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As a small business owner, you have to juggle a lot of things. One very important thing that
often gets overlooked is your recurring costs that keep your business running smoothly -
especially in the growth phase. Here, Jazmin Guerrero Coaching shares an overview of
regular expenses and how to account for your business more effectively.
Recurring Costs
Recurring costs are estimable costs you will have every month. Be sure to add them up to
help you prepare your business budget!
Fixed costs: your business’s mortgage payments or rent will be fixed, as will utilities like electricity, water, and heat. Don’t forget business and liability insurance.
Services fees: from software subscriptions to professional service retainer fees, add up all the services you’re paying for each month.
Taxes: government-related fees and business taxes will be another recurring cost.
Free Tools to Manage Finances
Want to learn how to manage your recurring costs effectively? Following are some
essential (free) tools to help you do so.
Invoice generator: an online invoice maker will help ensure your customers pay you on time and in full.
Gusto: this one is a popular payroll tool that integrates with many different bookkeeping resources and software.
Mint: this app helps you budget effectively with time tracking, recurring invoices, and online payments.
Keeping Costs Low
After using the free resources available to you, be sure to keep your bottom line looking
shiny by incorporating these money-saving strategies!
Save on utilities: switch to LED lights and follow these effective strategies to keep your utility costs low.
Operations optimization: when you optimize your operations, you’re ensuring that you’re not wasting money on ineffective methods or practices.
Negotiate better deals: when dealing with suppliers, bulk purchasing, long-term contracts, and paying in cash can help you save.
Manage your website: not everyone has the technical expertise to update their website, but if you do you can take advantage of free online resources to help you troubleshoot common problems.
Stay on Top of Your Finances
These are just a few recurring costs you need to be mindful of as a business owner. By
keeping track of these costs, you can ensure that your business runs smoothly and avoid
any financial surprises down the road.
If you need help managing other aspects of your business, contact Jazmin Guerrero
Coaching!
Credits to Janet Lovelace who created Work Can Wait because too many entrepreneurs feel like work is always calling. Work Can Wait is about helping small business owners automate, delegate, and systematize their businesses so they can prioritize their lives.
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