For some reason when people start out in business they shell out mounds of cash without realizing. As business owners we must be smart about how we spend our money, but more importantly, we have to learn how to save and grow our finances. In one of my previous articles, 3 Every Day Money Management Tools, I discussed how using certain software and websites have helped me take control of my personal finances. There is a plethora of ways to save money in business that can help you advance your business plus create emergency fund for it.
Are you enrolled in cashback programs at your bank, with credit card or other companies? Earlier this year I learned that Bank of America offers cash back or “AmeriDeals” for my checking account. For both my business and personal checking account. Every penny counts when running a business and that is what the cash back option does for you. With my bank I receive cashback from Walmart, 1800 Flowers, Autozone, 5 Guys Burgers and several other places. In another article i wrote, Everybody Loves Paypal, we discussed how they offer cashback to members who use their debit card. Neither Bank of America nor Paypal have automatic enrollment, you must log-in to your account(s) and click the option to sign-up for the program.
I finally joined eBates reward program earlier this year. This is a great option for the business owner who needs to buy insane amounts of supplies. Just like the previous option you must opt-in to join their program. Say I need a new printer and I see that Best Buy has a great option. For me to get rewards for purchasing the printer I must first go to eBates website, then click the Best Buy link; it will then redirect to Best Buy website, and from there I can purchase it. Many other sites have this same option. For instance, are you a shopaholic? Shopstyle has this same option for their site.
Last year, I set up a separate email account for all my shopping emails and rewards programs. That way my personal account would not feel overwhelmed.
Also, you can do in-store rewards cards. Note: None of my rewards cards are the credit cards. They are standard free cards that reward you for every time you shop. When I checkout online or in-stores I always make sure to provide it. Recently, I received a $50 gift certificate from Best Buy. When I preload a gift card at HEB it saves me 11 cents on every gallon of gas I purchase. Also, there is the debit card option that stores like Nordstrom have. Sending you $10 Nordstrom notes for x amount of shopping.
When I signed up for eBates it asked me to refer 3 friends and if all three friends joined I would earn an additional $75. This is a very common practice with sites like this. In college, I remember my apartment complex gave $150 credits for every resident that you got signed up to live there. In my old high-rise in Dallas they did the same thing but they cut you an actual check. As a small business owner, I often times get paid me for referrals. Every time I refer, a business a new client they pay me flat fee. I do not just refer any business to anyone. It is only a handful of people I do this for. Do you know a service business that needs to expand their business? If yes, create a referral agreement with them.
All three of these ways are simple ways to save and earn your business money. An extra $10 a month for one year is $120. If you put your cash back into an online savings account you can earn even more on it. Coins add up when trying to build an empire. Saving anyway possible is extremely important.
Photography image by Jeremiah; image sourced by Flickr Creative Commons