Tax Day Blues? Cut Your Overhead

Now that Tax Day has come and gone, you may be more focused on how you can lower your overhead costs. It’s almost impossible to run a business without some overhead. However, these operating costs can be minimized or eliminated in many cased, leaving you with more profits in your pockets.  A business with a streamlined operating expenses will have the best possible chance for success.  This week we will jump into five areas where we feel that you can really reduce your overhead – the more you know, the more you will save!

Merchant Service Fees – Most business owners do not take the time to know and understand their credit card processing fees. It is important to find a partner, like Apex Payment Solutions, who will take the time to sit down and explain the complexity of the credit card processing world and where you can cut your costs.  Several large processing companies charge outrageous fees and high swipe rates that kill the bottom line of many businesses.

Splurge on an Accountant – Many business owners make the mistake of trying to find the accountant with the lowest rates.  This is one area where we say you need to spend money to save money.  You cannot overlook the importance of finding an accountant that is an expert in your field! An accountant can also look into your “numbers” give you advice on areas where you can and should cut back. Most accountants have a network of partners that they refer out to help clients save on their bottom line. Overall, an accountant should be your number one ally as they are the ones that be also be able to help you find deductions on your taxes that you may overlook or not know about.

Reduce Staff Overheads / Multipurpose Employees – When you are hiring, try to find talent that can be used in multiple dimensions.  Maximum productivity from each employee should be the number one goal. Identify, look or hire employees that can serve in multiple roles and eliminate downtime.

Reduce Waste – The number one way to eliminate waste and keep money in your pocket is by going paperless. Every year, thousands of companies produce and distribute millions of printed booklets, catalogs, manuals, brochures and notices. Email and PDF documents, besides being environmentally responsible, can do the bulk of this work at a fraction printing costs. Business owners should also be aware of seasonal conditions and make it an office goal to become less energy-intensive - this means making small lifestyle changes. Switching to compact florescent lights, turning off overhead lights at night or when exiting a room, lowering the heat and AC during the winter and summer months.  Also you can also ask employees to bring their own coffee mugs and reusable silverware instead of supplying paper products, which can be both costly and wasteful.

Call On Your Network of Alliances – You cannot forget about friends and family, especially if they provide a product or service you need. These close links may be more willing to cut you a better rate for their services than outside help — plus, you know them and they know you and your business.

It is important that all businesses find a way to reduce overhead so that it can thrive and sustain. The five things listed above can give you a head start.  It is important to find a team of experts who can help guide you to savings.  If you want to know more about how you can save money with your credit card processing, contact Apex Payment Solutions today.  We will be happy to answer any and all of your questions and to show you how we can help your bottom line!