Saving money in your business is not a challenge when you cut back on big-ticket items, but there will come a point where you can’t find any further opportunities to save. But no matter what you think, there are always more ways to save money; you just have to know how to find those opportunities.
Once you’ve done the obvious, like cutting unnecessary expenses, you’ll have to get more creative. Here are several less-obvious places you can look.
1. Pursue your warranty reimbursements
You’ve probably received several warranties with your business purchases over the years, but have you ever actually pursued a reimbursement? Warranties are easy to forget, and small repairs might seem easier to handle on your own.
Each time you skip the pursuit of a reimbursement under a warranty, you lose money, though.
Every industry is different, but in the trucking industry, Heyl Truck Lines managed to increase warranty reimbursements by 990% just by implementing fleet management software. The company’s warranty ROI shot up by 133%, which is a huge amount of money saved.
If you have warranties for your corporate vehicles, equipment, technology, or tools, it’s worth pursuing qualified claims. You’ll definitely want to implement a tracking system to stay on top of your claim opportunities, however.
For each warranty, you’ll need to know the following:
- What the warranty covers
- Which situations are excluded
- How the warranty may be voided
- When the warranty expires
- Who to call and how to file a claim
You can track these details easier with software by entering this information into a database as soon as you receive a warranty. Any time something breaks down, you only have to look it up in your system to see if it’s under a warranty.
2. Move to a virtual office setting
Statistics show that 16% of U.S.-based companies are completely remote as of 2021. That number was much lower several years ago, but the pandemic forced many firms to go remote to survive.
So far, it’s working out well. With remote workers, businesses still have many of the same expenses, but they don’t have the overhead of maintaining a physical office space.
This is saving many companies thousands of dollars every month, sometimes more than $10,000 per month, depending on the locale. When you switch to a fully remote operation, you can save money on office leases, utilities for those spaces, internet, cleaning fees, and maybe even office supplies.
This won’t apply to every firm, but you ought to shift to a virtual office if you don’t actually need a physical space.
3. Amend your recent tax filings
Did you know that you can review and amend your tax returns for the past three years? If you can find a skilled and knowledgeable CPA, you could have a chance to find deductions that were missed the first time around.
It’s not unheard of for businesses to generate $10,000 or even $100,000 from amended tax filings. If the return potential is there, it’s worth the CPA fee.
4. Revisit the ROI you’re getting from your tools
Of all the ways to save money, you might not think to revisit the ROI you get from various software applications and other tools you use in your business. Tools can be deceiving, especially software, because they can seem necessary when they’re not.
To start, make a list of all the software applications you currently use. Then, pinpoint the ROI each generates for your business.
This can get tricky if a software package can’t be connected to an actual dollar amount. For instance, your task management software doesn’t generate dollars, but it should create efficient workflows and get projects completed on time, which is directly connected to the income you receive from clients.
On the other hand, you might be using software that works well, but doesn’t contribute to your ROI, such as social media automation software. If you’re using software to automate your social media posts, and those posts aren’t supporting your ROI, it’s likely a waste of money.
Social media posts support your ROI if they:
- Strengthen your brand image/reputation
- Keep you connected and engaged with your customers
- Generate email subscribers or sales
If you’re using software or other tools you can’t trace back to your bottom line, perhaps you should rethink your strategy. You could be not only losing money on unnecessary software subscriptions, but giving away payroll dollars every time your workers use that software.
There’s always another way to save money
Just when you think you’ve found every way to save money, another place to cut back may turn up. If you want to save as much as possible, keep looking for ways to save, but also be intentional about any new expenses you take on.
