Looking at my books, I’m realizing my expenses are creeping up. I’ve been in business for a few years now, but I’m not sure where to start trimming the fat.
Anyone have experience identifying unnecessary costs in their solo operation? What were some surprising areas where you found savings?
Never thought about it much just work harder when money’s tight
Been there. Last year I did a deep dive into my expenses. Eye-opening stuff.
Few things that helped me:
Big one for me was software. Had tons of $10-$20 monthly charges I barely used. Cut those fast.
Also, check your tech. Using the cloud? Look at your usage. Might be overpaying.
And don’t forget the old school stuff. I was spending way too much on printer ink. Switched to a different brand, saved a bunch.
It’s a pain to go through everything, but worth it. You’ll find savings in weird places.
Check your phone and internet bills. You might pay for unused items. I cut my phone plan and saved money. Trim the excess.
Go through your monthly statements and check every line. Look for subscriptions and services you no longer use and cancel them. Compare insurance rates for better deals. If you’re renting office space, consider downsizing or working remotely for cost savings. Every dollar saved helps improve your bottom line. Avoid spending on things that don’t add value to your business.
I review my expenses every quarter. It’s a good habit.
Look at your recurring costs first. Software subscriptions can add up fast. I cancelled a few I barely used.
For office supplies, buying in bulk usually saves money. And don’t forget to negotiate with vendors. Sometimes just asking can get you a better deal.
Track everything closely. Small costs sneak up on you.
Been there, done that. Last year, I realized my expenses were getting out of hand too.
First thing I did was print out my bank statements for the last six months. Grabbed a highlighter and went to town. Found a bunch of small charges I forgot about - old software subscriptions, a rarely used cloud storage plan, even a magazine subscription I thought I canceled.
Another big saver was looking at my office supplies. Turns out I was ordering way too much paper and toner. Started buying in bulk and saved a ton.
Oh, and don’t forget about your utilities. I called my internet provider and threatened to switch. Magically, they found a ‘special promotion’ that cut my bill by 30%.
It’s a pain, but going through everything line by line really pays off. You’ll be surprised where you can trim without feeling the pinch.