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All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

5 Ways To Save On Business Expenses

do your own taxes

The cost of running a business seems to increase annually. Without fail, you will see everything getting more expensive, from renting the space needed to run the business to paying employees and even down to the additional fuel tax on your next flight. It all adds up.

It can be quite overwhelming so we have five ways in which you may be able to save on the cost of running your business.

Shop Around For Utilities.

It may sound like a trivial answer, but putting in a little leg work when it comes to finding the best utility provider for your business can reap great rewards. Brand loyalty means very little to the utility providers these days. Further to this, they take complete advantage of the fact many of their existing customers will automatically renew contracts with them as they cannot be bothered to look for alternatives. New customers often get the best tariffs so it can be worth shopping around to see what is best for you.

Go Paperless.

This can save you both time and money. From little steps such as not printing the handout nobody reads in the morning meeting, because they have it on email anyway, to investing in a software that allows everyone to e-sign important documents. You save money and play your part in getting a greener planet.

Travel Better. 

We all know that the further in advance you book, the better deal you get. But did you know that with various credit cards you can collect points on your purchases and these can then be used as money off of your next flight? One of the best schemes for doing exactly that is with Qantas. Comparing Qantas credit cards for example, could help you to start saving on your next trip right away.

Upcycle.

This can not only save you a small fortune but it can also add character to an otherwise typical office environment. By investing in, let’s say, pre-loved office furniture you get to have functional and operative equipment in your office without the hefty price tag of buying everything brand new. Obviously, it is important to ensure proper functionality of the goods for the purpose you require, before buying it, but it is definitely a way to save a good chunk of the business’s decorating budget.

Office Space.

Sharing office space works on both large and small scales. Larger organisations may be able to save on leasing costs by sharing a floor of the building with another company. Smaller businesses may be able to literally share an office with another small company. Alternatively, some businesses may like to utilise coworking spaces and this way the office space is often much more relaxed and you can move around as much as you want, if business needs suddenly shift to another part of the city.

Remember, there are many ways in which to tighten the purse strings for your business. Why wait until the next quarter to start saving when you can begin today?

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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