5 Creative Ways for Entrepreneurs to Keep Overhead Low
During successful times, it’s easy to neglect your overhead costs. Avoiding unnecessary expenses can prevent you from having to take drastic money saving measures in the future.
Here are 5 strategies to help you increase your bottom line.
Office Overhead – How much of your physical office space is being used?Unused space can be shared with a non-competing business to help cut costs. Consider buying used or refurbished computer equipment, copiers, office furniture and recycled printer cartridges. Executive suites are a cheaper option for many entrepreneurs who work mostly from home, but need an impressive office when meeting with clients.
Employees – Keep your core staff as small as possible. As business picks up, independent contractors like Office Help Center. Consider offering internships to college students. You’ll get free or low-cost help while providing them with work experience.
Promotion – Split advertising and promotional costs with other businesses. Share mailing lists and supplier information with companies offering complementary goods or services. When you send out invoices, include advertising materials to save on postage. Don’t be afraid to ask your contacts for referrals.
Taxes – Keep up with your taxes throughout the year. Although receipts aren’t necessary for expenses less than $75, be sure to track them since they can add up. If you’re home based, in addition to deducting a portion of your rent/mortgage and utilities, you can also deduct a percentage of certain home maintenance expenses. Check with your tax advisor for more information.
Use the Internet – Join online chat groups to get the word out on your business. It’s a free tool, costing only your time. Explore the market and find your potential website visitors by searching forums and special interest groups related to your target market.
Have questions? Contact Office Help Center today!
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