Whether you expanded too rapidly or unexpectedly had a large client cancel, almost every small business owner needs to find a way to cut costs at some point. Because your workers are so valuable to your success, it’s important to search for other ways to shave money off of your bottom line before you consider layoffs.
Take a Hard Look at Expenses
Grab all of your bank and credit card statements and take a critical look at your expenses. Even small expenses, like overpriced copy paper, can add up a great deal over time. Are you purchasing office supplies that aren’t being used? Do you have your property enrolled in costly maintenance contracts that you don’t take advantage of? When was the last time you contacted your internet provider to negotiate your rate? Treat every expense with care and pay close attention to money coming into and going out of your business.
Scale Up Temporarily with Contractors
If you need more help and can’t afford to hire a traditional part-time or full-time employee, cut costs by hiring a contractor. Contracting out services like marketing, admin services and more cuts costs quickly and helps to scale your business over time. My Admin Co offers an affordable answering service that saves small business owners time and money without needing to hire an employee.
Proactively Tax Plan
Taxes are a major expense for many businesses, and changes to tax laws left some businesses feeling pinched when they filed their 2019 taxes. Sit down with a CPA to see how you can cut costs on your taxes and work smarter, not harder. An experienced accountant who understands small businesses and tax laws can guide you through the process of tax planning and filing with an eye on limiting tax liability.
Dial Back on Travel Costs
Depending on what industry you work in, you could be spending a great deal on travel. Stay at less expensive hotels and Airbnbs and limit any perks. If possible, eliminate travel from your budget entirely for a limited amount of time. Even changing travel frequency can make a huge difference in your bottom line.
Cut Costs with Help from My Admin Co
My Admin Co understands how hard it is to juggle running a small business while playing receptionist. That’s why we offer convenient and affordable administrative services, including answering service. To learn more about our services and take administrative tasks off of your plate, visit us online or call us today at (410) 324-3934.