Business Solutions: Cut Costs in Your Small Business
What small business owner doesn’t want to save a little money? Whether you’re running an Etsy shop all by yourself, have a dental practice with a few employees, or anything in between, there are some places where most small businesses are losing money.
Here are 3 places where small businesses can probably save some money:
Business Solutions|Your Rent
Most small business owners rent instead of purchasing their building of office, and there’s a good chance you’re overpaying for space, especially if you’ve been there for several years. In the United States, a lot of people never negotiate the rent price, but you certainly can do so instead of agreeing to the listed price. If you sign a year lease (or longer), you also should talk to your landlord about the price. If the dollar amount is non-negotiable, think about other things you’re currently buying that you could ask your landlord to handle instead, such as snow removal, or request upgrades like new carpeting if you’ve been in the building for at least five years. Of course, these perks and a lower price are typically only available to people who pay their rent on time every month, but if you’re a model tenant, don’t be afraid to ask for some benefits. Landlords don’t want to deal with finding a new tenant, so they’ll typically try to keep you as long as possible.
Business Solutions|Your Insurance
You probably have insurance that covers your business should there be a fire or other natural disaster and you may also have other policies as well – business insurance, group health insurance, and even car insurance if you have company vehicles. Don’t overpay for these policies. Shop around, and don’t be afraid to tell your current company that you’re thinking about leaving – they’ll often offer a discount if you stay. You can also save money in most cases if you buy all of your policies from a single agent. Simply request a discount and they’ll give it to you.
Many small business owners heavily overpay on their taxes every year. This is especially true if you do your own taxes, but can even be true if you have an accountant or get your taxes done at an accounting agency. Are you saving all of your receipts for office supplies? Are you tracking your mileage when you use your personal car for company activity? Did you note the money you payed to non-employee contractors throughout the year? Are you noting travel expenses when you go to professional conferences and events? Are you giving your accountant the information for the rent and utilities you pay at your business location or home office? Make sure you talk to a professional about ways small businesses can save and make sure you leave no stone unturned with your small business.
This guest post is from Allison with www.GroupHealthInsurance.org.