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5 Tips to Save Money for Your Business

Date: October 8, 2021

These tips can save you thousands, work smarter – not harder!

If you’re looking to save some money and increase your profits, we’ve got a list of tips for doing just that. With these clever ideas from savvy business owners like yourself; there’ll be more than enough left over so don’t feel guilty about skimping out on supplies or services during tough times because every penny counts towards success. Here are our top five ways to save money for your business.

1) REFERRALS – Why not ask your contacts for help? Whether it be friends, family, acquaintances, colleagues, happy clients, or even past clients – chances are they may be able to refer business partners or give out information about your products and services. The more people know about your business and the value you provide, the better! Offering an incentive such as a referral bonus can go a long way. Give your people a call and ask for a referral, if you don’t ask the answer is always no.

2) GIVE ADVICE – If you want people to believe your business or idea, don’t just tell them – show them! Expertise can be used in all sorts of ways: teaching a class, for example, demonstrates expertise and knowledge on an area while writing articles will increase visibility across different platforms including local papers that often cater towards those topics too. After the initial up-front investment of time – you can turn these intellectual assets into a passive revenue stream, more money – less work – more time. 😊

3) VISIBILITY – It’s important to let people know where your business can be reached. You should include the URL in all places where potential customers might see it, like letters and e-mails or company vehicles! You may even want to consider doing periodical speaking engagements, commercials, radio ads, and leverage social media platforms. If you’re not taking advantage of the majority of these advertising vehicles, get started today!

4) CONTRACTORS – Hiring independent contractors can save you from having to withhold or pay payroll taxes on wages, generally speaking (make sure that they fit the definition provided by the IRS). Leveraging outsourced professionals overseas can add up to some substantial bottom-line savings when done correctly. Learn to delegate the things you can to lower-paid members of your team (internal and external) and reap the rewards for good leadership and savvy entrepreneurial spirit.

5) REMOTE WORK – If you are of the many that now work from home, don’t miss out on the beneficial tax deductions. Did you know you are able to deduct a portion of your mortgage (or rent), your utilities, housekeeping, lawn care, pest control, security, etc? Any costs to upkeep your home should be properly accounted for throughout the year so that when you’re ready to file your taxes you maximize your deduction for Business Use of your home.

These tips can help you reinvest the money you will save back into your business, your household, or your community! Are you curious to learn what you can do from a tax standpoint to save MORE? Click here to schedule a complimentary assessment with one of our Tax Strategists.

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