Business owners of all variety are looking to trim expenses and save as much money as possible in order to survive the recession. While much of the focus during this cost cutting process is placed on concepts like decreasing inventory expenditures and streamlining production methods, the role of overhead costs is often overlooked. The savvy business owner, however, fully recognizes that keeping overhead costs in check is a fundamental component of proper management. The following list features five effective ways to help you reduce overhead expenses for your business.

1.) Join the Tech Revolution – For many business owners who came of age in the pre-digital age, traditional methods and customs have become ingrained in their management style. From storing your company’s record and documents in ponderous filing cabinets, to communicating with the world via landline telephone, many of long held tenets of good business have simply become outdated. Clinging to these bygone practices not only puts you a step behind the competition, it costs you tremendous amounts of money as time passes. Bring your company up to date by ditching the landline in favor of a business-based smart phone plan. You will soon find that communicating with clients, partners or employees is made much more convenient and your phone bills will likely be significantly reduced.

2.) Go Paperless – Adding some tech savvy to your business will quickly lead you to a well-known fact: the traditional paper-based office model is defunct and can easily be surpassed. By transferring your company’s filing system to a digital format, especially with today’s innovative cloud computing networks, you can quickly double or triple the efficiency of your office’s daily output.

3.) Advertise Effectively –Newspaper advertisements and fliers used to be the best way to promote your business, and many managers still subscribe to this philosophy. If you are paying a monthly bill to run an ad that is viewed by a shrinking audience, the time has come to reevaluate this strategy. The social media outlets afforded by the internet, including Facebook and Twitter, are free of charge and yet have the power to expand your brand to a worldwide audience. At the dawn of 2012, the store signage of today has been transformed to digital form, and you will be well served by staking your claim in the expanding online marketplace.

4.)    Hire the Best and Brightest – Advances in access to education have created a generational workforce far more adaptable than their predecessors. Take advantage of this trend and hire well rounded, diversely talented individuals who can perform multiple tasks for your company. Doing so will allow you to cut the fat from your payroll by effectively paying one person who is capable of doing the work of two.

5.) Account for Accounting – While personal tax preparation services are convenient for individuals, the complex nature of business taxes requires professional attention. By identifying all available deductions and helping you to avoid costly penalties, a certified public accountant will quickly become a sound investment going forward.

Many people these days are looking to make their own work, cut their commute, or bring in a secondary income by working from home.  And there are tons of potential benefits to be garnered from professions that fit the bill, including flexible hours (you work as much as you want, when you want), operating autonomy (no boss looking over your shoulder), and fewer expenses for the privilege of working (no more spending half of your paycheck on gas for the commute!).  And when it comes to starting your own home-based travel business, you could get started for little or no cost (although you could also spend several thousand dollars in the process, depending on your goals and how you plan to reach them).  But here are just a few things you’ll need to consider in order to get the ball rolling.

First, you need to decide what type of operation you’re interested in running.  If you have some experience in the industry, you may be able to contract on a freelance basis with a local (or even a national or international) travel agency as a remote sales rep.  By this method, you will generally not receive a salary.  Instead you’ll be paid on commission (at a set rate) for any clients you bring in and travel you book.  In exchange, you’ll receive limited support services from the host company, mainly in the form of an IATA number to deal with the company’s suppliers so that you can offer competitive prices to your clients (although good host agencies will also provide “back office” support).

However, considering you’re going to have to hustle for clients either way, you may want to simply start your own independent travel agency so that you can earn all the profits.  Of course, you will also be on the hook for any expenses related to your operation, such as becoming licensed and bonded, keeping up with technology and marketing, and paying any fees associated with booking travel and partnering with vendors.  And you will also be responsible for the entire operation, which includes not only registering a booking but also handling all the paperwork, follow-ups, and so on.

If you choose the latter, the onus is on you to dot your i’s and cross your t’s, and the first order of business is to study and pass an exam to become a certified travel agent.  You must be licensed and bonded if you want to deal in the overseas travel trade (and you probably do).  Once you’ve gotten the legalities out of the way, it’s basically a matter of getting your business in order so that consumers can find you.  You’ll want to start with a website and then find ways to start bringing in business.  Online advertising is one option, and you can use ad sharing sites to do it for free, but you should also join forums, start a blog, and enter the social media landscape in order to get your name out there and start enticing clients.

You may also want to shoot for a niche to target specific types of business.  While there’s nothing wrong with booking travel for the average consumer, you might make more money (including some passive income) and secure regular business by dealing in listings for time share resorts or clubs (like the Ritz Carlton Club, for example).  In this way you can cater to high-end clients that travel more frequently than your average Joe.  However, it’s just one of many possible routes you could choose in order to set yourself apart from the competition.

