5 tips to control costs for small business.
Review Your Banking Fees
Banking fees can be a bigger cost than you might imagine. Are you in a plan with your financial institution that makes the most sense – taking into consideration the number of transactions that occur on defined basis? Watching interest rates and the margins quoted by any bank is essential in controlling your costs. Shop around. Just because you may be dealing with one institution for your personal needs doesn’t necessarily mean that you will get the best business banking requirement fulfilled.
Lean and Mean On Communication Costs
Communicating is the cornerstone of your business. Internet and phone expenses can be the front runner costs in any operation. Many of the big providers offer bundle incentives that can help your enterprise save in the long run. Ensure that all of the communication outlets in your business are being used and maximized. Alternatively, you can also use products like VOiP (voice over IP)/PBX or consider using a small internet service provider.
Consider Web-Based Applications For Everyday Tasks
There are many web-based applications and services available that make doing things like invoicing, providing estimates, and billing time simpler and more cost-effective. They also enable you to access these functions on the web on any computer without the use of special software. Check out products like Freshbooks, Basecamp, and Highrise.
Get The Best Business Credit Card Deal
Most businesses require a credit card for everyday stuff yet many people don’t seek out the best rate or added incentive on one. Whether it’s cash back or travel rewards, the right business credit card can often yield dividends that can save money.
Keep A Close Watch On Energy Consumption
Set your thermostats to a lower temperature, turn off all appliances when they’re not in-use and encourage staff to shut down their computers when they’re out of the office.