Stephanie Paul offers her opinion on the Top Five Expenses Entrepreneurs Overpay For. I’ve included just her top tips here.
Check with your local trade association, which may surprise you with competitive group insurance rates.
Entrepreneurs habitually over-estimate quarterly tax payments because the IRS charges significant penalties for an underestimate.
In addition, if there are times when business is slow, it may be cheaper to hire temporary employees rather than a higher-paid full time staff.
Before spending any money on advertising, prepare a marketing plan. The plan will outline what advertising is needed for your business and summarize how and where you can cut costs, if necessary, while still hitting your positive results.
Entrepreneurs sometimes overpay themselves, either through fringe benefits, perks or an inflated salary. Many times this is done by showing lower profits for their business, but this is a risky move that can backfire.
Better Money Management Starts at the Top
There are external resources that entrepreneurs can use to better manage their budget.
Want more of Paul’s tips? Read the whole article at the Top Five Expenses Entrepreneurs Overpay For.
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.