Finances: Let’s talk Business

Ways to Save Money on Business Expenses Tips for Saving Money on Energy, Office Equipment, Marketing & More There are many costs to doing business that you just cant do anything about. Theres no way to save money on business registration, for instance, or licensing fees. Fortunately, there are areas where business costs can be cut - providing savings that can drive more profit to your bottom line. Here are ways to save money on a variety of business expenses, from office equipment and energy through marketing and taxes: Office Furniture and Office Equipment If something works, there is no reason to change it. a friend of mine still uses a desk he bought over ten years ago. Sometimes, he think about replacing it because its a little dinged up, but he has never found anything affordable that has such a large work surface. Gas (Fuel Costs) For a small business, Gas can be a large expense. There are things you could do to reduce on gas expenses like cycling to work, carpooling, using public transit. They’re all great ideas for saving money on gas and they could work for a business, with a little adjustment. Utility/Energy Costs One fact of life is that energy costs are always on the rise, so if you can cut energy costs, youll just save more and more over the long term. In my home office here, weve replaced all our standard light bulbs with compact fluorescent light bulbs - they use 75% less electricity and last years longer. Insurance The wrong way to save money on business insurance is to go without. The right way is to get the insurance you need at the best price. Marketing Costs There are basically two ways to save money on marketing costs. The first is to use marketing strategies that are free or quite inexpensive. The second approach is to perform marketing activities yourself rather than hire someone else to do them. For instance, many businesses outsource market research, but you can do it yourself. Legal Matters I don’t generally recommend trying to save money on legal processes. Lawyers and other legal professionals don’t just fill out forms for you; they also provide valuable advice and can point out legal implications that you are not aware of. Income Taxes Trying to save money by doing your own taxes is a six of one half a dozen of another proposition. On the one hand, you dont have to pay a tax preparer or accountant to prepare and file your income tax return(s) when you do it yourself; on the other, such professionals can give you advice that can save you more money on taxes than the professionals fee - and those fees are tax deductible anyhow. The author works with Maisha Consults Ltd.

Lifestyle

Finances: Let’s talk Business