July 25, 2024

Thrive Insider

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4 Ways to Quickly Cut Business Expenses

4 Ways to Quickly Cut Business Expenses

If this quarter hasn’t gone as well for you as you’d hoped, you might be looking at fast ways to reduce your overall business expenses to keep things afloat. Perhaps business has been stable, but you’d like a bit of extra cash to reinvest into other areas and to help your business grow. Whatever your motivation, there are a few fast ways you can quickly cut business expenses so you have a little more breathing room financially. Here are my top 4 ways to quickly cut business expenses.

Check for Recurrent Subscriptions
One of the biggest financial traps many of us fall into – whether we are a business or for our personal finances – is recurrent subscriptions. Often we’ll sign up for a product or service that we absolutely love and then suddenly we stop using it, but every year or every month the payment ticks over and we keep paying for it. Comb through your credit card statements to see if there are any ‘hidden’ costs that you’re paying for, services that you’re no longer using. This can be a great way to cut costs without any real changes because you’re no longer getting the value from the subscriptions. Check out Bluroot for some great software solutions if you want to upgrade or change some of your subscriptions.

Reduce Printing
Printing is very expensive – when you factor in the costs for the printing equipment, the ink cartridges, the paper costs and so on, it’s certainly not cheap. Is there a way you can switch to a more digital way to handle documents? Not only will it save you considerable amounts of money, it’s much kinder on the environment, too. Sometimes we print out of habit rather than necessity, so be sure to be ruthless about what is really needed. 

Less Traveling, Opt for Zoom Meetings Instead

If there’s one good thing the pandemic taught us, it is how to survive when we’re essentially locked in. Many countries shut down their borders, entire airports spent weeks or months without operating, and this meant that we all had to get on with life without being able to move freely. Often we are stuck in habits we are used to because it’s what we have always done. If you feel that a meeting could be changed from in person to online, then why not do that and cut down the cost of traveling? Again, there’s a huge environmental benefit here too so it can be a great change to make whenever it won’t compromise the quality of the meeting. Take a look at Winters.com for some great products.

Outsource Bookkeeping
Bookkeeping is a very important part of running a business but if left in house it can put a lot of extra pressure on your staff. When you hire a professional to manage your bookkeeping, they often bring with them ample experience and specialized knowledge, which can actually help you save money on your taxes. So while it’s sometimes a case of spending more, it will free up time for your staff and can have considerable tax benefits which can mean more cash in your business’ back pocket.

Being able to quickly and smartly cut business expenses can be a great skill set that can help you navigate both growth in your business, but also times of high stress. Hopefully these 4 ways to quickly cut business expenses give you some ideas you can implement to reach your goals.