Today, we’re going to talk about three ways you can save money in your business right now. But before we dive in, I want to pause and acknowledge something really important… The economy feels hard right now. You’re probably noticing it—whether it’s at the grocery store, at the gas pump, or just in the general stress that’s creeping into conversations with other business owners.
Lately, I’ve had so many conversations that revolve around the same questions:
- Should I cut down on contractors?
- Should I DIY more?
- What expenses can I actually let go of?
These are valid concerns. And if you’re asking them, you’re not alone.
So before I give you the practical tips, I want to say this: If you’re scared right now, if you’re unsure whether your business will survive—those feelings are real. And even though we don’t talk about it much in the business world, so many people are feeling the exact same way.
There’s this pressure to stay positive, to “look successful” for our clients and audiences. But behind the scenes, a lot of us are carrying quiet fears like:
- What if this doesn’t work?
- What if I can’t keep up?
- What if my business doesn’t make it?
Let’s just take a breath and acknowledge that. It’s okay to feel worried or frustrated. You’re not weak or doing anything wrong. You’re just living through a hard moment—and trying to figure out how to keep going.
And that’s exactly what this is here to help with. Let’s talk through three practical ways to save money in your business right now—without losing momentum or giving up on the things that matter most.
One of the big reasons I wanted to share these three money-saving tips is because I know how many of us are trying to figure out what to do next. We’re asking: How do I keep my business going—and thriving—even when the economy feels tough?
So let’s dive into Tip #1: Before you buy anything for your business, look for a coupon code, discount, or affiliate link.
Now—side note—do we say cue-pon or coo-pon? I grew up saying “cue-pon,” but lately I find myself switching over! 😂 Either way, we all know what I mean… look for a code. If you’re the kind of person who’s already hunting down promo codes for personal purchases, this tip will feel second nature. I do this all the time! Anytime I see that little box that says “Promo Code,” you better believe I’m heading to Google or Honey to find one. And personally, I love using the Fetch Rewards app. If you haven’t heard of it, you scan your personal receipts and it adds up to gift cards over time—totally free to use and super easy.
So back to business: we often forget to do this for our business purchases—but it absolutely applies there, too.
When I was prepping this, I realized I only have one system in my business that I didn’t use a discount code or affiliate link for. Just one! So yes, I practice what I preach.
And here’s the fun part: a lot of these codes come from friends or business owners in your circle. So if you’re about to sign up for something, ask around! Not only could you get a discount, but your friend or peer may also get a little bonus for sharing their code. It’s a win-win.
This is especially important for subscription-based tools—the ones that charge you every month. Those savings add up quickly. My most recent example? I used a discount code when I signed up for my podcast hosting—and I compared several options before choosing the best one. So before you click “buy,” just take 30 seconds to search. It could make a big difference over the course of a year. Before you sign up for anything new, just take a moment to pause and ask yourself: “Could I be saving just a little bit of money here?” Because right now, every bit matters—especially when things feel tight. Even small savings can make a difference in your business.
So that brings me to Tip #2: Cut expenses you don’t really need.
Now, I’ve said it before and I’ll say it again—this tip only works if you’re actually keeping up with your bookkeeping. If you’re not caught up yet, that’s okay. This is a no-shame zone. But it is time to take one small step to get things back on track. If you need help with that, head over to my website—erikamillard.com—and see how I can support you. Whether you need guidance or someone to walk you through the cleanup, you don’t have to do it alone.
Once you’re caught up, you’ll want to run a report that shows all of your expenses.
If you’re using bookkeeping software, you’ll likely run a Profit and Loss report—which is just the accounting term for a document that lists your income and your expenses all in one place.
If you’re using a spreadsheet instead—that’s totally fine, by the way! In certain stages of business, spreadsheets are a solid option—you’re essentially building that same report manually.
Now, once you’ve got your expenses in front of you, you can start asking, What can I cut out? Is there anything I could switch to a more affordable option?
Let me give you a couple examples. One of my clients canceled her paid Zoom subscription and started using Google Meet instead—totally free, and it worked great for her needs.
