Did you know that one in five dollars that your business earns goes towards paying your employees? Obviously, this is an expense you can’t avoid, but what are the other ways your business can save cash and grow?
Making every penny count is the key to success for most businesses, and it’s also one of the biggest challenges, especially for smaller companies where it could mean the difference between keeping the doors open or closing up shop.
Bolt Insurance put together the infographic below, which highlights the top 10 expenses for small business owners as well as tips to save cash and grow. Here are a few highlights from the infographic:
- Top Three Expenses: Wages = 19.4%; Inventory = 7.7%; Rent = 4.6%
- Tip to Keep Payroll Taxes Down: Offer employees added benefits instead of bonuses
- Tip to Reduce Marketing Expenses: Split advertising costs by partnering on marketing promotions and with nearby businesses.
- Tip to Save on Telephone Expenses: Switch from a landline to VOIP service.
You can see the complete infographic below. What do you think of the tips? Do you agree or disagree? What tips would you add? Leave a comment and share your thoughts.
Via: BOLT Insurance