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Your Business: Tips for Cutting Costs

Last updated 6 years ago

Cutting expenses wherever possible is a great way to maximize profits and improve the health of your business. Read on for a few suggestions of ways to streamline your costs.

  • Go green: By decreasing your use of resources, you’re also decreasing your costs. If you set your thermostat a few degrees lower in the winter or higher in the summer, you’ll see a significant drop in your energy costs. Going paperless will save trees and keep money in your pocket because you won’t have to purchase as much paper.
  • Get virtual help. If you need occasional assistant services or want someone to answer your phone but don’t want to pay a full-time receptionist, look into virtual assistant services. You only pay for the hours you use, and you’ll find that the overall expense is lower than hiring a face-to-face employee.
  • Negotiate with your landlord. If it is time to renew your lease, talk to your landlord about lowering your rent. In these uncertain times, he might be willing to compromise a bit with you rather than risk losing a tenant.
  • Cut extras. Small cuts in expenses will really add up, so don’t be afraid to take a ruthless look at your finances. If you’re buying top-of-the-line office supplies or flying first class on business trips, ask yourself if it is really worth it. You might find that don’t even miss the perks.
  • Evaluate credit card processing expenses. If you accept debit or credit transactions, your processing fees could be adding up to a major expense. Large businesses typically get discounts on these services because of the volume of transactions, but small businesses may find that their revenue is being eaten up by these costs. To decrease processing costs, contact professional negotiators like Merchant Advocate.

Growing your business means maximizing profits. If your credit card transaction rate is slowing your business’s growth, call Merchant Advocate today at (732) 727-2073 for help negotiating for the lower rate you deserve.

 

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