| In today's economic climate, it's more important | | | | home-based or not, I'd recommend you get with |
| than ever to save every penny we can in our | | | | your tax advisor, or go to irs.gov and do some |
| small businesses. With profits becoming harder to | | | | research on what you can legally deduct. |
| turn, trimming costs needs to be one of the | | | | Consider used or reconditioned - You don't have |
| primary focuses of any responsible small | | | | to buy new to get quality office equipment and |
| businesses - right there beside increasing | | | | furnishings. Check out your newspaper classified |
| revenues. | | | | sections, auctions, and Internet sites like eBay and |
| So here are some cost-cutting measures you can | | | | Craig's List. Be sure to have all merchandise |
| take right to the bank. | | | | checked out thoroughly before you buy, or to get |
| Consider carefully before you buy - Before you | | | | a money-back guarantee. |
| buy that new piece of high-tech equipment or | | | | Pay your bills online - Save postage costs and |
| company car, think about three things 1) Can you | | | | time by setting up an online account with your |
| afford it? 2) What it your ROI (return on | | | | bank, and paying your regular monthly bills from |
| investment)? and 3) Are there any | | | | your computer. (Be sure to check the "lag" time |
| tax-advantages or deductions? | | | | and adjust your payment times accordingly.) |
| Comparison shop - This is as important to do for | | | | Depending on the payee and bank, it sometimes |
| small-ticket items like office supplies as it is for | | | | takes several days from the time you pay to the |
| big-ticket items like copy machines. If you order | | | | time your check makes it to its intended |
| online, you can use the Internet to research | | | | destination. Along the same lines, you can also pay |
| prices and it's very simple to pull up side-by-side | | | | your bills directly to the payee in some instances. |
| comparison. And if you decide to buy from a | | | | Be sure to check out all your options and use |
| bricks-and-mortar store, you can use your | | | | them. |
| research as negotiation. | | | | Centralize your office supplies - Unfortunately, we |
| Get three bids - This is along the same lines as | | | | often waste or misuse office supplies through lack |
| comparison shopping, and works especially well if | | | | of diligence. Many times we don't keep good track |
| you are contracting for services like repairs or | | | | of what we have and what we need, and end up |
| office cleaning, or any number of other things. | | | | running out (and paying too much in panic), or we |
| You'd be surprised how widely bids will vary. If | | | | order something we already have. Keep your |
| you like another higher-bidding company better | | | | office supplies in one centralized location, and |
| than a lower-bidding company, if you quote their | | | | designate one person who will monitor and dole |
| competitor's lower price, companies will often | | | | out the supplies, and reorder when necessary. |
| match the lower bid to get your business. | | | | Reduce your energy footprint - Going green often |
| Barter - One of the best ways to stretch your | | | | means saving some green as well. Turn lights off |
| business budget is to barter, or swap, your | | | | when the area is not in use. Replace your old |
| product or service for another product or service. | | | | standard bulbs with the new compact fluorescent |
| You keep your cash, but get the item you need. | | | | light bulb (CFL). The initial cost of the bulb is more, |
| You can either barter with businesses directly, or | | | | but the bulbs last 10 times as long as standard |
| hire a barter broker who works on commission | | | | bulbs, and use 75 percent less energy. The |
| (look in the phone book or Internet to locate one). | | | | long-term cost savings far outweigh the price of |
| You can also join a barter club or exchange | | | | the bulbs. |
| through clearinghouses like National Association of | | | | Negotiate - Did you know that just by asking, you |
| Trade Exchange where you receive "trade dollars" | | | | can often get a discount? It's true. Especially if |
| for your goods or services that you can | | | | you are paying with cash and in full. Ask ad you |
| exchange for other goods or services. Check | | | | may just receive! |
| them out at nate.org. | | | | Save on insurance - By raising your deductible, |
| Join your local Chamber - Or other trade or | | | | you can save a tremendous amount on your |
| business association. Many of them offer | | | | monthly premiums. Chances are good that even if |
| discounts on important business expenses like | | | | you have to pay your deductible, you'll still end up |
| insurance. | | | | saving over what you would have paid in |
| Know your tax-deductions - This is especially | | | | premiums. Check with your insurance carrier to |
| important if you run a home-based business | | | | find out for sure. |
| where you can deduct a percentage of the | | | | Follow these cost-cutting tips and you'll soon see |
| money you outlay for rent or mortgage interest, | | | | your overhead going down, and your bottom line |
| utilities, house cleaning, lawn care, home | | | | going up. |
| maintenance, and more. Whether you're | | | | |