When you make a budget for your business, you will work out exactly how much you have to spend and on what. Provided that you stick to your budget and you're not tempted to go over by making that little purchase you don't actually need to make, you will be better off than if you didn't have one.

To make the best budget possible be sure to look back at it every six months and make any small changes as necessary. Write down all your business expenditure in detail and look at where you could be cost cutting. Take the time to compare supplier prices so you aren't losing money by using the wrong supplier. If you regularly visit your budget and make sure you do these things then you will not throw away as much money in expenditures you don't need.

Around 55% of business owners end up borrowing money to help their business at some point. Borrowing without planning could actually harm your business in the long run. Make sure, if you borrow money, that you know everything about the loan including the payment terms, interest rates and late payment fees. Make sure you only take out a loan where you know you will be able to make the payments back and take into account any emergency money you may need.

Your business data is extremely useful and if you keep records diligently then you will be able to tell where you are overspending, making wrong pricing choices and doing well. Sit down every six months and look at bank statements, budgets, marketing spends and overall business expenses. Review all the data and ensure your finances are going in the right direction, making changes to your budget etc as needed.

It is too easy to waste money when running a business by jumping into decisions without researching them first. With every decision about spending money you should do your research to find the best and cheapest ways of doing things.

Learn when it is appropriate to negotiate a better deal. If you have an expense for your business which you feel could be lower, don't be afraid to try negotiating a better deal or price. You can save a lot of money by negotiating, playing companies off against each other and generally knowing how to get the best deals. You can also save money by paying bills annually rather than monthly such as car insurance or subscription costs. Always be looking at lowering the cost of everything you do within your business (without compromising on customer experience) and there will be ways you can do so.