collective is a one-stop shop.

They turned my LLC into an S Corp, which helps me save thousands of dollars on taxes.
They handle all of my monthly bookkeeping. All I do is send in my bank statements!
They send me all of my monthly reports, including my P&L and income statements.
They provide me with tax guidance, like making sure my quarterly estimated tax payments are on point.
They prepare my business tax return and it’s absolutely seamless.

AND there is always someone available to help. If you have an accounting question, you can get an answer quickly from a real educated person on their team.

Can you tell I’m a big fan?! Honestly, it’s one of the best outsourcing decisions I’ve ever made.

Make 2024 the year you finally get this off your plate! Save $. Get your time back. And trust it’s being done right.

Your Business Expenses

This kind of goes without saying, but I find myself needing to repeat this over and over to business owners.

If you want to save money, you have to know what you’re spending money on!

A lot of business owners are blindly running their businesses, with no real idea of what they’re spending on and how it’s affecting their bottom line.

If you want a profitable business and you want to pay yourself more money for all that amazing work you do, you need a freaking budget!

One of the best ways you can save money is to know how you spend money in your business, and that starts with a Financial Projection.

You can grab my handy dandy template that makes creating a business budget and financial forecast a breeze!

Plus it’s only $47 and you can literally use it for LIFE. (That’s a pretty solid investment if you ask me!)

The better you know your numbers, the better business you’ll run!

Hatch Tribe