It makes sense to look at some expenses quarterly to see if it’s time to negotiate better pricing. Changing vendors or negotiating can take some time out of your day. It’s time worth spent though when you save overall annually.
It certainly can’t hurt to be on top of some minor expenses which seemingly add up. Here is a short list of a few small business expenses to watch:
- Bank Charges
- Phone Bills
- Web Hosting
- Travel Expenses
Banks have a lot of fees. Banks charge you for your checking account, wire transfers, transaction processing and so forth. Contact your bank and take a deeper look into how you can create some savings. Sometimes even linking accounts will save you on your checking fees. Banks change their fees quiet often and most likely they aren’t the same as when you first opened your account.
Telecom technology changes quiet rapidly as well. So it’s important to stay on top of these expenses. VOIP- voice over IP sends the call over Internet vs. traditional methods, but it’s been known to save you on costs. The downside to VOIP is that sometimes the service isn’t impeccable, but the savings might be worth it. Also -you can make Internet calls for free with Skype which is another option worth mentioning.
Web Hosting should be watched carefully as there are a lot of one off charges that can add up. You may want to revisit your provider plan and it’s monthly hosting fee.
Shipping – if it doesn’t have to get somewhere overnight, don’t send it that way. If you can ship 2-day vs. overnight on all your packages you will see a savings. So – make sure your staff is aware of what shipping methods you would like to use going forward and to only use overnight and express shipping services when needed.
Rent – renegotiate your lease if you can. I am sure they won’t want to loose tenants so they will try to work with you if they can. If it makes sense also check to see what the market has to offer. You certainly don’t want to make a habit of moving however it may make sense depending on the savings. Remember though that you must also take into account the overall cost of a move as well.
Travel Expense Policy – provide employees with a travel expense policy along with a list of items that you will expense (meals and airfare) and those you won’t (airport lounges and gym fees).
Insurance – health insurance, car insurance, liability insurance and so forth should be looked into to see if there is a potential savings from using a different provider.
It can never hurt to save costs where you can so a quarterly review of expenses might be a good habit to get into.
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