For small and large Business alike, saving money is a huge aspect of success. Whether you’re looking to stay afloat or meet quarterly projections, astute financial management can be the difference between success and failure.
Efforts to save money often involves complex analysis of finances and budgets, though there are also a variety of easier ways your business can save money:
Research Alternatives to Service Providers
Every six months to one year, business receive a renewal notice from some service providers, including business insurance, Vehicle insurance, gas and electricity. Often, these companies charge renewal rates, which can add up substantially across various providers. As a result, it’s a good idea to shop around for better offers, telling competitors what your current provider is offering and seeing if they can beat that number. They may even waive the renewal fee. There’s no harm to at least seeing what competitors are offering, likely resulting in savings especially in electricity and gas, where savings can reach 60 percent.
Don’t Skimp on Your Accountant
The difference between a great tax accountant and a mediocre one can be the difference in many thousands of dollars for your business. The best accountants are well aware of certain tax rebates and allowances you can claim, or certain deductions a less-savvy accountant may overlook. Find a tax accountant that specializes in your business’s size. Accountants specialize in small and large business, individually.
Evaluate Your Vehicle Expenses
Your business’s vehicle can add up to substantial costs. Like any vehicle, you can save hundreds per year by keeping your car in good shape. Also, regularly changing your oil and oil filter can save thousands and extend your engine’s life. Tire pressure and fluid levels should also be checked regularly. If your business uses vehicles for deliveries, you can also analyze the optimal organization of its available space. For example, an organized cargo van enables you to get more done and spend less time worrying about where things are.
Also, make sure you’re deducting what’s necessary for your vehicle expenses when tax season arrives.
Embracing efficient use of energy is another easy way to save money, particularly in replacing old lightbulbs with modern LED lightbulbs, which use 70 percent less energy. It also saves to keep heating and cooling systems at optimal levels, aided by ensuring proper insulation. In the summer, ensure any devices not in use are off, to prevent excess heat and wasteful electric costs.
Buy Office Supplies in Bulk
It doesn’t make financial sense for a business to make regular trips for office supplies like paper or paper clips. When buying in bulk, these items are often cheaper. Many suppliers also provide free shipping for bulk items, saving the time and money required to purchase these things regularly at a store. From pens to computers to chairs, both general office supplies and furnishings can often be cheaper in bulk.
These five tips can help businesses easily save money, none requiring a major time commitment or financial investment. Every dollar counts in business, so cutting costs without much sacrifice should be something all businesses consider.
Scott Huntington is a writer from central Pennsylvania. He enjoys working on his home and garden with his wife and 2 kids. Follow him on Twitter @SMHuntington