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How Is Your Business Faring In This Economy?

How Is Your Business Faring In This Economy?

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Contributor KristineHistand
Contributor
Posts: 6
Registered: ‎01-19-2010
Message 1 of 2
(7,313 Views)

According to a recent Top 10 small business trends report published by USA Today, some business are focusing on offering bargains to appeal to consumers with tight budgets. Some businesses are letting full-time employees go and hiring part-time help and independent contractors, while others are saddling full-time workers with less pay/raises and more responsibility.

 

How is your business faring in this economy? Have you had to cut costs and/or staff? Have you asked your staff to take on more responsibility? Are you cutting benefits to save money? Are you cautious about expanding your business? Have you figured out a way to make the economy work for your business instead of against it?

 

Talk about what you're doing to survive and perhaps even thrive in this economy.

1 REPLY 1
Admin Emeritus Admin Emeritus
Admin Emeritus
Posts: 5
Registered: ‎03-05-2010
Message 2 of 2
(6,874 Views)

I'm being careful about my business expenses and especially travel. Fuel, tolls, wear and tear can really add up!

 

I fax a lot rather than second day mail or overnight. Saves money in postage.

 

Having a home office makes things a little easier because I  can get dual use out of my home/office line. I have Verizon FiOS so my connection speed is great, almost as if I were in an office.

 

I am using equipment longer too. Normall I would buy a mid-price laptop and get a few years' use out of it, but I'm going on year 4 with the one I have right now. I have to be careful to make sure I'm not using outdated equipment. When I do buy something major, I look for discounts online, check my business credit cards to see who offers an extended warranty, and who offers cash back on purchased. There are almost always ways to save $$.

 

I think the key is just watching what I spend, being smart about where I can save, and looking for great deals and discounts. I always use sites like ebates if I shop for office supplies online because I get cash back. Usually office supply stores have coupons online and they also ship orders free with a minimum purchase. Added bonus: saving money on fuel!

 

Another thing I did was change health insurance companies, being a small business owner I have to foot the entire premium and I don't get the benefits the big corporations do. Through ehealthinsurance.com I was able to compare plans and policies and get a decent policy for about the same price as I was paying for my prior policy, only this policy has much better coverage and a lot lower deductible.

 

Lastly, I use a good CPA. I can't tell you how much I save in taxes!

 

Kris

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