How low can you go? Learn how you can cut monthly expenses for your business.
There’s nothing wrong with wanting to save money, over time you would be surprised how much you can save by being a little frugal. Especially with a small business, every dollar counts even if that means buying generic brand coffee for the employees. Here are just a few pointers on keeping that overhead low.
1. Banking fees:
Are you paying monthly fees to your bank? Check fees, deposit fees, ATM fees, all these fees add up and cost a business hundreds of dollars over the course of a year. Try to find a bank with the lowest to no fees, and a bank that you can build a relationship with. Who knows when you’ll need a favor, and most favors are given to relationships right?
2. Phone system:
Before there were VOIP phones (Voice Over Internet Protocol), you only had one option your local phone company. Not only did you have to worry about how many long distance calls your company was making, but if you had a toll free number you would also need to worry about how many incoming calls came to that toll free number. Depending on the volume of calls, this could have been really expensive to a business. Nowadays, there are some very competitive VOIP providers that will save you almost 50% or more off your phone bill. Not only that, but these phone systems are built with the best technology, call forwarding, electronic voicemail to email, call tree, hold music, and a lot of them have built apps to integrate with your smartphone. RingCentral.com is offering a free trial for their Office plan which offers all the bells and whistles! If you need something smaller with less options they also offer their Professional Plan which is offering a FREE TRIAL offer as well!
Who’s taking out the trash at your office, if you company is on a smaller budget I hope you are having your employees chip in and take out their own trash. I know when I was younger, I worked for a smaller business and we all took turns cleaning the kitchen area once a week and we all were responsible for taking out our own trash, and cleaning our own work area. We took pride in our workplace and we had no issues with keeping our place of employment nice and clean. I believe your employees would think the same.
4. Comparing Prices:
We all have the most powerful tool at our fingertips and sometimes even in our pockets, the World Wide Web! Before buying supplies or anything for your company, do your research and see where you can get the best deal. It might take a few minutes, but those extra minutes can save you money and after all the bottom line is the bottom line. Don’t be afraid to use coupons or coupon codes. Always remember, there’s someone out there willing to sell or provide a service for less money, it’s your job to find them!
5. Working Capital Loans or Credit Cards:
A great way to save some money is also by using credit cards that give you “air miles” or “cash back rewards”. If you know you have the capital to buy the item with cash/check, why not put it on a credit card to get that extra discount. When the statement comes, just pay off that credit card. Some cards give up to 3% cash back, that’s a huge savings over the course of the year! By using your credit cards or securing a working capital loan will allow you to grow your business a little faster if you’re light on capital.
If you’re interested in hearing more about our loan programs, please feel free to call First Capital Business Finance 888-565-6692 and one of our loan experts will be happy to answer any of your questions. If your business is in the Irvine area, you can make an appointment to meet face to face with one of our loan experts.