How to save your business money this financial year
Save your business money some money this year!
Despite the strength of the Canadian economy, we can’t help but struggle with the global problems that continue. What this means is that many people are taking the chance to back themselves and open businesses with the job market looking unhealthy. But, one of the key things that people underestimate is how making small changes can save businesses lots of money.
Whether you are in the market for mortgages, insurance or credit cards it’s the minor details that can make a huge difference. With many businesses spending half of their electricity after employees leave, there has been much talked about how things work in the office. Here we will look at other money saving opportunities and also how to make quick money.
Choosing the right credit card
Regardless of if you are looking for credit cards in personal life or for your business there is much to choose from. The truth is that not every card is equal so be sure to compare them at a place like Ratesupermarket when you are on the hunt. What you need to look for is:
- Customer service – You need the answers before you know the questions, so a company with a top back-end team is imperative.
- Interest rates and terms – These all change from bank to bank, so be sure that you know what you are getting back from your commitments.
- Business needs – Forget the free flight and perks, know exactly what it is they you need from your bank and what they want from you before offering you any incentives.
- Products – You never know what you might need so ensure that you can take out a cash loan whenever you want. Consider all the financial offers.
The key thing to consider is how much money you might need over a short period, and how your credit card can help this problem. Reward programs may be enticing, but how do they measure up to the interest rates? Business flexibility is crucial, so shop around and understand exactly what you want. If you have a personal loan and you’re worried it might get in the way of your business dealings, checking out SoFi’s personal loan calculator to see how you can better repay it and how to manage it.
Picking business insurance
Premiums continue to rise each and every year, some as much as 600 percent, and with this often being one of the biggest costs it’s unsurprising that you need to look for a better deal. One bad day and the unfortunate incident could lead to major financial problems for you. Here are five ways to trim the premiums without slacking on your needs:
- Need analysis – Is it public liability, worker compensation or property insurance that you require? If you’re a tradesman, you may want to protect your business with subcontractors insurance. Make sure that you aren’t paying for anything that you don’t need, are you down for burglary insurance? Why not install security systems?
- Safety improvement – All business owners have liability for one thing or another, so by finding ways to increase employee and customer safety can lead to a lower need for insurance. Have a word with a safety expert, and see what you can do in the office or store to reduce potential hazards.
- Can you get a package? – Consolidation is key in many parts of life. By moving policies into a multi, all-inclusive format you can get many discounts.
- Scout around – Premiums vary wildly from company to company, so take the time to get as many quotes as possible and use comparison websites so that you can save money overtime
- Fluctuation of needs – If things go to plan, then within six or 12 months, your insurance needs may well change. This means that policies need to be able to be changed and updated when necessary.
These are just two of the ways that businesses can save money every year, but they are crucial parts of your expenses. Have a look over these, and consider your mortgage or phone bills as well as you work to a more affordable expense sheet.