Another client went through this exercise and realized she had a few forgotten subscriptions… and just like that, she was able to save $100 a month. That’s $1,200 a year from simply canceling things she no longer used. That’s real money, especially when you’re in a season of needing to tighten up.
And I want you to ask yourself the same kinds of questions:
- Is this networking group really giving me the ROI I was hoping for?
- Am I getting the education or the connections I need from this?
- Are there tools I’ve signed up for “just in case” that I’m not actually using?
Sometimes, I sign up for something and I’m not 100% sure yet if it’ll serve me long-term—and that’s okay. I usually give myself a short trial period, then check in and reassess.
For example, I recently joined a networking group thinking it might connect me with my ideal clients. I told myself, “Let’s try it for a month or two, then decide.”
You get to do that too. Give it a test run—but then check in. Don’t let it quietly charge your card month after month if it’s not truly helping your business grow.
So that’s Tip #2: Take a good look at what you’re spending and cut what isn’t helping you. It’s not about cutting everything—it’s about being intentional with your money.
Third Money-Saving Tip: Plan for Bigger Investments
Alright, we’ve talked about using discount codes before making purchases and cutting out expenses you don’t really need. Now let’s dive into the third way to save money in your business: planning ahead for those bigger investments.
Time for a little honesty—have you ever purchased a course, a mastermind, or a group program, only to get inside and realize… this wasn’t actually what your business needed right now? I’ve been there. I’ve also caught myself nearly signing up for things—like a leadership program—when I didn’t even have a team yet!
It’s easy to fall into shiny object syndrome. We’re business owners, and we’re online a lot. That means we’re not only selling our services—we’re constantly being sold to. And so many offers sound amazing.
So how do you make sure you’re investing wisely? One powerful tip is to plan for your bigger purchases in advance.
Not only does this give you time to save money—which can unlock a pay-in-full discount—but it also gives you the clarity to decide if this is really the right investment for your business.
Let’s say you’re considering a $6,000 mastermind in six months. You could set aside $1,000 each month to save up. That gives you time to reflect: “Is this really the best next step for my business?” And if the answer is yes—you’ll be ready. If not, you’ve just saved $6,000 for something that’s actually a better fit.
This strategy applies to hiring, too. Some of my clients start saving for a contractor or virtual assistant by setting aside a portion of that person’s salary a few months in advance. That way, even if income slows down, they’ve got a buffer—and peace of mind.
It’s not complicated—but it does require discipline. When you’ve saved intentionally, it makes the decision to invest much clearer and easier. And if you’re someone who struggles with spending money in your business, this can give you the confidence that yes, it’s the right time and you’re prepared.
And hey—if you’re unsure about what your next investment should be, I’ve got a resource coming your way soon to help with that. Stay tuned!
Wrap-Up + Profit & Loss Explained
Make sure you stick around and keep listening—I’ll be sharing details soon about a helpful resource to guide your next business investment!
But before we go, let’s do a quick recap of the three simple ways you can save money in your business right now:
- Use a coupon code before making any purchase.
- Cut any expenses that aren’t truly serving you.
- Plan ahead for bigger investments so you can avoid shiny object syndrome and make confident, intentional decisions.
And as we do at the end of every episode, let’s define and demystify a financial term. Today, we’re talking about the Profit and Loss Report, or P&L. You might hear it called a P&L, Profit and Loss Statement, or Income Statement—they all refer to the same thing. This report shows your total income and total expenses, and then calculates the difference—your net income. Here’s the simple version: Sales – Expenses = Net Income.
The more detailed your bookkeeping is, the more informative your P&L can be. You might see your income broken down by service type, product sales, affiliate income, or other revenue streams. And your expenses might be categorized by things like software, team, subscriptions, or cost of goods sold.
At the bottom of the report, you’ll see your net income—this tells you if your business is in the black (profitable) or in the red (at a loss). It’s one of the best tools you have to truly understand how your business is doing.
So if you’ve ever felt unsure about what a profit and loss report actually tells you—hopefully now it feels a little clearer!
Listen to this episode!
