Are You Taking Heat on Your Small Business Bills?

When you entered 2013 a few weeks ago, what were your top goals for the next 12 months?

If you’re a smart small business owner, saving money wherever possible has to be one of your top priorities, especially in this day and age where the economy is still at times struggling to get its feet firmly set on solid ground.

Given the noted fact from the Small Business Administration (SBA) that more than half of small businesses go under in the first five years, company owners must always be looking to save dollars where and whenever possible.

Among a number of things that can go wrong for small businesses include: a shortage on experience, insufficient money, poor credit, poor locale for the company, and bad sales numbers.

If you want to avoid seeing your small business take a financial hit in 2013, keep in mind the following tips:

* Hire correctly - While it would be nice to disperse as much of the workload as possible to a number of employees, many small companies come to the realization that a number of their workers must take on extra work, allowing the company to avoid making additional hires. When small businesses make added hires, that can mean more salary, additional health benefits, etc. Make sure those you hire are capable of handling a sizable workload, work well under deadlines, and will hopefully stick around. By covering all of those items, you lessen the chances of having a revolving door at your company, something that leads to added cost for repetitive training;

* Buy products and services wisely - All companies must invest in products and services in order to best serve their customers. When shopping for such items, look to get the best goods and services at the best prices. Make sure you get a number of quotes, look to see the customer service you will get from providers, and take on products and services that will last you a long time;

* Get your employees involved - Whether it is recycling programs or lowering the heat or upping the air conditioning temperature, look to save money at any opportunity you get. When you get your employees involved, a team effort can save you money. Ask your employees to do things that not only benefit your business, but benefit them too. The more your employees invest in the company, the better their morale and production should be;

* Cut your losses - Finally, do away with programs, plans, and even employees if need be when you’re taking losses. While a revolving door regarding employees is not good, having an underperforming employee is worse. The same holds true if your marketing, advertising, social media campaigns are not working. Always take the time to review how and why you are investing money into your small business.

Over the next 12 months, take the time to reflect on why you’re in business to begin with, along with how you can take your small business to new heights in 2014.

About the author

Dave Thomas writes for a variety of websites on topics such as human resources and running a small business.


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