Every business owner wants to save money – as they should! Even if your profits look great your business will suffer if your expenses are out of control. It can be difficult to know when to splurge and when to save – you want to make smart money decisions but you don’t want to alienate your customers by getting rid of their favorite features. Here are five areas of your business where you’re probably overspending – and how you can trim the fat.
Bulk ordering is the way to go here. Shop around to find the best deal on the items you need every day, then buy as many as you can comfortably store to take advantage of the great price. Some retailers may even have a “subscribe and save” option where items you’re always running out of are shipped automatically to your door. Note that this isn’t code for “purchase the cheapest pens imaginable.” Find an item that works to your standards and meets the needs of your employees, then take advantage of bulk pricing to stock up. After all, if your office supplies break after one use you’re not going to be saving money on them at all!
Employee Health Insurance
Let us say right out of the gate that we are big supporters of strong employee benefits packages. Your people are your most valuable asset, and you should treat them that way. That said, make sure you’re shopping around to find the best deal on the coverage you want to provide. This is especially important if you’ve been with the same insurer for several years without so much as getting a competing quote. Even if you don’t want to switch insurers because you don’t want to disrupt your employees’ care, you should still renegotiate the terms of your contract with your current provider. Changes are they’ve snuck in a price increase or two on you over the years.
Office and Store Decor
Many business owners revamp at least part of their business’s look and feel every few years. Whether they order a shiny new sign for the front parking lot, paint the inside of their retail store, or purchase new waiting room furniture, there’s always something to be done to spruce up the place. While these improvements are important, there are ways to save money while doing them. Using those waiting room chairs as an example, instead of buying new you could consider shopping on eBay or in a local consignment or thrift shop. Instead of purchasing expensive art prints for the walls, perhaps an artistically minded employee could paint a mural. Maybe you could even work out an agreement with other local businesses to trade services – your local florist delivers a fresh flower arrangement for the front desk every week, you offer the owner and their employees serious discounts on your services.
If just reading the word “rent” makes you want to cringe, you’re probably paying too much. There are serious barriers to just packing up and moving, and depending on your type of business it may seem downright impossible. However, you’re doing yourself a disservice if you don’t at least look to see if there are comparable options in your community that can save you money. Especially if your business doesn’t rely on a storefront to service customers, your might be able to make a big dent in your rent payments by moving a few blocks off the main drag or filling a space that has been vacant for a while.
Credit Card Processing
Come on, you knew we were going to put this one in here! Sadly, it’s all too common for business owners to overspend on credit card processing services. From rate increases to junk fees to terminal leases, there are dozens of ways that processors take advantage of their customers. Like insurance companies, sometimes it seems like it’s easier to just stay with your current provider instead of shopping around. This is a recipe for overspending, however. Save money on your processing by switching to a provider who won’t raise your rates (ever), doesn’t do the whole junk fees thing, and will refuse to lease you a terminal. Come to think of it, that sounds a lot like 360 Payments.
Every Little Bit Helps
When trying to save money for your business, you likely won’t find one single area where you’re overspending to an alarming degree. If you do, well, at least you know what to tackle first! It’s more likely that you’ll shave a little bit off here and there across your business, adding up to some big savings. If you’d like to start by saving money on your credit card processing, give us a call at 1-855-360-0360 or drop us a line on our website. We’d love to show you the way credit card processing is supposed to be.
PS – Not accepting credit cards yet? Find out why you need to start ASAP here.
PPS – Protect your business from fraud with these tips.