How do you save for your business?

[freelancermaria]

Some entrepreneurs save money to achieve financial security and expansion. My friend is a business owner who saves money by minimizing unimportant spending, negotiating with her suppliers for discounts, training her personnel to increase productivity and lower turnover rates, and constantly checking her financial situation and progress. How about you? How do you save for your business?

 

[King Belieal]

I save money for my business by constantly exploring alternatives that I can use to minimize costs. I tweak production processes without altering quality to minimize expenses. For instance, I make sure the feed conversion ratio in my poultry business is very optimal.

 

[magnus2022]

I save 20% of my income both offline and online business. Once the fund reached certain amount, i will invest it in my provision shop. I want to upgrade my shop to big supermarket.

 

[eLdavis]

I save money for my business by doing most of the things I can do myself. In terms of delivery, instead of paying for this service, I usually do it myself and some other things as well.

 

[Xtynehappy]

In my opinion, l think that one needs to look for some other external sources and side hustles that can accumulate money to save for the business

 

[Fidelia]

I save money in my business by acquiring skills and doing doing some services that my business needs by myself and not having to pay. I had to learn graphics because I was spending so much on Graphics design. Now, I do it myself.

 

[Suba]

Some entrepreneurs save money to achieve financial security and expansion. My friend is a business owner who saves money by minimizing unimportant spending, negotiating with her suppliers for discounts, training her personnel to increase productivity and lower turnover rates, and constantly checking her financial situation and progress. How about you? How do you save for your business?

Your friend is right, unfortunately he didn't tell you what to do first to save or reduce expenses, such as calculating cost ratios, evaluating and analyzing cost of goods sold, expenses, travel costs, and analyzing budgets, etc.