There’s a lot of reasons why we become entrepreneurs: To help others, challenge ourselves and build a lifestyle we love.

We’re creative, passionate and we’re always looking for ways to grow our business and increase our revenue.

But we’re not always passionate about—or good at—managing our expenses. And if you’re not paying attention to the expense side of the equation, your business could be leaking money.

So as you look at your year-end finances, here are some tips that will help you save REAL money in your business.


Each tip will only take a few minutes of your time, but when implemented, may save you hundreds—or even thousands—of dollars a year!

Check out these quick cost reduction strategies and money saving tips:

Consolidate where possible. Are you paying for multiple tools that do a very similar thing? Get rid of anything that is redundant. This tip saved my business $3,600 a year!

Always ask for a discount—but always let them make the first offer. If you ask for a 10% discount and they would have offered 15 or 20%, you’ve lost. Silence is your friend!

Be willing to walk away. In a negotiation, the person who has “walkaway power” always wins. The key is that you really DO have to be willing to walk away. If this is hard for you, just remember this mantra that Tony Robbins used to say: “A once in a lifetime opportunity comes around once every two weeks.”

How will you put these tips into action to save money in your business?

Please share! And if you have other great money-saving tips—let me know in the comments!

This post was originally published on PamHendrickson.com