It pays to cut costs and save as a small business owner. After all, what good entrepreneur doesn’t run on a tight budget? Follow these indispensable tactics to cut operating cost by up to 50% and increase profitability:
Capitalize on tax write-offs
When it comes to minimizing costs, a small business owner can save significant amounts of cash by fully understanding the difference between expenses and assets. The IRS grants businesses a certain amount of items that can be claimed as expenses as opposed to assets. Be sure you’re claiming enough to meet this allowance.
If a business is home-based and doesn’t pay for the usage of a full-time office space, portions of home mortgages, utilities, and cleaning and landscaping costs could be claimed as business expenses. For more information about this and what your business can qualify for when it comes to business expense tax write-offs, check with a qualified tax advisor or search the IRS website. Fully understanding the accounting differences between assets and expenses and how recording items as one or the other can significantly reduce business costs and boost profitability.
Move to a virtual office space
Leasing an office space can be expensive. But what would a business owner do without that conference room access? Here is an accurate breakdown of approximately how much it costs to rent an average 400 square foot conference room:
- Rent = $1,517/month
- Basic utilities = $300/month
- Furnishing to seat 10 people = $5,000
- Technology supplies = $6,000 (projectors, computers, conference phone, etc.)
What if you could cut those costs? Many small businesses view leasing an office space as a necessity, when in fact that isn’t always the case. Though one big difference between the large corporate competition and smaller, home-based businesses is a professional, fully-furnished office space, there are other tools and services available that can help close this corporate gap. A major money-saving tool is virtual office space solutions. This allows businesses to significantly cut overhead costs by eliminating expensive leases, space utilities, and furnishing and supply expenses—all while providing the same benefits of owning or renting an office space.
Although many have misconceptions, a virtual office doesn’t mean all business functions have to move to the cloud—completely void of any physical, tangible location. A business that utilizes virtual office space solutions can still have a professional, recognized business address as well as access to fully-furnished conference rooms and offices.
With Davinci Virtual, small businesses can acquire a reputable, physical business address. These addresses are selected from among Davinci’s 4,000+ worldwide meeting space locations. At each of these locations, Davinci staff members are available to meet and greet any prospective walk-in clients that have found the registered business address. They can also forward any business mail to necessary locations as often as needed, whether that is daily, weekly, or monthly.
The Davinci Virtual Office Space solutions, which provides access to their world-wide meeting and conference rooms, especially helpful for the traveling business owners in need of a professional, reliable meeting location. The Davinci meeting room app, available on both Apple and Android devices, allows on-the-go meeting room searches and reservations. Each Davinci location is fully-stocked with the furnishings and supplies businesses might need. Some of these services include:
- High-speed Internet
- LCD projectors
- Plasma screens
- Audio/video conferencing
- HD video conferencing systems
- Lobby greeter
- Color printing
- Secretarial services
- Notary and transcription services
- Office supplies
- Catering and beverage services
Hire a virtual receptionist
One of Davinci’s greatest time-saving, profit-increasing virtual office solutions for small business owners are the virtual receptionist services. Finally, small businesses can have the help they need when it comes to the simpler, mundane, important tasks without having to hire someone full-time. Business owners can spend more time focusing on the aspects of their business they love and less time on email and voicemail management, meeting scheduling, outbound calling or tasks like appointment reminders, and even customer service support.
Davinci virtual receptionists are unique; they are U.S. based, professionally trained, and work in an office environment. Each virtual receptionist is trained on the business they are supporting so they are aware and helpful when it comes to the tasks they are assigned. Think of all the time saved with a paid-by-the-minute receptionist—a much cheaper option than hiring a full-time, on-site staff member.
Cut your costs
Reduce your overhead business costs by up to 50% by simply becoming educated on tax benefits for small business expenses and utilizing Davinci Virtual Office Services today. Contact us to get started.