Open post Simple Ways to Cut Company Expenses

Simple Ways to Cut Your Company Expenses

Plenty of companies, especially new businesses, struggle to bring in enough revenues to offset their expenses. Owners and other decision-makers often incorrectly believe that it takes drastic action to cut expenses, such as letting go of employees, ending benefits, or wait until “someday” to purchase products or services that are necessary to improve production processes, customer interactions or marketing efforts. You don’t need to give up on moving forward with your business to reduce operating expenses. You merely need to come up with more creative solutions.

Expenses: Recycle Everything Possible

Some business owners surprisingly never recycle as much as possible. What they fail to understand is the benefits associated with recycling. Recycling reduces waste disposal and other expenses. For example, if your company has a cafeteria, you can reduce the costs associated with buying fertilizer for your landscaped gardens by turning the food waste into nutrient-rich compost. Disposable molded cup holders are typically made of biodegradable pulp that you can put in compost bins. You can even enjoy benefits from recycling office furniture and equipment. If you donate the items to charities, you can write off the gifts as charitable donations on your tax returns. Additionally, certain manufacturers and retailers give companies who recycle their electronics discount percentages off the cost of future products and services.

A company that recycles is often labeled as a “green” business by the public, even if that company doesn’t reduce its carbon footprint or use green building materials or energy solutions. Since customers are more likely to buy products and services from companies that they perceive as environmentally-friendly, you actually increase revenues while cutting expenses when you recycle.

Trade Instead of Pay

If you’re having trouble coming up with the money that you need to invest in your business because of current high expenses, talk to your vendors and other businesses in your industry about forming reciprocal partial or full trade partnerships that benefit everyone. For example, you might ask your equipment supplier if they would be willing to reduce repair and replacement costs by a percentage if you did the same for them in turn with your products and services. Another option: You agree to provide written and video testimonials about how much you use and like the products or services of a partner business as part of the exchange or hand out the other company’s business cards and promotional items to your customers to help the other business gain new customer leads.

Purchase Used Office Items

A wide range of offline and online businesses sell used office furniture, equipment, and other supplies that are in good shape. You could save tens of thousands of dollars in replacement office item expenses by shopping for used items at flea markets, thrift shops, used office supply stores and office rental companies. You should also check newspapers, online classified sites, and social media yard sale groups. Other business owners who have recently upgraded their company office or industry-related items or have decided to shut down their businesses entirely utilize the internet to find buyers. Many places also advertise offline local “going out of business” sales via these methods.

Switch to VoIP

Stop wasting money on landline-based telephone systems, infrastructure, and services. Switching to hosted business VoIP services is one of the best ways to save money on communications. Voice over Internet Protocol makes it possible for you to make and receive phone calls and enjoy a variety of call features over the internet at typically a lower cost than traditional options. Since internet infrastructure is often newer than landline phone infrastructure, you can expect fewer communication disruptions and expensive tech support calls that occur when landlines go down. You can typically keep your existing phone numbers, including toll-free ones.

Extra features, such as cloud-based voicemail boxes, voice-to-text transcription and message forwarding and remote customer service and after hour answering services, are included or offered at low prices in VoIP bundled plans. With low-cost special adapters, you can even save money on equipment costs by continuing to use your existing high-end business phones or mobile phones.

AMP Advance offers fast, affordable, and easy small business loans to get you the cash that you need to boost your business. Apply now!

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Loan 101: What to Know Before Applying

It’s time to buy a home, and it’s an exciting moment. First, however, you need to secure a loan. If you’re unfamiliar with the mortgages, you are more apt to make costly mistakes. Getting to know what you need to do, when you need to do it, and what works best for some people is how you make sure you get the most loan for your money. You don’t want to pay more than you need to pay for a house. Here are some things to keep in mind as you apply for your first home loan.

To view all of AMP Advance’s Small Business Financing Options click HERE

Shop Around

You are not required to take the first loan offer you’re given. Shop around to see which banks have the best rates and find the one that works for you. It also depends on the type of loan you’re shopping for in terms of affordability. For example, you might find a conventional mortgage has a lower rate, but you don’t have a down payment and want to try to apply for a VA loan or even VA refinancing rates if you’re simply refinancing. There are so many options you cannot afford to not shop around. See if you can get a financial advisor to help guide you in the right direction.

 

Get A Loan Pre Approval

You must have preapproval before you shop for a home. Many sellers overlook offers that come in from a buyer without a preapproval and will even accept a lower offer if the lower offer came from someone who was preapproved. Sellers don’t want to take the chance that you cannot afford what you think you can and lose time with their house on the market.

 

Only Spend What You Can Afford

You should know that the bank might tell you can afford to spend more on a house than you really can. If you do the math and know what you can afford to spend monthly and still maintain a comfortable lifestyle, you’re not going to be able to afford more than that just because the bank said you can. It’s called being house-poor, and it’s not what anyone wants to be. Be sure you’re within your monthly budget means and still have some extra spending power so you aren’t stuck.

 

Check Closing Costs

This is not a definitive deal breaker because you can ask the seller to foot part of the bill for closing costs, but you still need to look at them. Some banks want a lot more than others, and this might be a factor in choosing your loan. Don’t secure a loan without knowing what you need to pay out of pocket.

 

Finding a loan is easy, but finding the right loan is not as easy. You must check your credit report for mistakes, dispute anything you find wrong, wait for your score to fix itself, and then apply for a new loan. You want the best rates, and the only way to get those is with a great credit score. That’s when you start shopping, and that’s when you utilize these tips.

 

 

AMP Advance is a Miami based industry leading direct funding source out of Coconut Grove, Florida. We help those who are in need of small business financing by providing web based financing options & funding solutions. Our solutions assist small business owners find matching opportunities while assisting small business owners improve their overall financial situations. AMP Advance provides small business loans, business lines of credit, accounts receivables financing, equipment financing, unsecured business loans, and revenue based loans to millions of small business owners nationwide.

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Cash Quick For a Business Financial Emergency

Everyone gets into a financial bind here and there. An emergency household expense, medical bill, or car repair can all be difficult to handle when your family is low on funds. If you are in need of some quick cash, there are ample sources available out there to use. Here’s some resources on how to get quick cash during a financial emergency.

To view all of AMP Advance’s Small Business Financing Options click HERE

Title Loans – Cash Quick

Title loans are a simple way to get quick access to cash when in a financial bind. If you own a car, you can borrow the current value of the vehicle. The title loan provides you with the necessary funds you need and requires installments until the loan amount plus interest is paid off. If you have a newer vehicle in relatively good condition, you would be eligible to borrow more. Be sure you have a plan for the future on how to pay this back.

 

Plasma Donation

Although this can be a health risk for some people, you have the option of donating plasma. Depending on the center you choose, you can make up to $50 for one session. While this may be just enough to cover a small utility or phone bill, many people still use plasma donations as a source of emergency cash. As a bonus, you’re providing some much-needed materials to hospitals and clinics.

 

Pawn Shop

Pawnbrokers are another option. You can pawn an item at a local shop and receive cash for the perceived value. You can pay to get the item back once you have completely repaid the loan. You want to make sure you aren’t risking something that you could not afford to lose. You also want to make sure that you don’t borrow more than you need. This is great if you have old jewelry you don’t care about and can help greatly for quick cash during an emergency.

 

Payday Loans

Loans are another option for a financial emergency. You fill out a quick application that requests information on your place of employment, banking institution, and payday schedule. The short-term loan allows you to get the funds you need, but they must be repaid on the very next payday. The lender may offer extensions or rollovers, but that comes with additional fees and interest.

 

Junking an Old Car

Selling your unused junk car is another option. You may not have any use for it, but the local junk yard will take it and pay you for parts. They will take care of the towing and will use the car for scrap metal or parts. You cannot sell the junk car unless you can prove that you have the title to the vehicle. If you are looking to get a better car in future once you’ve come through the emergency, this can be a great way to save for future car payments as well.

 

People who need emergency cash when in a bind can turn to these quick solutions to get easy access to cash. While short term loans are attractive, they often come with high interest rates. One of the simplest ways to get access to quick funds is to sell off something that isn’t needed or used.

 

AMP Advance is a Miami based industry leading direct funding source out of Coconut Grove, Florida. We help those who are in need of small business financing by providing web based financing options & funding solutions. Our solutions assist small business owners find matching opportunities while assisting small business owners improve their overall financial situations. AMP Advance provides small business loans, business lines of credit, accounts receivables financing, equipment financing, unsecured business loans, and revenue based loans to millions of small business owners nationwide.

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What Your Business Needs to Include in the Budget

Developing a budget can be a daunting task. If your business is new, you may have very little information about what to expect financially, but you will need to operate and manage your business soon. The best budget to start with is a simple cash budget. You need to be as inclusive as you can. You can do this on a monthly, quarterly, or annual basis. If you have access to an accounting software package, check the documentation to see if they have a budget module or example. Here are some important things to keep in your business’ budget and how to make it easier to manage.

To view all of AMP Advance's Small Business Financing Options click HERE

Budget for Income Additions

First, estimate your income. Income sources are generally from the sale of goods and/or services provided by your business. If you are personally loaning your company money, or borrowing from another source, you can include these funds in your income. Be sure to clearly label the sources of any funds.

 

Budget Daily Expenses

Next, start to itemize your known office expenses. The easiest way is to group expenses around function. Start with office expenses. These will include renting or leasing office space, renting or purchasing furniture, purchase of office supplies, telephone, and internet access, utilities and bank fees. You will want to include loan payments, security systems, computer systems, supplies and software, insurance (health insurance, office insurance, car insurance and so forth). Review in your own mind what expenses you will have just to be able to walk into an office, sit down and turn on the lights. These kinds of expenses are often referred to as overhead.

 

Business Expenses Budget

Now move on to the cost of either making or purchasing the goods and services you sell. These budget items include raw materials, specific utilities, cost of machinery, transportation in and out of your facilities. If store items for sale later, your cost of warehousing them must be included.

 

Employee Expenses Budget

Looking at your company from a processing point of view, you have already accounted for setting up an office and acquiring the goods and services you sell, either through purchasing or leasing. Next, you need to know the costs involved in selling these items. This part of the budget should include the costs of advertising, marketing, and sales. If you have a sales staff, include salary, wages, commissions, and taxes. Include the cost of sales tax collected on sales that you will have to remit to your state.

Miscellaneous Expenses

Other expenses for which you will have to budget include loan payments, public relations, conferences and meetings, entertainment, and travel. You might have to pay for extra cloud storage, employment background or drug testing, or temporary recruiting services as you build your team. A category called “Miscellaneous” should also be included. Your budget should include a contingency item. When you create a line item, always write as complete a description of what goes into that category as possible. That way, when you turn your budget and your books over to an accounting firm or on staff accountant, what you have included will be clear.

 

Starting up a business always seems to be expensive. Knowing how to manage your expenses and finances is important to ensuring your success. Use these tips as you get started improving and making your business better.

 

AMP Advance is a Miami based industry leading direct funding source out of Coconut Grove, Florida. We help those who are in need of small business financing by providing web based financing options & funding solutions. Our solutions assist small business owners find matching opportunities while assisting small business owners improve their overall financial situations. AMP Advance provides small business loans, business lines of credit, accounts receivables financing, equipment financing, unsecured business loans, and revenue based loans to millions of small business owners nationwide.

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