Businesses are always looking to save money especially in today’s economy. Here are 5 tips to help your business save a bit more.
Maximize tax deductions
You’d be surprised at how much of your purchases can be written off as business expenses –and thereby become tax deductible. Know where to put your money and how to label the transaction. All sorts of things can be tax-deductible, including business vehicles you purchase.
Buying used cars
Purchasing locally such as used cars in Utah can greatly reduce business vehicle costs! And purchasing used cars doesn’t mean cheapening the quality…many used cars come in nearly brand new and/or well-kept condition. The main difference is the price tag –they can be so much cheaper for equal the quality. You can even get a higher quality vehicle, used, for less than a new vehicle of lower quality. When working with a car dealership, ask them about the quality inspections they use in order to provide you with top quality vehicles to drive.
Run your business in an energy-efficient building
A significant portion of expenses come from utilities. A building with lots of glass is not only expensive to build, but it’s also a terrible insulator. Better insulators include stones, bricks, basically thick things that absorb heat or cold well. You could also invest in solar panels and place them on your building’s roof. That way you aren’t buying your energy from the city, but getting it free from your own means. Sky lights are another lighting alternative, given you live somewhere with a decent amount of sunlight. It can also cheer your employees, and happiness has proven time and time again to be a huge motivator. Not only will you pay less for lighting, but your employees could work better as a bonus.
Choose the most cost-friendly insurance coverage you can
Offers change over time, so you should definitely look over current insurance information every now and then. Look up different providers, plans and coverage to find the best for you and your business. Another insurance-savvy tip: avoid making claims too often. Only for things that you really can’t afford on your own. Making unnecessary claims can raise your insurance premiums and lose you a lot of money over time. Avoiding unnecessary claims will save you a lot of money over time. Your choice.
Buy supplies in bulk
You can often get much better deal on large amounts of supplies than you would buying the items separately/when they run out. Make sure to calculate your needs carefully so you don’t end up with excess supplies though.
These are just 5 (used cars Utah, energy efficiency, cheaper insurance, etc.) of the best things you can do to save your business money. Though doing just these things can save you quite the wad of cash, a little creativity can also go a long way to sparing you unnecessary costs.