It’s always a smart idea to save money while starting up your small business. Recent studies have shown that saving even 20 percent can help with expansion expenses for growing chains. However, there are plenty of different ways to save money while growing your company.
Below, is a guide on the top six ways you can save money for your small business.
1. Research Your Credit Card Deals
No matter what perks you’re offered for credit card deals, having the option of getting cash back or points to be rewarded for purchasing items can help save money for your small business. However, keep in mind that you should be doing plenty of research before signing anything with a lender.
2. Pit Cell Phone Service Providers Against Each Other
The last thing cell phone companies want is to lose customers that they have to replace as soon as possible. This can be great for you and your company since this means that the terms of agreement can be negotiated to maintain your business. Browse the best deals on the market and return to your carrier and ask them to either lower your rate or tell them you’ll switch cell phone carriers.
Although this isn’t entirely fool proof, not every company goes for it. However, if your carrier turns you down, switch over to a cheaper carrier with the better deal to save even more money for your small business.
3. Look Over Your Tax Deductions
The majority of business owners do not take advantage of the dozens of tax deductions that they can take advantage of to save for their business. Even if you think the impact of the deduction is minimal, down the line, it can save your business hundreds of dollars in taxes.
When tax season comes around, don’t forget to count up deductions in materials, expenses, and fees that your business has spent to get back in returns. You’ll be surprised how accounting all your expenses can deduct from your tax payments at the beginning of the year.
4. Look Over Your Car Insurance
Do you or your workers require a vehicle for work? You should browse car insurance deals to get cheap car insurance online. Even if you think your car insurance is the cheapest you can get for the number of workers and vehicles you have, anyone can offer you a better deal.
Ask for free quotes online from major car insurance companies and see who can offer you the cheapest and best deal possible. There’s no point in keeping expensive insurance that can cost you hundreds of dollars extra a year.
5. Think Twice About Upgrading Your Equipment
Even though you and your employees may be tempted to get the latest and greatest computer or phone for work purposes, you are greatly reducing your net income by regularly upgrading your equipment and spending on something new. Believe it or not, a good PC can last for up to seven years, and a good phone can last up to four years. Don’t allow your money to get sucked up by tech companies selling the most up-to-date equipment, unless it’s necessary.
6. Disregard the Notion That Your Time is Worth More
It’s time to start doing things yourselves. There is a common belief that your time may be worth more, but ironic enough, it isn’t. Instead of having other people complete tasks for you, do them yourself. Although this may seem like a hassle, you can save loads of money for your company by simply doing it yourself.
For example, instead of hiring a number of people to file paperwork, file the paperwork electronically yourself. That way, you can save money from the people you would have hired, and your paperwork is available online for other people in the workplace to view all at once.
