Remaining profitable during challenging economic times isn’t just about providing great products and services, it’s also about keeping your overheads as low as possible so that you get to hold on to more of the money you make.
When you are comparing Form 8938 vs FBAR, you are really comparing two tax forms that both serve the same purpose of reporting foreign assets. However, there are some differences between them that you should be aware of.
Read on to learn about a few places to start your cost-cutting drive.
Go green
Ensuring your company is as environmentally friendly as possible isn’t just good for the planet, it can also reduce operating costs. Swapping out all the light bulbs in an office with energy-efficient LED models will cut your utility bills.
Running a green business can also win you more customers as surveys show that consumers prefer to spend their money with companies that can display high levels of corporate responsibility. You’ll also have a larger pool of staff to choose from as many workers would rather earn less money than work for a company that has a poor record of environmental awareness.
Allow your staff to work from home
The traditional workplace model requires all employees to be in the office at all times, regardless of their duties. However, this is no longer the case, and most forms of office work can now be seamlessly carried out remotely.
If you create a workplace rota where some of your employees are at home on certain days of the week while others are based in the office, you can double up desks and reduce the overall amount of space you require which will in turn cut your rent, utility and equipment costs.
Shop around for the best deals
When it comes to renewing services such as telecoms contracts, utility providers, and insurance policies, it’s much easier to stick with the same provider, but taking a little time to check out what the competition has on offer can often lead to substantial savings, especially as many such companies offer huge discounts to new customers and bump up the cost to existing ones.
If, for example, your business revolves around gaming and you want to ensure your hosting costs are as low as possible, visiting a price comparison site such as comparegamehosting.com makes it easy to see how your current deal compares with others on the market so that you know whether or not to make a switch.
Related: If you are a large Ecommerce business that ships lots of products, then investing in your sealing machinery can save you money in the long term.
Claim all possible discounts
If you’re constantly re-investing any money you make back into your business as it grows, you may struggle when the time comes to make your big tax payment at the end of the year. If you want to keep your business as profitable as possible, staying on top of your taxes is essential as there are substantial fines and other penalties for late or missing payments.
Make sure that you deduct the necessary tax from any payment you receive and put it to one side, ideally in a special savings account, so that you are never caught out. It’s also worth spending a little time to investigate all of the many tax breaks and special deductions available to small businesses as many of these can also help boost your bottom line.
