If you own a small business and need more cash, your Orange County business attorney should have plenty of helpful suggestions. Without question, however, the best way to save money is by not spending it. With that in mind, put these tips to work to more effectively hoard cash for your small business.
- Reduce credit card processing fees by purchasing your own equipment and shopping around for new service providers.
- Renegotiate your lease. If it’s up for renewal soon and tenants are scarce, it may work. If you have a long-term lease, your landlord may be amenable if you can demonstrate that the hardship is putting your business in jeopardy.
- Ask for discounts by negotiating prices with your top suppliers. If they’re unwilling to budge, shop around for new suppliers.
- Cut back on insurance. If you’re a corporation or LLC, this is safe enough to do for things like business interruption coverage. If you’re a sole proprietor or partner, it may be unwise.
- Cut professional fees, including those from your attorney and accountant. Find out what their minimum billing interval is too. If it’s 15 minutes, save up several questions and ask them at once to save more.
- Reduce the amount of traveling you do. This is pretty doable thanks to modern technology.
- Renegotiate contracts for buying or leasing products and services. Paying a reasonable buyout fee should be worth it if it means eliminating long-term monthly payments.
- Eliminate non-essential equipment. If you are given a hard time when trying to cancel a lease, consult your attorney. They may be able to get you out of the lease by negotiating on your behalf.
- Sublet unused space, but make sure that it is allowed under your lease. If it’s feasible, you might also consider relocating to a more affordable place and leasing out your old building.
Hire a Business Attorney Orange County
Before taking any of the steps above, obtain qualified legal representation. If you need an Orange County business attorney, Daily Aljian LLP can help.