Three More Ways To Cut Business Costs

This is the last installment in this seemingly endless triplet of posts that started several months ago.  Here are a few more ways that you can cut the costs of your small business with having to lay anyone off.

Join a community and start bartering with businesses in your area.  Not only will keep some your money in your till, you will make many new business acquaintances that could just end up driving more business your way in the future.  I have a post that goes into more detail on how/what bartering is that should be up on Wednesday.

When you reorder stock, don’t overdue it.  Keeping only the supplies you need in stock will reduce your overhead and some of the strain on your checkbook.  If your business is a retail one, order only what you think you will be able to move in two weeks.  That way you won’t have to worry about massive amounts of stock sitting around costing you money.

Claim every tax deduction that you can for your small business.  Check out this page on the IRS’ website that lists a bunch of them.  If you have an accountant, have them go over the books and see if there is anything that you can claim but aren’t currently.  New equipment purchases and hybrid cars are examples of deductions you might not be using to your advantage yet.

When was the last time you gave your company a self audit?  Auditing your fixed assets could reveal payments you are still making on things that you no longer have/use.  You could end up saving yourself a tidy sum, not only will you save yourself making payments that don’t directly benefit your business, you will also save yoruself from paying taxes on them too.