Budgets are tight right now and getting tighter, especially for small businesses. Since gasoline prices affect all parts of our economy, you can bet that if one financial part of your spreadsheet hasn't gone up, it will soon. To combat these darkening times, it can be good to take a close look at how your business runs, and what you can do to keep it in the black.
One idea that has been in the limelight recently is the four day workweek. The basic idea is to have your employees work an extra hour or two a day for four days. This is the same amount of time normally spent working a full week, but employees don't have to waste any extra gas. Also, all overhead costs on your building would take a break; no A/C, lights, water, or electricity for an entire day.
Another idea is to take a weekend to pour over your asset lists and compare them to what you actually have. Especially in companies that are capital equipment heavy, the tax breaks alone could be extremely beneficial. For example, if you have a list that is a few years old, you might find that you are paying taxes on equipment that you got rid of long ago, or have replaced with something more tax friendly. Make sure to do a complete inventory before you do your yearly, quarterly, monthly, or weekly supply runs. You might just find a treasure trove of supplies in an abandoned closet that were bought long ago and forgotten.
Use technology to its fullest extent. For example, take a close look on how much paper, storage, postage, and other physical items that you use each month. How much of that can be replaced by a digital version? Can your business work well with emailed invoices and internet payments? Would an external storage device work just as well or better than that huge filing cabinet of yours? Don't forget communications! Use teleconferences to replace face-to-face meetings. Train your people to setup a quick conference call with the three or four people involved instead of a multitude of back-and-forth long distance calls.
Like dieting, saving money can be as easy as watching what you consume. Keep your eyes peeled and stay smart about what you purchase, what you use, and how you use it.
