4 Overlooked Ways to Save Money at Your Business

Wednesday, October 23, 2019, 6:00 AM | Leave Comment

Owning and running a business can feel like a herculean task at times.

No matter how much effort you put in, you may just barely make enough revenue to stay afloat.

Overall, part of running a business includes finding different ways to slash costs.

If you can bring down your overhead expense, you can widen that cushion of profit that will keep your company healthy for the long term.

There are, in fact, many costs you may have not even considered lowering or eliminating before.

4 Overlooked Ways to Save Money at Your Business

  1. Go Paperless

    Going paperless as an office or entire business has its advantages, beyond the environmental benefits. Although the price of one sheet of paper isn’t much, the price of all the paper you use in a year could be substantial. You can add to that the cost of toner, printer ink, fax machines, office printers and employee time spent printing and copying. The cost savings could be substantial.

  2. Buy Used Office Equipment

    A lot of businesses spend a fortune stocking their offices with furniture and equipment. This is an expense you can largely avoid. Buy office furniture and equipment second hand. Most computer companies, for example, sell refurbished office PCs with deep discounts.

  3. Fine Tune the Amount of Sales Tax You Charge

    Sales tax is used by many states to fund government programs. However, they are also a significant burden on stores and retailers. Sales tax increases the amount consumers pay for your product or service. That, in turn, lessens the amount you are able to charge for the same product because the consumer factors in that sales tax into the purchase price. Consider working with a sales tax consultant to see if there’s any way you can lower the amount of sales tax charged. In many states, certain products like groceries do not require sales tax.

  4. Allow Employees to Telecommute

    Some of the biggest expenses for many businesses are overhead expenses like renting office space and paying for utilities. However, what if you didn’t really need all that office space? Many jobs central to a business’s success do not require employees to be in the same physical space together thanks to internet connectivity. You can allow these employees to telecommute to slash a lot of expense.

Running a business can be extremely expensive. Those costs can also wipe out any profit from the revenue you receive and force your business into the red. Look for different ways to save money including options you haven’t yet considered. It could make a big difference.

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