We all know that when it comes to owning a business, you want your Connecticut business to be as profitable as possible. In order to do so, we have to practice “smart spending,” or putting our dimes and nickels into where it really counts for our businesses to grow. While this is very important for the future of your business, it’s equally as important to take a look at where you could potentially save some extra dollars, so that your business can be more profitable. Today, we wanted to give small business owners everywhere a few of our best tips on how you can save some extra money so that your business can thrive. After all, we love to support shopping locally here in Stafford as well as throughout Connecticut, so let’s do our best to put small businesses back on the map.
Lower the Cost of Debt
Debt can build up fast if you let it, but not if you have the right strategy about paying it off. When it comes to debt, the way you can save money is to avoid interest in whatever ways possible. Our advice is to list out all of your debts that your company owes, then work on paying the minimums on the lower cost debt, and focus more on paying the debt that has high interest rates.
When it comes to vendors, you should always check up with at least three vendors for products or services your company needs to purchase. By having multiple options, you’ll be able to shop among your choices for the best bid, which will make the negotiation process a lot easier to manage. Remember, not all deals will come through in the end, but you never lose anything by trying.
Prepay Your Expenses
This is something a lot of business owners may not have considered, but you can actually save money by prepaying for your business expenses. By paying for your early year expenses the previous December, the expenses will fall on the previous year’s taxes instead, and that will allow you to take the deduction for those expenses twelve months earlier. Not to mention, if you use a credit card to pay your expenses off, the transaction likely won’t hit your account until the new year anyways. It’s smart spending folks!
Yes, make the digital shift with your business. While it may seem trivial, “going green” is a great way to cut down on office expenses overall. Not to mention, you’re doing mother nature a huge favor if you can make your business go paperless! You can also look to save energy in the shift of going green as well, and that will surely help your business expenses as a whole. This will take some creativity, but it is surely achievable.
There are services that your business simply cannot go without, but in order to save money, you can bundle those expenses. Things like internet, phone, fax, and cable if need be, can all be bundled into one bill to help you save money. Likewise, if you run multiple businesses, you can also bundle your insurance expenses as well.
There are plenty of more ways that you can save money with your Connecticut business, you just have to add an extra touch of creativity or research to help bridge the gap. If you can think of any other ways that your business can save money that we didn’t already mention, we’d love to hear about it in the comments section below!