Guidant Financial Group Blog

10 Ways to Cut Business Costs

Wednesday
Businessweek.com recently published a very relevant story called, 10 Ways to Cut Business Costs. There is no doubt that many small businesses are looking for ways to cut costs and improve profits during these turbulent economic times. This article identified great ways to save money by:
  1. Reducing energy use
  2. Allowing staff to telecommute
  3. Ask for discounts from suppliers for paying invoices early
  4. Curb your travel expenses
  5. Renegotiate your office lease OR move
  6. Don't buy new
  7. Barter services
  8. Only hold pertinent inventory
  9. Clear your books of assets you no longer have to reduce your insurance bills and taxes
  10. Take advantage of tax deductions

Our version would have included a #11. If you believe your business had significant growth potential, you might consider investing in it's future by investing your retirement funds into the business without taking a taxable distribution....and eliminate the debt. Again, it's only prudent if you think the upside is significant. It is possible through the Guidant's 401(k). It's an interesting option to consider instead of small business financing!



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posted by Guidant Financial Group @ 4:38 AM

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