How to Save Money on Business Expenses


How to Save Money on Business ExpensesBusiness discounts are everywhere, even if at first they’re invisible to the naked eye. Starting your own company is risky – there are so many things that must be thought out first, but the number one deciding factor of it all is MONEY! Can I afford this? How much would this/that cost? Start ups? Bank loans? The questions can be endless. I believe that knowledge is power, and business tips from any source you can find are well worth a read.

Whether you are an employer, employee, or CEO, you must know where, why, and how your money is spent. If you don’t, you can plummet yourself into a deep hole of debt, one that will make you question the future of your company. Someone very smart once said, “Money makes the world go round.” – nowadays, it’s not just money, but debt, credit, and profit play a huge factor in deciding your future. Play smart!

5 Tips on How to Save Money as a Business:

    • Workspace: Understandably, your workspace can be a very important expense – especially if your services rely on clients. Clients can make a lot of judgments based on a company’s office. Location, furniture, décor, it can all lead to an image that will benefit you in the long run. However, don’t let this override the importance of your services; after all, that’s your biggest asset. For businesses just starting out, workspace is not the most important factor, at least it shouldn’t be. You don’t want to jump the gun on creating an image that you don’t have yet. In my experience, a lot of offices that are flashy and fancy, most often don’t have the best income coming in. Why? Because they’ve spent all their money pretending to have more money than what they have. In fact, some of the most successful businesses I know SHARE an office, or floor, or bathroom. Office sharing can be one of the biggest budget cuts that you can do for yourself. Remember, it’s all about your products and services.

 

    • Advertising & Marketing: Getting the word out about your company can be expensive, depending on your method. The newspaper, yellow pages, billboards, radio/television commercials can all be beneficial – but consider who your main clientele is. If you’re catering to older people, the best way is through yellow pages and newspapers. For adults in the professional world, radio commercials and billboards are great. Younger people tend to remember TV commercials. Another thing to consider is how sustainable your service is. Will it continually be the same service? Or does it change daily, monthly, or yearly? In the digital age, it’s not a surprise that the best way to advertise is FREE. Take advantage of social media: Facebook, Twitter, Websites, etc. It’s a great way to market yourself to everyone, of all ages with a touch of a button – at any time!

 

    • Staff: The most important and vital expense in any business

      is the treatment of their employees. Payroll, employee benefits, and bonuses must be put into the budget with tremendous concentration. Health Insurance, Dental, Retirement and other benefits can increase your expenses by 50% – 60%! Make sure your employees are bringing your company success – great employees are the backbone to productivity. When you have a limited budget for payrolls, this is when you must step up as a manager. Consider things like hiring only part time employees, freelancers, and role-sharing as an opportunity to save you money. A great leader knows their employee’s strengths and weaknesses, and can then assign their duties to bring out the best results.

 

    • Supplies: We know that you can’t do your work without supplies. During a busy work season, folders, paper, computers, printers, copiers, fax machines, and everything else becomes necessary for survival. Smart Biz Savings offers our members some of the greatest discounts you will find at any office supplier. Take a look at our coupons for places like Office Depot, Office Max, and Staples! By using our discount codes, you can save up to 85% on all your purchases – that’s a lot of money in the long run!

 

  • Taxes: The dreaded word! There’s no escaping this one, however there are plenty of things you can do to lessen the pain. Research your deductions and see which ones you can qualify for. You would be surprised to realize how many things you can deduct during the year. When you spend money, no matter what it is, as long as the intention is to benefit your business, most of the time you can deduct it from your taxes. Education seminars, business travel, advertisements, travel expenses (car or subway trains), and even business dinners can all be tax deductible! Keep all of your receipts, and if you have a great accountant, they will know how to get the best deductions.

 

Spend Wisely!

Do not fall for gimmicks or focus on the success of your friends. Even the Great Wall of China was built one brick at a time. Focus on the bigger picture, your product! Most business minded people are very bad at spending money. Educate yourself on how you can reap rewards from your business expenses –become your biggest asset!

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