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20 Simple Ways to Reduce Your Business Expenses

Tips| Accounting
September 15, 20222 min read

Q4 is upon us and now is the time to make a few cuts to the business expenses. Often, over the year you have had changes to your business operations and these shifts can make old infrastructure unnecessary or redundant. The objective is to cut expenses that will add money back into your bottom line without affecting your operations. This is not the time to make cuts that will prevent you from servicing your clients or continuing to grow.

Use this list to help you identify areas where you may be able to save money. 

  1.  Negotiate with your landlord for improved lease terms. 

  2.  Sublet unused office space. 

  3.  Pause unnecessary maintenance and upgrades.

  4.  Sell equipment you don’t need or use, thereby reducing storage costs.

  5.  Negotiate a better mobile plan based on lower cost per device if you have grown, or downgrading the plan if it is unnecessary.

  6.  Use a smart thermostat to reduce heating and cooling. 

  7.  Replace business meals with coffee meetings.

  8.  Reduce travel by using videoconferencing. 

  9.  Go paperless whenever possible, which is a win all around.

  10.  Negotiate with suppliers for discounts.

  11.  Sell or return leftover supplies instead of discarding them. 

  12.  Cut back on unnecessary inventory.

  13.  Compare insurance policies to ensure that you’re getting the lowest rate. 

  14.  Pay a higher insurance deductible to lower your monthly premium. 

  15.  Review your ROI for your marketing methods.

  16.  Cancel unnecessary subscriptions (magazines, newspapers).

  17.  Cut any unnecessary overtime. 

  18.  Maximize your tax deductions. 

  19.  Automate time-consuming tasks with a service like Zapier.

  20. Review your app subscriptions and ensure all are still being used.

Be mindful that cuts do not create more work for an already busy team and remember that time is money. Want some help implementing cost saving initiatives in your business? Book a consult call HERE.

What cuts have you made this year that have helped your business grow?

Business Expenses

Tiffany-Ann Bottcher, MBA

Tiffany-Ann Bottcher, MBA is the CEO of Bottcher Business Management Agency. With over 10 years of experience in business, finance and operations, Tiffany-Ann has a unique ability to help service-based business owners to scale their businesses without losing sleep. As an operation and automation expert, she has helped businesses from all over the world streamline their processes and increase efficiency. Her clients love her no-nonsense approach to getting things done, as well as her dry sense of humour. When she's not helping entrepreneurs achieve their goals, Tiffany enjoys spending time with her husband and three young children.

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20 Simple Ways to Reduce Your Business Expenses

Tips| Accounting
September 15, 20222 min read

Q4 is upon us and now is the time to make a few cuts to the business expenses. Often, over the year you have had changes to your business operations and these shifts can make old infrastructure unnecessary or redundant. The objective is to cut expenses that will add money back into your bottom line without affecting your operations. This is not the time to make cuts that will prevent you from servicing your clients or continuing to grow.

Use this list to help you identify areas where you may be able to save money. 

  1.  Negotiate with your landlord for improved lease terms. 

  2.  Sublet unused office space. 

  3.  Pause unnecessary maintenance and upgrades.

  4.  Sell equipment you don’t need or use, thereby reducing storage costs.

  5.  Negotiate a better mobile plan based on lower cost per device if you have grown, or downgrading the plan if it is unnecessary.

  6.  Use a smart thermostat to reduce heating and cooling. 

  7.  Replace business meals with coffee meetings.

  8.  Reduce travel by using videoconferencing. 

  9.  Go paperless whenever possible, which is a win all around.

  10.  Negotiate with suppliers for discounts.

  11.  Sell or return leftover supplies instead of discarding them. 

  12.  Cut back on unnecessary inventory.

  13.  Compare insurance policies to ensure that you’re getting the lowest rate. 

  14.  Pay a higher insurance deductible to lower your monthly premium. 

  15.  Review your ROI for your marketing methods.

  16.  Cancel unnecessary subscriptions (magazines, newspapers).

  17.  Cut any unnecessary overtime. 

  18.  Maximize your tax deductions. 

  19.  Automate time-consuming tasks with a service like Zapier.

  20. Review your app subscriptions and ensure all are still being used.

Be mindful that cuts do not create more work for an already busy team and remember that time is money. Want some help implementing cost saving initiatives in your business? Book a consult call HERE.

What cuts have you made this year that have helped your business grow?

Business Expenses

Tiffany-Ann Bottcher, MBA

Tiffany-Ann Bottcher, MBA is the CEO of Bottcher Business Management Agency. With over 10 years of experience in business, finance and operations, Tiffany-Ann has a unique ability to help service-based business owners to scale their businesses without losing sleep. As an operation and automation expert, she has helped businesses from all over the world streamline their processes and increase efficiency. Her clients love her no-nonsense approach to getting things done, as well as her dry sense of humour. When she's not helping entrepreneurs achieve their goals, Tiffany enjoys spending time with her husband and three young children.

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COPYRIGHT © 2022 BOTTCHER BUSINESS MANAGEMENT AGENCY

8661 201st Street, 2nd Floor, Langley, BC, V2Y 0G9, Canada


COPYRIGHT © 2022 BOTTCHER BUSINESS MANAGEMENT AGENCY

8661 201st Street, 2nd Floor, Langley, BC, V2Y 0G9, Canada