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Does your small business suffer from this money/time void?

27 September, 2022

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Is Shiny Object Syndrome costing your small business hundreds each month?

As a modern business owner, you see on average 10,000 ads PER DAY!**

Don’t believe me? Ads are everywhere. Social media, websites, emails, catalogues in the mail, clothing, TV, radio, the back of receipts, roadside bins, benches and billboards, vehicles, thank you cards inside products, books, the back of products (buy the full range!), tourist centres… nevermind shopping centres and local markets!

That’s an insane number of times to say NO every day. All it takes is for you to be having a rough day and you’ll be typing in your card details to get the latest money/time saving hack available. But have you ever really asked yourself… does it REALLY help, or is it just another thing ?

**as estimated by digital marketers at Forbes September 2022

How we saved ~$263 PER MONTH in running costs with a 20 minute audit...

With the cost of everything skyrocketing in 2022, money saving hacks for house and home are a super hot topic right now.

We are feeling the pinch, just like everyone. But rather than jacking up our prices to cover these costs, we’ve shaved what we can out of our ongoing expenses – and have saved ourselves $244 PER MONTH in just a few online business tools and subscriptions. A couple of small tweaks to how we were running things, but nothing that has taken a huge amount of time or reduced the quality of work we produce!

Monthly Before Change Monthly After
Adobe Creative Cloud $79.99 per month
Purchased Affinity Photo ($82), Affinity Designer ($82) and ProCreate ($14). No more subscriptions and they have everything I need covered!
$0
GSuite (now Google Workspace) $67.20 per month
Host emails with website (no extra cost), use apple office apps (Pages & Numbers) for document processing and just save in MS formats or PDF.
$0
Amelia plugin $92.40/year ($7.70 month)
Amelia is for enabling online appointment scheduling, which was not being used very often - so cancelled and replaced with simple contact forms/email.
$0
iPhone plan $52/month with Telstra
This phone is used as our incoming line for new enquiries only. All outgoing calls are made from personal phones. So purchased iPhone outright (second hand iPhone 7 $200) and bought Aldi sim with 12 month expiry for $5.
$0
Imagify $9.99 per month
An online tool for compressing images quickly on websites. Now using Affinity Photo and desktop tool Pichi to compress before upload. Only takes a few seconds and saves another subscription!
$0
Evernote $11/month
Switched to Notability. This happened several months ago and very happy. Notability is now also a subscription model, but much lower cost (and works better than notability for our purposes!)
Notability $17.49/year, ($1.46 per month)
Slack Pro $7.25USD per month per user (x 2)
Using Slack we very quickly used the space available on the free tier. In order to avoid losing valuable history to free up space, we would have had to subscribe. Instead, we tweaked our existing CRM platform to accommodate what we needed for project tracking and reverted back to good old email.
$0
~$244.42/month or $2933.04 per year
$0
$0 per month, $17.49 per year.

This table doesn’t include all our paid online tools. We probably have more than most simply due to the nature of our work, but I do make a point of ‘spring cleaning’ our subscriptions regularly to ensure we’re not paying for anything we no longer use, or multiple tools that have features that overlap!

How much can you save each month with a little creativity and flexibility?

Here’s a list of the most common underutilised tools that could be draining your business cashflow each month that might not be worth it… Consider cancelling them outright, merging similar tools or changing to a more cost effective solution…

Online subscription audit in 10 minutes:

  1. In your accounting  database, look at your subscriptions/software categories over the last 12 months (all that are active).
  2. Review the features list for each app/tool and see if any features overlap with another service you are paying for. Eg, if you have Office365 and also pay for Dropbox…
  3. Anything you have not used in 3+ months – cancel immediately. You can always re-subscribe if you need it again later.
  4. Only pay for a year license if you know you are really going to use
    this for the whole year. The discount you get for paying for a year is
    worthless if you only actually use the service for 2 months.
  5. For apps that require your team to upskill – factor in the training time
    to the overall benefit. Especially if you have a high staff turnover,
    the cost of training may outweigh any other time savings.
 
Post a comment below once you’ve done your audit – is there any online subscriptions you can reduce?How much did you save?

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Picture of Kirsty

Kirsty

As a mum of twins and a small business owner myself, I understand the struggle of balancing all the competing priorities you have. I am passionate about helping my clients automate processes, reduce admin costs & save time, while also building online revenue streams to reduce the stress of getting consistent work/customers. I hope this post helps you too!
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