Increase Profitability

5 Ways to Reduce Expenses at Your Small Business

6 Ways to Reduce Expenses at Your Small Business
 

When implemented correctly, cost-cutting strategies provide your business with financial relief and can also save busy business owners time and energy, providing you with more than just financial relief.

Research startup-friendly partners

Some businesses, like cloud providers and invoicing companies, may provide a limited number of free or deeply discounted services for small or newly founded businesses.

Save the planet while saving your budget

Save paper and printing costs by filing away important documents in a secure cloud storage system instead of in old-fashioned hanging folders. And by spending a little more upfront on energy-efficient appliances such as workstations and servers, you’ll likely save on future utility bills (and might be eligible for a tax credit, to boot).

Shop around for effective workforce solutions

Conduct research for different ways to process payroll or track employee hours. If you are handling most of the bookkeeping yourself, finding the right low-cost provider could save you time and money.

Find affordable ways to upgrade

Did you really need that NEW office furniture at double the cost of the “gently used” piece? There are plenty of consignment stores in major metropolitan cities (and online) so you can find an inexpensive piece that still reflects the appearance you’d expect in your office.

Rethink your personal finance options

Talk with your accountant about savings options that might not be so obvious. Plans such as 401(k)s or IRAs may provide the opportunity to stash pre-tax income while saving money for the long term.

Want more ways to cut costs and boost your bottom line? Visit the SunTrust Small Business Resource Center for more information that can benefit your small business.

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

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