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
Susan Gunelius
Susan Gunelius is the Founder and Editor-in-Chief of Women on Business. She is a 30-year veteran of the marketing field and has authored a dozen books about marketing, branding, and social media, including the highly popular Ultimate Guide to Email Marketing, 30-Minute Social Media Marketing, Content Marketing for Dummies, Blogging All-in-One for Dummies and Kick-ass Copywriting in 10 Easy Steps. Susan’s marketing-related content can be found on Entrepreneur.com, Forbes.com, MSNBC.com, BusinessWeek.com, and more. Susan is President & CEO of KeySplash Creative, Inc., a marketing communications company. She has worked in corporate marketing roles and through client relationships with AT&T, HSBC, Citibank, Intuit, The New York Times, Cox Communications, and many more large and small companies around the world. Susan also speaks about marketing, branding and social media at events around the world and is frequently interviewed by television, online, radio, and print media organizations about these topics. She holds an MBA in Management and Strategy and a Bachelor of Science degree in Marketing and is a Certified Professional Career Coach (CPCC).
Follow Me:
