Simple Ways to Save When Starting a New Business


 

Simple Ways to Save When Starting a New Business

When you are starting a new business, your budget is likely to be at the front of your mind. Finding ways to save on supplies, expenses, and operations can help you see those first profits sooner and save you a lot of stress. Finances are a major stress point for new business owners, but with these simple cost-cutting tips, you can make sure you’re poised for success.

Buy Energy Efficient Office Equipment

When you’re working on your business expenses, you’re likely thinking of salaries, supplies and marketing costs. But have you stopped to think about how much energy your business equipment is using? And how much that energy use is costing you? Saving money on your business’s utility costs is a simple way to cut down on expenses. Shop for energy-efficient office equipment and appliances as a start. Look for Energy Star ratings on appliances and equipment to bank even more savings through rebates and tax credits, and be sure to check online for online deals, discounts, and cashback opportunities at stores like Office Depot.

 

Save Costs on Business Operations

Finding cost savings in your business can be simple if you know where to look. Start by looking for free or low-cost substitutions for needs around your business. You can search for software savings on useful tools like Office or popular Adobe products. It’s also possible to negotiate combo discounts or lower rates with your vendors for things like insurance and business services. If your business involves invoicing and billing clients, you can save there too. Invoicing customers can mean delays in payments and unpaid bills that can really hurt your bottom line.

You can prevent billing problems with a few simple steps. Make sure you and your clients fully agree to terms before you even start a job. Contracts and written agreements can be helpful, but make sure they are written so your clients have a clear understanding of what they are paying for and how you expect to be compensated. Follow through on other steps such as automating your billing, providing real-time updates, and making payments simple for clients.


Tackle Taxes Like a Pro

If you are a small business owner, you should know a few tricks to help you save on your taxes. You can pay retirement accounts first and make sure you are taking advantage of commonly missed business deductions, such as ones for your home office and automobile expenses. Your best bet at tax savings, however, is to use software that will make the process much smoother throughout the year. You can pick up coupons for tax software and then use these products to track expenses, find deductions, and lower the chances for mistakes. This is much easier than keeping up with paper receipts and filing a paper tax return. The IRS estimates that up to 20 percent of paper returns contain errors, whereas only 1 percent of electronic returns do. Using software will help prevent having to figure out tough calculations or deal with an audit.

 

Reduce Paper Use in Your Office

Another easy way to reduce your expenses and help the environment is to commit to reducing waste in your office. Create a paperless office by reducing the amount of printing you and your workers do throughout the day. Ask everyone to edit documents on their computers first and to use digital storage to keep track of files. In addition to being eco-friendly and cost-effective, embracing the cloud is a much more secure way to store important files, documents, and customers data. When you do need to pick up more paper, find deep savings and daily deals when shopping with Amazon or other major retailers.

For small business owners, saving money can make the difference between constant stress and success. So, use these easy tips to cut costs on everything from printers to paper so you can turn more profits and make your business into a success that much sooner.

Photo Credit: Pixabay

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15 Oct 2018


By Jim McKinley MoneywithJim.org