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.
- Downtown is your town’s core: How to make your case - February 22, 2021
- Zoom Towns: attracting and supporting remote workers in rural small towns - December 10, 2020
- In an economic crisis, spend your brainpower before your dollars - November 25, 2020
- Video: How to fill empty car dealership buildings for the holidays - November 6, 2020
- How has 2020 changed the challenges rural small towns face? Tell us here - October 20, 2020
- The Idea Friendly Method to surviving a business crisis - October 6, 2020
- Join me for the Rural Renewal Symposium online Oct 13 - September 26, 2020
- Cheap placemaking idea: instant murals - September 11, 2020
- Refilling the rural business pipeline - July 7, 2020
- Huge vacant buildings: grants to renovate? - June 9, 2020