4 Small Business Expenses That Could Possibly Cut Your Spending

Image Source: Getty Images

Don’t spend more money than necessary.

Key Point

• Saving money for a small business is important.
• There are also costs that can be cut.
• Consider cutting food, marketing, and credit card fees.

They say it costs money to make money, and there’s a lot of truth in that. But the reality is that the amount you are spending in the process of running a small business may be excessive. Here are some expenses you may be overspending.

1. Eating and drinking in the hotel

It’s great to offer your employees perks like free coffee, snacks, and even meals. That way, you can show your appreciation while keeping your team happy and efficient. After all, if an employee has to run to the corner store or Starbucks around the corner to refuel three times a day, he tends to affect productivity.

At the same time, on-site dining is not one of the standard benefits offered by all companies. You may not be able to ditch your health insurance, but you are not obligated to feed your staff all day long. So if that cost is taking a toll on your budget, it may be time to cut it.

That said, you may want to keep drinking coffee — and just stop eating and snacking.

2. Marketing

Small businesses need to be marketed – no doubt about it. But are you paying too much to expand your reach? Sometimes you need someone to spend a few hours a week updating your social media. But do you want a 40-hour week social media director? Probably not.

Take a look at your marketing budget and make sure it’s reasonable considering the potential benefits. For example, if you’re spending a lot of money on print advertising, and it’s not driving a lot of business the way you do, it might be time to unplug.

3. Credit card fees

Have a small business credit card with fees? There may be more cost effective alternatives. Sure, smaller business cards with hefty fees tend to offer better rewards. It may be time to downgrade to a card.

4. Business lunch

Business lunches are a great way to network and grow your business. But if you’re paying three weekly fees, it might be time to cut back. There are other ways to meet people in your industry, such as attending trade shows and conferences. These may cost more than his single meal, but you can make multiple connections at once.

It costs money to run a business, but certain expenses incurred can definitely be considered an investment. For example, hiring an experienced and knowledgeable accountant may be worth the cost, even if you can find someone with a lower rate. But if the above costs are taking up a large portion of your budget, it’s time to examine these costs and see if there are steps you can take to reduce them and save cash for your business. is worth it.