When it comes to keeping your company above water financially, every penny counts. There are many ways to save money on operating costs so that you may redirect funds to the most important aspects of your business or invest in the future growth of your business; however, many business owners may be unaware of the technologies that are easily available to the general public and can give their business the boost it needs. These four helpful tactics below have been proven to work in the current business landscape.
There is no reason that you have to pay the overhead for manual labor that you have to keep up with in a physical office. With virtual assistance, you can have the same administrative as well as operative power without dealing with the health care costs, maintenance expenses or the personal costs of hiring new employees.
It is also much easier to replace a virtual assistant that you do not like; there is no paperwork and there are companies with many VAs that will match you with their best until you find the right fit for your company.
Any entrepreneur who has tried to start up a new venture knows how difficult it can be to get the ball rolling – and expensive as the costs begin to add up over time. There are many ways business owners can work to keep their expenses down and one of these methods includes outsourcing. Whether you have three people working for you, or 30, outsourcing your bookkeeping can be hugely beneficial for the following seven reasons.
1. Less mistakes.
In the early stages of a business, you are a one-person operation. All of the hats, from bookkeeping and marketing to cleaning and sales, must be wore each and every day. By doing several jobs at once, it’s much easier to make mistakes due to lack of time and energy or even simply overlooking some assignments.
Starting your own business as an entrepreneur puts you at significant financial and personal risks. However, there is one risk – not saving for retirement – that you don’t have to subject yourself to. Whether you run your business alone or have a few employees at your back, there is a 401k plan available that can help you ensure that your golden years are stress-free.
Just because your business is a one-person operation doesn’t mean you (and your spouse) have to miss out on the benefits of saving for retirement with a 401k account. You can set up an individual 401k (also known as a one-participant or solo- 401k) plan through your bank or another financial institution in order to contribute pre-tax funds into a savings, mutual fund, or money market account of your choosing.
This guest post is brought to you by Outright.com, an alternative to Mint for business. Sign up today and make tax time less taxing!
Tax time is rough for everyone, but it can be particularly brutal for business owners. Everyone needs a little help from time to time, but business owners need to find every break they can to help them stay in business and grow their company.
However, these breaks aren’t just handed to you, and you have to know what they are ahead of time to take full advantage. According to an Outright study completed last year, business owners leave two major tax deductions on the table every year… and taking these deductions could save them tons of money! Continue reading
It’s almost time for Ventureneer’s next webinar: “Time Management for Busy Business Owners,” which will be lead by President of Pro Way Development Laura Jacob and will take place Wednesday January, 18 2012 at 12 noon – 1 pm ET.
“Time Management for Busy Business Owners” will cover how to:
- assess your time management skills
- distinguish between what’s important and what’s urgent
- apply tools to determine priorities
- examine new time management strategies and techniques
- make good decisions under pressure
- choose the right time management tools and techniques for your job
- do more in less time
The cost is free, as always. Register here now!