Increase Profitability

6 Ways to Reduce Expenses at Your Small Business

6 Ways to Reduce Expenses at Your Small Business

New businesses have a 50/50 shot at surviving past the five-year mark, so identifying unique ways to save could mean the difference between success and failure.1 Bonus:  When implemented correctly, cost-cutting strategies can also save busy business owners time and energy, providing you with more than just financial relief.

Capitalize on free publicity

Consider free or low-cost marketing efforts. Social media channels are free to set up and can have a broader reach than even traditional (and pricey) advertising channels like television or radio.2 (It’s no wonder 50 million small businesses have taken advantage of company Facebook Pages).3 For those already using these platforms, tools like IFTTT and RiteTag can help automate and optimize your posts to better reach your target audience.

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.

1 “Surviving Your First Year As A Small Business Owner,” May 11, 2015, Forbes

2 “The Disadvantages of Traditional Advertising,” Feb. 12, 2015, The Houston Chronicle

3 “By the Numbers: 90 Amazing Facebook Page Statistics,” July 14, 2016, DMR

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.


Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.