Tighten Your Belt
Especially with the current state of the U.S. economy, now is the time to tighten your belt.
Without writing a novel, here are a few things a small business can consider in this expense category.
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I’d like to say…need I say anymore than “reduce” this area. Just being aware of what you’re spending is the first step. Remember, you only get a 50% write-off of any of these expenses on your tax return. Don’t fool yourself.
- Don’t feel you need to go all out with clients or prospects. People are expecting to see some cutbacks in this area and will be suspect if you are over the top.
- Find out a little bit more about what your client or prospect likes. Maybe taking them to a mid-range restaurant makes them totally happy as opposed to spending top dollar at a high end restaurant. Maybe the regular seats at a baseball game (be sure they even like baseball) as opposed to front row seats, will still make them ecstatic.
- Maybe you don’t need to take so many people to the event? Be clear who the decision maker really is.
(This is just one post in the Tighten Your Belt series for this month. Got any additional ideas? Be sure to share them by adding a comment!)
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