As a small business owner, you might constantly feel like you’re tight on cash. This can be especially true for business owners who work in industries that have a “slow” season, like construction and landscaping. Thankfully, with a great budget, you can ensure that your business survives slow periods—and thrives during the busy season. Use these five essential tips to budget better.
Create a cash reserve. You probably have a personal emergency fund to get your family through tough times in the event that you have to pay an unexpected bill or fine. Extend this same principle to your business and create a “cash reserve” to cover tools, advertising, and payroll expenses during your slow season.
Overestimate expenses. It’s always better to have too much money saved up than to not have enough to pay the bill. Overestimate how much money you’ll need to complete a project—and bill your client accordingly. This way, you won’t end up losing money if you run into snags.
Shop used. Did you know that used and certified rebuilt construction tools are just as safe and effective as new models? It’s true! If you need a new tool, shop for used hydraulic breakers and hammers with us to save money while also getting the tools you need.
Get employees involved. Budgeting involves every one of your team members. Keep your employees and contractors up-to-date on your budgeting goals and ask for suggestions on how to save money. You might be paying for a service or tool that employees don’t use—and you may not even know it!
Keep all of your receipts. You can save money during tax season by keeping careful notes on your business expenses throughout the year. Invest in a receipt organizer for your office and keep a Word or Google Doc page with notes on all of your business-related expenses.
At our company, we know that small business owners often need a little help saving money. From Indeco breakers to CAT H-115 hammers, we have the used and certified rebuilt tools you need at prices you can afford. Browse our website to check out our complete collection today!