Owning a business is a dream many want to achieve, however, it comes with its own challenges. Hard economic times or financial constraints can make it difficult to keep your business afloat. Don’t despair, here are a few tips to help you save money quickly for your business, after all, aren’t most of us in business to make money and be successful?
Review Your Operating Expenses
When it comes to saving on operating costs, it’s more about being practical, which means cutting down to a minimum level anything that isn’t providing a Return On Investment and eliminating anything extraneous. For starters, review your day-to-day expenditures on simple things such as office supplies, coffee, and maintenance as they all add up to your expenses. Then, unless it’s necessary, resist the temptation to make unnecessary huge purchases like buying the latest gadgets, refurbishing office space, and upgrading equipment. If you have to, get used equipment and upgrade later when you’re financially stable.
Save 15% with Energy Efficiency Measures
Other than being a corporate responsibility, there are many ways businesses can save by going green. There are several measures you can implement to reduce the burden on the planet’s resources and in the process save more. A few ideas include: replacing old light bulbs with modern LED equivalents, maintaining the HVAC systems at an optimal level, ensuring all energy-consuming equipment are switched off when not in use, investing in solar energy, and much more. These simple practices can save up to 20% on annual energy bills.
Save Money on Business Vehicles
Running a business that requires vehicles comes with properly managing auto expenses such as fuel, servicing, and insurance costs. To begin with, you don’t have to spend much acquiring the vehicles. Settle for something less shiny or new, or better yet, lease company vehicles rather than buying them outright. The Intelligent Car Lease Company can help business owners throughout England, Scotland, Wales and Northern Ireland to take advantage of the many benefits of leasing a vehicle. To reduce fuel consumption, look for fuel-efficient vehicles and reduce vehicle use to essential business travel only. Also, talk to your insurance provider to find out ways you can reduce your commercial auto insurance premiums.
Get a Good Tax Accountant
Reducing your tax bills means taking advantage of all available deductions. For instance, there could be allowances you can claim, allowable expenses you may have missed, certain tax rebates available, or even some revenue recognition changes that may help reduce your yearly corporation tax payments. And, since tax laws and regulations are quite difficult to understand and keep up with, you need a good tax accountant to help you legally to pay the right amount. A tax accountant can ensure all the business expenses are properly entered as deductions on your tax return.
Sponsors for Events
Throwing events such as galas and seminars can be a great way to expand your customer base. However, these events can be quite costly. That’s why we recommend you get sponsors, which could be another business, to help cater for the event’s expenses.