Aside from making money, there is one aspect of the business that all owners pay attention to closely: the expenses. For startups, keeping costs in line is one of the necessities for survival. When unnecessary costs get out of control, businesses soon find themselves closing up shop.
If you have been wondering about how to reduce business expenses, here is a good place to start.
Landlines Are the Past
While it might seem ideal to have a dedicated line to your business, it is actually unnecessary. Even if you don’t want to use a cell phone, there are virtual phone lines and VoIP that can help to give you the same thing with a greater reduction in cost.
Landlines are more expensive and don’t really give you much other than phone line access. By switching to a digital format, you get all the same service for a far lower rate.
You would be shocked at how much ink, paper, postage, and mailing supplies can cost a business. Even if it is just a little at a time, that adds up to a substantial amount over time. Wherever you can, go paperless.
Not only is going digital easier from a filing perspective – you can find files in a flash instead of having to physically dig – it can save you quite a bit over time.
Watch Credit Card Use
Using credit cards or business accounts in the face of spending cash may seem like a great way to reduce immediate business costs. There are even some cards out there that give you benefits such as rewards or a small amount of cash back.
But in the end, there are interest rates and fees that should concern you more. Sure, you might be saving on your bottom line in the short-term, but those fees and interest rates add up over time. You could wind up stacking debt against your company for the long-term and those costs will have to be repaid at some time, sooner or later.