Ways Your Business Can Save Money

Reprinted
from http://www.SmallBusinessNewz.com
|  By Abby Johnson, Staff Writer

Every business likes to save money,
but when it comes to what
should be cut to save the money; many businesses are at a loss. So, before you
make the difficult move to cut budgets and maybe even staff, think about ways
you can cut your office expenses.

As pointed out in this video,
you would be surprised at how much money can be saved just from your office
alone. Business consulting expert
Ken Gaebler of Gaebler
Ventures
said that office expenses can amount up to as much as 5 percent of
total revenues for small businesses.

He went on to say, "Every
dollar you save on office expenses is a dollar that can be used to grow the
business."

In order to cut your office costs, you should consider operating virtually
as much as possible. The Internet provides numerous ways to communicate, which
makes the idea of running a business virtually feasible.

Secondly, try
re-negotiating your lease
. Since office vacancies are currently
on the rise, landlords are willing to be flexible to keep their tenants and
keep them happy.

Thirdly, you might want to think about sharing
your office space
with another business. This could also be an
opportunity to increase your sales by working closely with a complimentary
business.

 

The
fourth way you could reduce costs is by utilizing
economic development zones
. Some communities have these areas
which offer tax deductions along with other perks. If your town does not have
these zones, contact your city officials.

Lastly, you could try finding
short-term rentals
. The advantage of short-term rental
properties is that they eliminate being locked into a long-term contract. If
you have a week-to-week or month-to-month agreement, you wouldn't have to worry
about your contract if you needed to take a drastic measure, such as
downsizing.

You can also cut costs by utilizing used furniture and using energy efficient
light bulbs. In addition, businesses can save on printing, ink cartridge,
postage, and telephone expenses by enforcing electronic communication and
storage.

Money Seminar and What I Learned . .

Last week I attended a seminar called “Smart Women Finish Rich”. It was a very interesting seminar put on by a local bank, however not much here that I have not heard before. Although, sometimes just hearing it again is a good way to remind you to start doing something about your savings before it is too late.

 

 

Here are some interesting tidbits I learned:

 

Women own 9.2 million businesses

 

42% of households with assets greater than $600K are headed by women.

 

Women live 7 years longer than men.

 

The average age of a widow is 56 years old. And 25% of all widows go through their husband’s death benefit in 2 months or less.

 

 

This is both exhilarating and horrifying, especially the later part. – The good news is it is never too late to start saving for retirement. They used the Latte Factor®  to help you determine where you can find the extra money to save.  The concept is to write down what you spend all day long every day for a week. Do you stop at the coffee shop on the way to work and get a pastry and coffee? Do you eat lunch out every day? Do you stop by the snack machine in the middle of the afternoon? Just imagine how much you could save if you ate breakfast at home, brought a sack lunch and packed an extra snack? This extra $10 per day could add up to a million dollars by the time you are 65 and ready to retire!! Of course you would need to start saving this $10 per day before you turned 30 and do it diligently for the next 40 years. They suggest that at age 20 you should try to save $4.00 per day, at 30 you should save $11.00 per day, at age 40 -$30 per day and by the time you are 50, if you waited until then to start your nest egg, you will need to save $95 per day.

 

 

Don’t let the numbers scare you, especially in these hard economic times. Even a little bit each day can add up. It can be as simple as tossing your loose change in a jar at the end of the day, like Brendan Fraser did in “Journey to the Center of the Earth”. 

We have a rule in our house about money when it comes to our three boys. Half of every dollar that comes in to their hands, whether it is from birthdays or doing extra chores around the house, must go in to their savings accounts. It teaches them to be savers and to be thoughtful of how they spend the money that they do have. Hopefully by doing this we are helping them have a better future.