In this section:

18 tips for saving money on Business Insurance and Finance

• Review your business insurance policy expenses. Using an umbrella will reduce your business insurance costs
  
• Think about a four-day work week. Your workers will definitely be pleased with a three-day weekend
  
• Perform banking operations early in the day.  Making deposits early in the morning will allow you to generate interest the very same day.
  
• Think of outsourcing your HR, benefits and payroll. Making another company deal with your administrative responsibilities will save you both time and resources.
  
• Use a printing company for checks. You'll be charged less if you order checks from a printing company and not from a bank.
  
• Get  higher deductibles. Re-evaluating your insurance deductibles will help you face risks better.
  
• Consider cash management or sweep accounts. Use corporate checking accounts for more financial options and benefits.
  
• Evaluate your property taxes. You may face higher property taxes than your neighbors pay if you are “new in town”. Consider going to the local town-hall to see what are the property tax rates in the area and use these numbers in further negotiations. You may find it useful to  speak with local authorities about reducing your property tax. They will probably agree in order to keep you as an employer in town.
  
• Evaluate your medical insurance. Check the information on past claims and the loss of paid claims to premiums before considering any health insurer.
  
• Use a PEO (Professional Employer Organization). PEOs are used to transfer all over the administrative and legal responsibilities of HR from the employer. This will reduce employee management costs, provide better benefits packages and lower your company's legal liability.
  
• Bargain helps. Try to bargain with the professionals you have set a good working relationship. They might themselves provide you with the necessary information on how you can cut your expenses for their services. You may also offer your products or services to substitute the payment. The key here is communication.
  
• Early payments. If your suppliers provide discounts for early payments it's better for you to provide payments as early as possible. Otherwise, you may think of paying at the deadline if there are no advantages in early payments.
  
• Shop around for everything. Get a couple of bids no matter how simple your purchase is. Your suppliers will try do everything just to win your business, so show them you're checking with their competitors too
  
• Commission independent sales reps. When hiring your own sales representatives the number of expenses on wages and salaries could be just too much.  Consider working with independent sales representatives who will only take commission for sold products.
  
• Use group purchasing discounts. Consider joining a trade association or other businesses to get a bulk purchasing discount.
  
• Tax deductions are crucial. Consult with your tax adviser to learn more about the tax deductions offered by our state. Knowing the legislation will often help save considerable sums on taxes.
  
• Group business insurance plans. If you make part of a trade association you might think of joining its business insurance plan, because it may provide lower rates and better coverage if compared to individual business insurance policies..
  
• Hire your employees wise. You might consider hiring temporary employees when your business needs it, instead of keeping a large staff when the business is low. 
  
• Use business credit-card advantages. Whether Choosing the right business credit card deal will provide you with big dividends.