It is indeed businesses that will make profits. So why waste money on things small business owners don’t need?
Cash-flow issues account for 82 percent of all small business failures, according to Business Insider. That’s almost double the factor of second position (no business requirement for the product). If you’re running a small company, selling a commodity that no one wants is more likely to thrive than you are with poor cash flow.
Here are 4 things to reduce your expenses in your businesses.
1. Paperwork
Printing costs add up quickly. Paper, ink, and machine maintenance are bad enough, but employees also spend their valuable time dealing with printer issues.
Eliminate as much paper as possible to streamline operations and cut costs. Use online signature services to sign contracts so even your most formal documents can avoid the print room.
2. Buying Only from the Big Guys
Small companies want big service providers to fit in the boxes they sell. Lesser local choices will tailor their services to suit your unique needs. Create a list of all the big companies for which you are operating, and search the local listings to see if any company may provide a more customized service for less.
3. Interest on Credit Card Balances
Many small-business owners use business credit cards in their own names to keep operations running. If you use a card, pay it off every month in full. Interest charges add up quickly, and once you get into the habit of paying them, it’s difficult to stop. the average credit card interest rate is 15.96 percent. This could mean thousands in savings each year by just not holding a balance on your credit card.
4. Energy-Wasting Technology
Green energy isn’t just good for the environment; it’s also good for your wallet. Install energy-efficient lights, windows, and climate systems. Encourage employees to shut down their computers when they leave.
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