As a business owner, you know that there are two key levers you can pull in order to increase profitability: driving more sales and reducing your expenses. Here are some easy ways you can reduce your overall business costs today for a healthier balance sheet. And it’s not rocket science!
Review monthly service providers
Your business probably pays for a lot of essential monthly services such as telecommunications, cloud storage, or rental equipment. At a minimum, you should review these plans at least once a year to determine whether they’re adequate for your needs. For example, switching from one cell phone carrier to a competitor with a simple call may save you lots down the road. It’s a competitive business world – and you might be surprised by how much leverage you have in negotiating down your fees.
Re-negotiate your lease/rent
Your landlord does not want to lose you! If you have not already, consider approaching them with a proposed solution to lower the cost of your overall rent or lease. Good tenants can suggest extending their lease for a longer term subject to a price discount. There’s never been a better time to negotiate new terms.
Keep “buy second-hand” in mind
From office furniture to printers, laptops, and storage equipment, there is a burgeoning second-hand market following the pandemic. Whether you need to buy an item right away or replace an aging piece of technology or machinery down the line, buying second hand can save you a considerable amount of money. Money which you can reinvest straight back into your business.
Reward your spending
If your credit is good, you can use a small-business credit card to reward responsible spending on all your purchases. You will earn rewards either in the form of cash back or miles that can be used toward additional benefits and perks for your business. Plus, using a business credit card helps you build credit, which comes in handy if you need larger loans or lines of credit down the road.
Come and visit us today to gain insights on how to grow your business.