So, you started a new calendar and made some big goals for the upcoming year. If you’re like most of the business owners we know, you’re also looking for ways to reduce unnecessary expenses and improve your bottom line.
That brings us to the theme of today’s post: how you can save hundreds, or even thousands, of dollars in just a few minutes. It’s easier than you think. Just go back through your past year’s spending and find automatic renewals that aren’t necessary for your company anymore.
As a rule of thumb, these will fall into a few distinct categories…
Apps That Aren’t Being Used
Have you ever bought software, or maybe a website membership, to finish a particular project or need and then forgot to cancel afterward? Were you convinced by a free trial period, or a low introductory rate, that later disappeared?
This situation is all too common. It can leave you paying for apps and subscriptions that either stop delivering value or weren’t worth it in the first place. These tend to be easy to miss because the monthly costs are small, but they add up over time.
Services That Can Be Downgraded or Eliminated
Perhaps you have apps or services that you still need, but aren’t necessarily using every day. Or, it could be that you don’t have as many employees working with a specific tool or project. You may have even subscribed to one piece of software and then gotten a free version of something else that accomplishes the same thing.
The point here is that getting rid of hardware or software doesn’t have to be an all-or-nothing proposition. You can probably downgrade some of your subscriptions and save money. Alternatively, you could look for ways to pay annually or get a group rate for your team. It all has the same effect, which is putting more money back into your business.
Warranties That Aren’t Worth the Cost
When it comes to technology, warranties can be a mixed bag. On the one hand, you might want to protect your most expensive equipment, particularly if replacing it would put a huge dent in your bottom line. But on the other hand, third-party warranties tend to be overpriced and become less valuable over time (as the equipment loses value).
That makes the start of a new year a good time to assess the various warranties you have in place. Cut off any that don’t seem to be a good fit anymore.
How Much Can You Save on Tech?
Go through this exercise and you could find thousands of dollars hidden in your budget. Many of our clients do. In fact, some of them find this exercise to be so profitable (and cathartic) that they go on to do it in other areas of their business, as well.
Regardless of how far you take it, it’s undoubtedly the case that many business owners are paying for tech subscriptions and upgrades that aren’t actually needed anymore. This is your chance to get rid of those extra costs and put more money into your business – or even your own pocket – in 2022 and beyond.