Three Business Savings You Are Missing Out OnIs there such a thing as a business that doesn’t need to save money? It’s in our nature as individuals to look for savings, so as business owners it should also be a daily task. Right along with your operations, accounting and marketing, set a reminder to research savings. Last month, I discussed the savings (and potential rewards) of getting a business credit card. Looking for more options? Here are three things you need to add to your to-do list:
- Contact the vendors you regularly do business with and inquire about better prices. There is no special way to ask, just state your needs. If the answer is, “no” you are no worse off than before. If you never ask, the chances of the companies contacting you are unlikely. Examples of places you can save include your banking relationship, loans or credit cards as well as phone and internet service providers. Think about it. When is the last time you talked to a customer service rep from these places? If you are like most business owners, you use the internet and don’t think about it. You make your deposits but don’t go any further than the teller line. You might be in outdated products that are costing you money.
- Finance your business equipment in your business name, not your personal name. This includes the vehicle you drive, the computers you use, office desks and even your real estate. Having this equipment owned by the business can save money on your taxes actually as you can deduct the depreciation value from your annual tax bill. With most banks offering comparable interest rates for small business loans as personal loans, there may be more benefits to doing the loans in your business name.
- Go green. You don’t have to make major earth friendly changes to make a difference. Try searching craigslist or eBay for used items before buying something new for your office. Switch to a refillable ink cartridge. Share printers between coworkers. Use laptops rather than PC towers if possible. Each of these things can save energy and money.
Whether you have an established business making sizable revenue or an entrepreneur fresh out of the gate, saving money should still be on your radar. You are in business to make a profit, why not make sure you are doing everything behind the scenes to maximize your earnings. Continue to make saving a priority to lead your business down a path towards long term success.
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