Owning a small business isn’t cheap by any means. There are hundreds of things to spend money on, and keeping track of all of them can some times feel like its own job. While the importance of budget tracking is a no-brainer, it can be easy to overlook items that you assume are necessary. You may be spending that hard earned revenue on things that seem unavoidable, but in reality are just slowing your business down. Let’s take a look at 5 things that are draining your budget for no reason:
Phone Plans
As a service business, you and your staff are going to need smartphones, tablets, and other gadgets to get the job done. While modern tech has made doing business easier and more efficient than ever before, they come at a price. It’s no secret that cell service providers are some of the best when it comes to gouging every penny possible from customers, it doesn’t have to be this way. Call up Verizon, T-Mobile, Sprint or whatever carrier your staff uses, and talk to them about your wireless plans. Chances are you are over-paying, or even paying for the wrong plan. If you’re willing to argue a bit with your provider, you can almost always decrease your bill. Threaten to leave for a competing carrier and you’ll have a lower bill by the end of today. On a similar note, there might be a few government programs that can offer free phone service. However, there could be some conditions and eligibility criteria that you may need to meet in order to avail such services.
Tax Penalties
This one is all down to organization. Luckily, next tax season is a full year away so there’s plenty of time to either inform yourself more on the tax system or look into your local accountants Edinburgh to see who will be able to help you avoid these penalties. Now use those tips to get organized and be prepared ahead of time for next tax season. Pay all of your taxes on time and you’ll save a big chunk of change on penalties and fees this time next year. In the case that you owe taxes to the IRS or have a tax dispute, it would be advisable to consult a tax attorney to learn more about how to get it settled.
Of course, a lot of people end up with taxes that are way too high to pay. This could happen for a number of reasons – e.g. issues with payroll – and it’s important you address this sooner rather than later. As a business owner, it’s your responsibility to get tax resolution services payroll tax problems, find ways to solve the problems, and make sure your business can stay afloat.
Bank Fees
Does your bank statement typically have more fees than actual transactions? You’re not alone. Banks are another business keen on scraping every nickel out of your business. But remember, just like you would do anything to keep a customer, so will they. Go in to your bank with the attitude that you deserve better, and you’ll walk out with less monthly fees. For example, ask about what it would take to get free checking for your business, you may simply need to maintain a monthly average (which you might already be doing!).
Subscriptions
Subscription models are designed to get you in the door and then let you forget about that $10 a month you have been paying for the last 3 years. Take a close look at your next credit card statement and make sure you aren’t paying for any subscription services that you haven’t used in months.
