When running a small business every dollar counts. And companies can’t afford to waste a single one. Operations can require a massive investment, from property to machinery to vehicles. A company workforce is often the most expensive outlay. In today’s competitive market, it’s important to run a lean operation, yet still maintaining quality. Here are some things to review that can save money while increasing cash flow:
- Many small businesses pride themselves on high-class office space and oversized warehouse areas. Sometimes that can be too much, which wastes precious capital. Take a look at the company’s facility needs and adjust accordingly. Perhaps moving to a smaller space might make more sense. Also, consider buying property versus renting. The investment will enable a company to build equity in the real estate, especially in areas with growing property values.
- Consider leasing vehicles instead of buying them outright. This may save on maintenance and depreciation costs. Leasing companies often handle all the paperwork.
- Updating outdated equipment may end up cutting utility costs and maybe a good investment long-term. Newer machinery is often more energy-efficient. The cost of the equipment may be tax-deductible as well.
- Most energy companies will help their customers make the facilities more efficient. It’s worth contacting the supplier to see how they can help cut energy costs.
- Consult with your insurance provider about instituting a wellness program for your employees. Not only will your workforce become healthier and more productive, but the company’s health care premiums can also be reduced with such a program.
We understand that running a business is hard. We’ll work with you to negotiate terms that will save your company money. Call us today to see how we can help.