Ideas for Reducing Business Expenses

As a small business owner, you are always looking for ways to cut expenses. Here are some innovative ways to cut down on five of your most significant business expenses.  

1. Insurance

It costs a lot, and you hardly ever use it. So don’t buy insurance. What’s the worst that could happen?

2. Taxes

C’mon, we all know we pay too much in taxes. With a little creative accounting, you can surely bring down the amount you hand over to the government each year.

3. Employees

They take breaks and vacations, and they get sick. Frankly, they are hardly worth the trouble. However, if you must have employees, pay them as little as possible.  That’s why we have a minimum wage. It’s so employees can’t complain when you pay them less than they want. It’s the law. 

4. Advertising and Marketing

It’s all gimmicks. Everyone knows that quality products and outstanding service speak for themselves. Once you’ve established a loyal base of customers, they’ll tell their friends. Before you know it, you’ll be fighting them off at the door. 

5. Owner Salary

Yep, the amount you pay yourself is identified as one of the top five expenses you are spending too much on. So should you reduce your own salary? Well, let’s not get crazy. You get what you pay for, after all. You should probably give yourself a raise!

There are few business owners who would consider implementing any of these insane ideas for cutting expenses. Legal ramifications aside, they are clearly bad ideas. And yet, many sensible business owners would not do as well on similarly ridiculous statements about their technology use. 

Give yourself a little test to see if you recognize the crazy in these ideas. 

• I don’t need a video hosting service because I don’t use video

This statement is an extension of saying that you don’t need marketing or advertising. You’ve already agreed that that’s crazy. So look around. In case you haven’t noticed, much of the most meaningful and effective marketing and advertising out there happens online, with video.

• I can manage my own video content

Sure, you can, if you plan on posting one or two YouTube videos each year. Otherwise, you need a partner who can help you integrate video content management as you create and implement assets.

If you are serious about fully leveraging your video assets, you need a hosting provider who has the expertise and bandwidth to provide you with online video content management and a mobile video platform. 

As technology introduces new ways to attract, educate and serve customers, it also introduces new challenges and complexities.

Trying to navigate the technical aspects on your own, while focusing on your core business, can make you lose your mind.

About the Author:

Jessica writes about a wide variety of topics. She especially enjoys writing about business.