Lowering Business Expenses without Cutting Productivity
For new and small business owners, keeping expenses low is an ongoing project. However, there has to be a balance between business expenses and productivity to keep operations moving forward. Fortunately, there are a few things every business can implement to lower expenses while increasing productivity.
More new and small businesses are hiring contractors instead of in-house employees. This lowers business expenses because companies do not have to worry about unemployment taxes, or paying for benefits, health insurance, and other perks that eat into overhead. In addition to lowering business expenses, contractors are usually highly specialized, so you can usually find an exact fit for the role you need to be filled, and the contract can end if when the project is complete.
The Joy of Interns
On the administrative side of things, interns are always looking to build their resumes by working in exchange for experience. Interns are by and large unpaid and can fill in for those gaps not covered by contractors. It is worth placing ads on Craigslist and at local colleges to source interns willing to learn more either about the specific role you have open or about the industry at large.
Take Accounting to the Cloud
Small business owners often wear many hats and work long hours. The one hat that causes the most headaches is usually the one labeled “Accountant.” Performing accurate accounting takes a lot of time and requires knowledge that falls outside of the realm of business ownership. Hiring an in-house accountant is not inexpensive. Cloud-based accounting helps to automate the process and can be tailored to exactly the size and scope of your operations. From balancing the books to creating budgets, forecasts, and more, cloud-based accounting can allow business owners to wear one less hat, increase productivity, and free up resources that could be focused on running and growing operations instead of burning the midnight oil staring at balance sheets.
Factoring is a lot like automating your accounts receivable department. Instead of spending time tracking outstanding payments across multiple accounts, sending out friendly reminders, or performing collections, just submit unpaid customer invoices for factoring. Factoring eliminates the time and money used for the aforementioned tasks by immediately converting unpaid receivables to cash. Businesses that issue invoices with payment schedules of 30 days or longer use factoring services to lower business expenses and boost cash flow.
Growth Lending Group provides working capital solutions for businesses spanning all industries. If you want to lower your business expenses and automate your accounts receivable department, talk to the experts at Growth Lending Group and ask about our factoring program today.