I attend networking functions in Queens neighborhoods and meet intelligent people who own their own businesses. The general consensus is that due to the lack of available time and many responsibilities business owners face, they are usually blind to the places money can seep out of.
If you do not know where money is seeping from, you can still fix it. A company's phone service is its third-largest expense. When calling and reviewing your plan with your service provider, take notes. You will be amazed how you can trim fat off your phone bill.
Watch utility costs. Utility companies could charge based on the previous year's usage, which usually does not reflect the current year's use.
Review your banking services in detail with your banking representative and ask questions. My father said, "No question is silly if you don't know the answer." It is wonderful having free checking and getting free gifts, but review the fine print for minimum balance requirements and limited-period-of-time offers. You could pay much later on if not careful.
Health care can be the largest expense. Review your health plan, which could be key to saving your business money. Sometimes a 5 percent savings could mean another salary.
Taxes are often overpaid by companies being honest when filing. Sit down with your CPA twice a year to review your current situation and see what tax credits may be available for your business, or what tax benefits you are not using.
So How's Business regarding Queens business owners saving money? What matters is staying on top of expenses. Delegate duties, but do not allow your business to get away from you. Monies saved today could be the reason you will be in business 20 years from now.
You can reach Joe Palumbo at (516) 248-0256 or firstname.lastname@example.org.
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