As a business owner, you are always looking for the best ways to improve profitability. What if the #1 way to do that was right in front of you? By cutting business expenses, you can help prevent more bills in the future. So to help your profitability, Direct Capital has created 10 ways you can cut costs without having to revamp your business:
- Reduce Energy Usage.
When traveling on the road, as hard as it may be, abide by the speed limit and use GPS systems. This will reduce fuel costs and boost mileage. In the office, lower the heat and replace lights with iridescent bulbs.
- Work from Home.
Have your employees work from home a couple days of the week. You’ll have them save money as well as cost of the office space.
- Take Care of Invoices Early.
Many suppliers will offer a discount for paying invoices early, often 2% off for payment within 10 days.
- Diminish Travel Expenses.
Business trips are awesome, but not all of them are necessary. Opt for economic flights and hotels on trips that are required, and learn how to scale down on which shows/conferences you attend.
- Find Less-Expensive Office Space.
Don’t jump too quickly on new office space. Find bargains or renegotiate better terms.
- Don’t Buy New.
Businesses liquidate or unload their assets all the time. You can buy equipment and furniture at a fraction of the retail cost. And better yet, you can finance that new equipment over time through us!
There are other businesses in the same shoes as you. They might be willing to trade goods and services with people like you to reduce cash expenditures.
- Reduce Overhead.
Keep supplies you need in stock by managing your inventory and reducing overhead.
- Cut Your Taxes.
Tax deductions and section 179 are your best friends. Use them as a resource for new equipment purchases, a hybrid, and other expenditures on your horizon.
- Audit Fixed Assets.
Do your books show assets you no longer have? Clear your books of them to reduce taxes and your insurance bills.
Now that you have 10 ways to cut your business expenses, what’s the first step you’re going to take? Before reducing them, you already might be buried in expenses. But rest assured, Direct Capital can help. Our working capital loans are the best way to put your cash flow back in motion. Call us today at 888-777-9198 or click the banner below to start eliminating those pesky expenses.