If you have a small business, it is almost just as important to minimize expenses, as it is to generate more revenue. If you don’t watch your expenses, you could easily find yourself running a deficit and struggling to maintain your business. Here are some simple tips to save money on your small business expenses.
Accounting and Payroll
Accounting can be an expensive area of your business, especially if you use payroll services. However, there are a lot of cost effective solutions that don’t need to break your budget. For example, there are a lot of companies that offer free or cheap accounting software online, and you can integrate payroll for a small fee. This can not only save you time, but it could potentially save you a lot of expense.
Finding the Right Credit Card
If you run a business, you probably spend a lot of certain types of products, like gas or office supplies. As a result, there are credit cards that cater specifically to your needs, and offer cash back rewards on these common business expenses. If you find yourself having a lot of common expenses, see if putting it on a credit card could be right for you. This could give you an extra 1% to 5% back on your normal expenses.
Reduce Banking Fees
Small businesses spend a fortune each year on banking and merchant fees. Shop around and try to find a bank that offers free checking or low-cost checking. It may only be $15 – $20/month, but at the end of the year, that could add up to an additional $240 you could have spent on marketing/developing your business. Also, you might try to order checks online, because banks often charge an outrageous surcharge for this service.
Outsourcing has because less popular over the last few years for big companies, but small businesses are just starting to realize how savings can be had through outsourcing. Right now, there are a lot of freelance workers both in the United States and elsewhere that are highly skilled and charge reasonable prices.
Instead of spending your time, or hiring someone full time for a bunch of odd jobs, consider outsourcing these side projects to qualified professionals are reasonable prices. This will not only help you save money, but also be more productive.
You can find great freelancers at websites like oDesk or Elance, or even ask other similar businesses if they use people that may work for you as well.