Saving money and cutting costs as a business can be tricky-if you’re a start-up in the early stages this can be especially difficult. Without balancing the books, your business could potentially fail. Looking for ways to cut costs can be easier and faster than trying to boost sales. No matter your industry or location, you should be able to apply most of this advice even if you may need to tweak it a bit to suit your needs. In this contributed post, here are some tips in how to save money in your business:
- Taking advantage of Duty Drawback.
In short, Duty Drawback is a refund of duties and fees previously paid to U.S Customs. Duties are paid when goods are imported and subsequently exported. Duty Drawback is also commonly used by exporters for manufactured goods and rejected or unused merchandise. A drawback of these duties can be claimed through a personalized program. Custom brokers take on the burden of customs clearance leaving you free to run your own business.
Large customs brokers have the experience, expertise, locations, and personnel in place to help you get your shipments cleared on time, regardless of the type of shipment or port of entry. Core customs clearance services include filing of duty drawback and processing of claims from duty drawback experts who specialise in identifying the potential drawback types you can pursue, as well as communicating with various U.S customs regarding your claims. The drawback process is not simple but that is where drawback experts come in. This means that the company has completed a comprehensive due diligence process. The Trade Certification proves that they are ready to meet the international due diligence demands. As a business owner, it is essential to retain profit margins as inefficiency can actually cost businesses up to 30 percent of their revenue each year. Do some research to see what kind of investments could make a difference to your company as investigating trade transactions and claiming duties and tax refunds can be extremely worthwhile in the long run.
2. Going Green/Implementing an Energy-Saving Strategy.
Whether you’re running a home-based business, or an office, whatever kind of space your business is using, the more energy efficient your space is, the lower utility costs you’re going to have. You can start saving by upgrading lights, and new office hardware including computers, phones. Or even installing a fan to circulate the air instead of using the AC everyday can be very cost-effective.
3. Moving away from traditional marketing.
Every business owner seeks to obtain a healthy profit margin.The key to maximizing these margins lies in keeping track of what’s going in and out. It is important to cut out unnecessary costs. It is expensive to run ads on TV and in print. Instead, it may be wise to turn to low-cost forms of marketing. New forms of digital marketing in particular are comparatively low-cost and can provide large pay-offs. Effective social-media marketing can be done in a short space of time every week, and the cost of a Facebook and Twitter account is zero.