5 Ways to Reduce Your Business Expenses in 2020

Organize your 2020 tax life

Start by keeping track of your income and expenses right away. Familiarize yourself with the latest tax rules to understand any tax credits or deductibles you’re entitled to. Doing this in advance ensures you’ve kept all the documentation you need, helps maximize your chances of filing accurately, and saves time and stress when it’s time to file.

I think we can all get behind less stress!

Re-evaluate your recurring expenses

Make sure you have the best options on the market when it comes to service providers such as insurance, banks, and cell phones. This is especially important if you haven’t looked at these contracts in the last two years as new options are always popping up.

Review vendor contracts to see if you can re-negotiate terms or put a contract out for bid again.

Another way to reduce costs is to cut unnecessary expenses such as a landline phone and paid subscriptions you’re no longer using.

Go green

Going green is not only good for the environment, it’s good for saving money as well. Going paperless will cut costs associated with paper, ink, mail supplies, and postage and nearly everything can be done online (invoices, expenses, employee forms, reports, etc.). As a bonus, everything stored in the cloud is accessible at any time from any location.

Electricity can also be a huge expense in offices. Some ideas to save electricity – and money – include unplugging unused electronics or making use of power strips, turning off lights overnight or using occupancy sensors, replacing outdated bulbs with cost-efficient LEDs, and switching to energy-efficient appliances. Don’t forget to take advantage of tax credits for going green!

Ask for TrashLogic's Commercial Sustainability Guide.

Manage your time

Time is money – don’t waste it. Use apps that minimize your distractions and allow you to focus, track time spent on activities to see where there are overages, avoid unnecessary meetings, and ensure obligatory meetings start and end on time as well as stick to the agenda.

Make choices regarding your time today that will save you time in the future and avoid actions today that will rob you of your future time. Automation is a good investment of time, for example.

Leverage technology

Use technology to your advantage and create efficiencies within your business. Automation can make a huge difference in saving both time and money and there are tools that can automate at least some standard aspects of nearly every business function - accounting, finance, marketing, customer service, etc.

If you’re currently spending money on expensive software, check around to see if there are free or lower-cost alternatives.

Another money-saver is to utilize your data to learn how to better allocate your sales and marketing dollars.

These 5 simple actions will give you a head-start on a more prosperous and fiscally successful 2020!

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