Human Resources Blog - Spark Hire

Money Tips Small Business Owners Should Learn Today

Money Tips Small Business Owners Should Learn TodayWhen you’re a small business owner, managing finances properly should always be a top priority. You need to invest enough into your company to make it successful, without spending so much that you’re completely maxing out your budget. Looking to really grow your small business in 2015? Consider using these resources:

A co-working space

You’re honest enough with yourself to know that you can’t get work done in your house with kids, pets, and Netflix around. At the same time, camping out at your local coffee shop five days per week just isn’t cutting it either. Why not look into a co-working space? Co-working allows you to share an office with another small business owner. There are various options out there today; some co-working setups allow you to collaborate on ideas, while others just give you a space to work quietly for a much lower price. You get to work outside of the house, without spending a fortune on overhead.

A virtual assistant

At some point you have to decide how your time is used most effectively. If you realize that you’re spending too much time doing other tasks that someone else could easily accomplish, you might be better off using a virtual assistant and focusing your own brainpower on building your company. There are many different virtual assistant services available to you depending on the complexity of your needs.

Video interviewing software

When you’re ready to bring a new team member on board, you want to be sure that you find the most qualified candidate for the job. However, in the past, this required you to conduct nationwide interviews and fly in candidates from all over. Fortunately, this isn’t the case anymore. Video interviewing allows you to chat with potential new hires without spending thousands on travel. They can even pre-record their answers if there are scheduling conflicts or time zone issues. This way you’re opening yourself up to a broad pool of applicants, ensuring that you’ll get top tier talent in your growing business.

Build a strong relationship with your vendors

If there are certain products that are absolutely crucial to your company, it’s wise to build a strong and loyal relationship with the vendors you rely on most heavily. If you sign long-term contracts with these service providers, they’re often willing to negotiate lower prices. You get the supplies you need at a much lower rate, plus you get to know the people behind the products, which can help get you better customer service.

How do you save money as a small business owner? Let us know in the comments!

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Lauren Levine

Lauren Levine is a copywriter/blogger who contributes to a number of magazines and websites including The Frisky, USA Today, and others. She also authors her own blog called Life with Lauren. She loves cooking, anything on the E! network, and is trying to convince herself that running isn't so bad.

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