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One thing all business owners want to do is save money. This should be your goal every year. But, how can you go about it? Read on to discover some of the different options available.
Get your taxes right
One of the biggest mistakes businesses make is paying their taxes incorrectly. There are a number of different ways you could be paying more than you need to. The first is through a lack of organisation. If you do not pay your taxes on time, you are going to receive a fine. The same goes if you do not submit your tax return on time. Not only this, but if you make errors or it’s believed you’re purposely withholding information, you could also be fined significantly for this.
There are then business owners who are losing out on money because they are not taking advantage of all of the tax breaks that are available to them. There are many different things you can claim for depending on the nature of your business, so it really is worth paying attention to this. Plus, you need to make sure you are using the most efficient tax accounting scheme for your company.
Switch up your suppliers
No matter what type of business you run, you are going to have suppliers of some sort. From purchasing a 24 well plate to buying packaging supplies, no matter what it is, you need to ensure you make wise decisions. You should never sacrifice quality but there is no need to pay over the odds either.
Accept mobile payments
Does your company support mobile payments? If not, now is the time to consider jumping on the bandwagon. There are many benefits to be gained by investing in a mobile PoS system, a lot of which people are not aware of. Read on to discover more.
Being able to pay for goods with their mobile phone is something that customers are coming to expect. As more and more businesses make the change, you are going to be putting barriers in the way of your customers if you do not adapt as well. This will also have a negative impact on your brand image, as you will be shown to be lagging behind other competing businesses in your sector, and this can cause you to miss out on sales and lose money!
Aside from this, one of the main benefits associated with mobile payments is that they are extremely fast. This is because you do not need to wait for a receipt to be printed, and so you will be able to process payments a lot quicker. This will increase customer satisfaction while also improving your levels of efficiency, which is especially important during busy periods in cafes and such like when potential customers may be deterred because of a long queue. Again, this all comes together to boost your bottom line!
In addition to this, you have the ability to leverage the effectiveness of your incentive programs by integrating them with your mobile payment applications. You can also track customer trends, which you can then use to enhance the service you provide, and you may be able to save money on credit card fees.
Save money with an online travel booking portal
Most businesses have the frequent need for their employees to travel. This can incorporate anything from attending an important meeting in another city to travelling abroad to oversee one of your company’s divisions. The reasons why are extensive, but with more and more companies competing on national and global scales, the necessity for corporate international travel is only going to grow.
The main issue with this is the fact that there are a lot of businesses who are spending much more money on travel then they should be. In fact, a lot of this money is accumulated via the lengthy process of planning and booking a trip. This means that many companies are failing to reach high levels of cost efficiency and this can be extremely damaging to those who need employees to travel regularly.
However, there is a solution, and this is to utilise an online travel booking portal. There are several companies offering this service. It will provide you with greater convenience when booking trips and so in turn will allow you to save money as well. Once you have this software in place you will be wondering what you ever did without it.
When looking for a company to provide you with an online travel booking you should seek someone who can give you a bespoke service. This will ensure that the software is completely catered to suit your business. This is important if you are to achieve optimum levels of efficiency. No one wants to sift through travel options which are of no relevance to their business.
So, what does a typical travel booking portal give you access to? Well, you will be able to book and manage the likes of air travel, rail travel, hotel stays, marine travel and car hire. And the great thing is; all of this is in one easy place. You don’t have to divert to different websites and book through an array of different platforms. All your options will be there on one screen. And not only that, but once you have put travel plans in place you will have easy access to all of the information you could possibly need; from flight schedules to live arrivals to itinerary management and more.
Finally, how do you find the best company and the best online booking portal? You evidently need to look out for the features already mentioned. However, it is also imperative to opt for a company who provides you with full training and support. They need to show you how to use the software effectively. Not only this, but aftercare is essential should a problem occur with the portal or you have a query. Aside from this, make sure the system is one that is easily integrated with your business.
If you don’t have an online booking portal in place for your company’s travel plans then you are missing out on a massive opportunity. You can cut back your costs dramatically and enhance the efficiency at which your travel arrangements are made. Low costs and increased efficiency; isn’t this what every business aims to achieve?
Use a free website builder
Are you currently paying for a web developer to manage this part of your company? Web development and maintenance services are very expensive, and there are lots of great site builders that are available today for a fraction of the cost, and sometimes even free. Wix and Siteground are two of the best. Not only do these tools enable you to manage and improve your site for a fraction of the cost, but you will have greater control over your site and digital presence too.
You can also make the most of free online marketing options too. Search engine optimisation is the most critical form of online marketing today, and it does not have to cost you anything! From keyword use and link building to making waves on social media, yes, you can pay someone to do this – but you don’t have to!
Get invoices paid on-time
Finally, make 2019 the year that you actually get your invoices paid on time. When invoices are settled late, it can cause all sorts of problems in terms of overdraft fees, not being able to pay suppliers, and not being able to take on work opportunities. You need to make a dedicated effort to ensuring that your clients pay you on time.
There are a number of different ways that you can do this. This includes having a payment terms and conditions policy in place. This should set out your payment terms, including any interest fees for late payments. You should also send regular reminders, by both email and phone. Furthermore, make sure you send out your invoices as soon as the work has been complete.
As you can see, there are a number of different ways that you can save money as a business today. If you follow the advice that has been presented in this blog post, you should be able to reap the rewards of a greater financial forecast for your company throughout 2019.