Business Savings – top tips!

As much as we dislike it the reality is that ongoing cost monitoring is something you ignore at your peril. Here we take a look at some ways to lower small business costs.
Paying pre-recession prices for stock is still way too common. Dig out your suppliers price lists and compare them to 2009/2010 prices. Are you paying the same price but selling for less? If so, start looking around requesting quotes from at least 2 other outlets.

Discounts may be available for bulk purchasing or for paying invoices within a certain number of days.

Energy costs

For most of us, energy costs are unavoidable but that doesn’t mean that you have no control. This sector has opened up to more competition – again, shop around.

Energy saving equipment should be another consideration. Buy energy efficient lighting or power management systems for example and you can claim the full costs as a tax deduction in the year of expenditure rather than the normal
write off over 8 years for other equipment.

Telephone costs

We are constantly amazed when we see how much clients spend every year on phone bills. Consider your costs here and whether switching from your fixed line to a VOIP service would be suitable.

Small businesses are often slow or reluctant in putting staff members on company phone plans preferring to reimburse any costs on personal mobiles. This can be counterproductive as group schemes will allow you to avail of cheaper rates. Phone operators court businesses and are only too happy to arrange specialised phone packages.

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