In the 21st century, the concept of business is quite broad, ranging from the smallest, where one person plays several roles (director, manager and regular employee), to mega-enterprises with tens or thousands of employees, each with their own tasks. Every business, regardless of size, shares the common goal of earning and selling its goods or services. As a result, the ubiquitous presence of the concept of "money" in every business leads entrepreneurs to explore ways to save and optimize their budgets. At Puls, we work daily with clients who share creative strategies for saving money, and in this article, we've compiled some of the most innovative approaches that not only help save money, but also contribute to achieving financial goals.

Consider buying pre-owned equipment

Even the largest companies with unlimited budgets are looking for ways to avoid spending all the money in this world on equipment. Small and medium-sized businesses can also benefit significantly by not buying new equipment directly from shops, but by exploring platforms where people sell used items (and this can be purchased in installments or with credit for entrepreneurs). In Germany, there are many such services with a wide range of offers. Communication with the sellers is easy, and the equipment can be two or even three times cheaper than new. This applies to everything from printers to conveyor belts. There's also the added benefit of sustainability, helping the environment and ensuring that working equipment doesn't end up in landfill.

Explore talents of freelances

Before hiring additional in-house staff, consider whether the tasks at hand really require a new on-site employee. If the answer is no, hiring a freelancer to work remotely can be a faster and often more cost-effective solution. Freelancers perform the same tasks, and tracking their work remotely is manageable through online platforms. Don't limit your search to Germany alone; by doing so, you may find the perfect match for your needs, regardless of the freelancer's location.

Obvious but effective: analyze all expenses carefully

In almost every business, there are expenses whose reduction would have no impact on the quality of work. Upon closer examination, you may be surprised at how much is actually spent on non-essential items. Our Multi-Banking service can help you understand and identify these expenses. Link your business accounts, categorize transactions once (subsequent transactions will be categorized automatically!), and use the integrated cash flow planner to analyze how your business has spent money over the past six months. This approach will help you identify expense categories that can be reduced or eliminated altogether - a practice applicable to almost any business. Pay particular attention to fixed expenses that are not affected by fluctuations in sales, such as salaries, office rent, advertising, promotional expenses, and other fixed costs. Minimizing these costs should be a priority.

Supplier audit will eliminate irrational spending

Do you already know your suppliers? Do you trust them because you've worked with them for years? However, an additional check and price comparison with other suppliers can never hurt. In business, it's always important to look for something better. Even indirect purchases - small items like office supplies, water and coffee - can cost a lot of money. In some cases, you may even be willing to spend a little more now if you know you can rely on a particular supplier in the future. For example, you might conduct an analysis of your top 10 suppliers to monitor potential changes in their costs; if they increase, you might consider adjusting contract terms to account for the impact on your profit and margin, thereby ensuring financial stability.

Rental space: a mutually beneficial coexistence

Sometimes it is impossible to set up a business without premises that cost a lot of money to rent. In such cases, you can save on this by engaging in 'mutually beneficial co-existence'. For example, if you have a pet grooming salon, try renting space in a pet shop. This way you can attract customers where your partners are, and instead of monthly payments, you can share a percentage of the grooming fees. This eliminates a significant amount of costs and helps to focus finances on what really matters, such as consumables.

Choose services and subscriptions carefully

Accounting applications, invoicing, cloud services - businesses often rely on a variety of additional platforms and systems. Subscription costs can have a significant impact on your bottom line, especially because they involve long-term commitments. The good news is that there is no shortage of options, including free trials, one-off payments or pay-as-you-use models. Our service, for example, works on a pay-as-you-use basis, so there's no need to worry about being locked into a subscription once you've signed up. In addition, we offer a 7-day trial period where you can try out our cash flow planner, multi-bank services, and also take advantage of the credit limit feature, which allows you to secure financing up to €100,000.00 for up to 12 months - all within just 48 hours.

Remember the cash flow

A hidden pitfall right in front of you: cash flow. When you're focused on sales, it's easy to overlook the typical pitfall of late payments. Unfortunately, making a lot of sales is not enough to make your business successful. Instead, you need to keep track of what goes in and out of your bank account. Paying suppliers on time, while dealing with late payments from customers, can easily make or break your business. Make it a habit to always check your cash flow planner, where you can instantly see how your balance will change in the future.

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