Boost Your Business’s Bottom Line With These Money Saving Tips

September 29, 2016

Picture from: Pixaby

Always being on the ball will help you run your business more efficiently which in turn will save you money and boost your bottom line. There are probably lots of ways you are unintentionally losing money or not making the most of what you have. Below are some ideas that will save both time and money so you can free up some cash flow for better marketing or more inventory in the future.

Build Up Your Referrals

Building up referrals is often overlooked by businesses. However not only will it save you money on marketing and PR but it will also make you money, as potential new clients are sent your way. A great referrals list can secure many new projects or sales for your business. To build up referrals share your ideal client profile with your current customers. They can then work out if they have any friends or family who may benefit from your services. And you will get the ideal clients too. Use networking events to create groups that will refer each other’s businesses to their clients. And always live up to the expectations of the person who is referring you. Deliver quality, service and expertise at all times.

Create A Virtual Office

Save a ton of money on unnecessary overheads by ditching the physical office and using the services of a virtual office instead. You’ll save on rent, furniture, computers, printers and tea and coffee. And your employees will appreciate flexi-hours and no commuting. Companies such as yourvirtualofficelondon.co.uk offers pay monthly services with everything from giving you a prestigious city address, access to a mail box and also PA and reception services that can take your phone calls for you. Even if you work remotely, it is still beneficial to have an impressive city address for your ‘virtual’ office. Clients and customers will feel more assured and confident in your services if they are not sending correspondence to a home address. Using PA services will also save money on hiring a full-time PA/receptionist.

Hire Temps And Interns For Ad Hoc Work

Do you hire staff on a full-time basis but are often left wondering what they are doing half the time? Then why not cut your costs by hiring temps and interns instead? Temps can be brought in at busy periods of time or when special projects are coming up. This is far more cost-effective than hiring full-time staff. And interns will appreciate the experiences that can be gained from working for a small business. They are not work-shy and will be keen to learn and take on more responsibility.

Tax Deductions For Home Based Work

Get savvy about the deductions you can make for home-based work. You can deduct a section of your rent/mortgage and utility bills as business expenses. And you can also deduct certain home maintenance expenses. Work out the percentage of square footage your office takes up in your home and this will be the percentage you can deduct off many of your bills. You can deduct your whole phone bill if the cell is used purely for business. And the same goes for anything you do to the room you use as your office space. If you’re business smart, you won’t fail to claim your home-based tax deductions. You can contact the IRS to find out all the rules and regulations that apply to your circumstances.