Many people use the turning of the calendar year as a time to reflect upon what they have done in the past and create resolutions that will help them to be successful and reinvent themselves in the year to come.  On a personal level, this generally entails goals like getting in shape and improving overall health, staying in contact with loved ones, and engaging in pursuits that are creative and fulfilling.  But many people are also looking for ways to improve in the business arena this year.  With the recession dragging on and the future of the European economy (and by extension, the global economy) uncertain, businesses are still suffering losses, in some cases catastrophic, and you don’t want this year in business to be your last.  So here are a few resolutions that should help 2012 to be a big success on both the personal and professional front.

1. Reexamine your business plan.  Whether you opened your doors ten years ago or ten months ago, the market may have undergone drastic changes since you last checked in with your original business plan.  The flexible nature of the consumer marketplace can be both a blessing and curse, but you can ensure the former by staying on top of trends and tweaking your business to accommodate changing tastes and account for fluctuations in supply and demand.  The ability to see the bigger picture is important when it comes to realizing success over the course of a year.
2. Be the best you can before you expand.  Many companies these days are looking to diversify in order to hedge their bets and stay in business.  Just look at Google, which has all kinds of irons in the fire (music service, mobile platform, laptop, cloud network, and more).  This year they’ll continue to test their self-driving vehicle and they plan to introduce their own mobile phone.  If a mega-corporation like Google has to diversify, then small businesses are certainly justified in doing so.  However, keep in mind that Google became the number one search engine before they branched out.  Until you peak with the goods or services you currently offer, there’s no use veering off course.
3. Make time for yourself.  Burning the candle at both ends is only going to ensure that the flame of passion you started with burns out quicker.  You are the spark that keeps your small business alive, and without you, it too will fade.  So make time to de-stress and remember that life is worth living once in a while.  Reenergizing will not only help you personally, it will also mean better things for your business.
4. Consider branding.  Many small businesses neglect this essential marketing opportunity because they mistakenly assume that the lack the time, money, and expertise to make it happen.  This simply isn’t true.  You’ll have to devote time or money to the cause, but not both.  You can either learn about branding on your own or pay someone to help you.  And as for experience, you’ve been a consumer your whole life.  Figuring out what makes other brands appealing will help you to decide how you want to brand your own company.
5. Pay down debt.  Easier said than done, right?  And yet, it may not be as difficult as you imagine, especially if you find new ways to cut costs.  Talk to your tax man about deductions (the laws change yearly), check a credit card guide for the lowest rates (you can transfer balances and save a lot on interest payments), and approach your lender about consolidating and refinancing your business debt.  All of these options can lower your payouts for the year and help to boost your earnings for a fabulous 2012.

Use a calculator before opting for debt consolidation

If you are into debts, you often enroll into debt consolidation program. The most positive feature of enrolling into debt consolidation program is that it does not hurt your credit score negatively. Instead, if you can follow this program properly, your credit score is actually increased. It is however recommended that before enrolling into this program you must take the help of a debt consolidation calculator. This will help you get to you about the single monthly payment amount that you will be required to pay in order to clear your debt obligations. Once you come to know about the single monthly payment amount that you will be required to pay in order to become debt free, it will help you to assess whether or not you will be able to afford that amount. This will in turn help you in taking the decision whether or not to opt for debt consolidation program.

Debt consolidation is regarded as a far better option than filing for bankruptcy. If you file for bankruptcy, it hurts your credit score very badly. The negative impact of bankruptcy remains on your credit report for a long time. Moreover, this impairs your prospects of obtaining new credit with favorable terms and conditions. On the other hand, consolidation has a positive impact on your credit report.

In the debt consolidation program, all your unsecured debts are clubbed into a single big debt. Unsecured debts can be in the form of credit card debts, departmental card debts etc. Though this financial arrangement, all your unsecured debts will be combined into a single lump sum debt. You will then be required to pay single monthly payment to your consolidation company so as to become free of debts after a certain period of time. The debt consolidation company that you have chosen for this purpose, first of all, analyzes your financial situation. The consolidation company is also responsible for offering you free counseling session. Thereafter, the consolidation company discusses with your creditors and decides upon the single monthly payment amount for you. This single monthly payment amount is less than what you were paying to your multiple creditors in a month in total. Anyways, by making this single monthly payment to the consolidation company, you finally become free of debts.

However, before opting for debt consolidation, you must take the help from an appropriate debt consolidation calculator. You will come across different online debt consolidation calculators through online search. What you have to do is to insert some financial information about the credit cards that you hold. You need to provide information on the credit card balance, rate of interest charged. You need to fill this information for all the credit cards that you hold. You are also required to mention the time within which you want to clear your debts. The debt consolidation calculator will then approximately calculate your single monthly payment amount. This will help you in taking the decision whether or not to opt for debt consolidation program.

Although it may seem counterproductive to change the name of any business (because it has likely built up a following over time, or at least consumer recognition), there are actually several reasons why a business owner might want to give a company a new name.  If the business is changing hands for example, the new owner might want to put their own stamp on the brand.  Or if the company is called “Johnson and Sons Tractor Repair”, but the sons opt out of the business, the elder Johnson might not feel right about keeping his progeny attached to his tractor repair operation.  And if a business has been associated with some type of scandal, the owner may want to change the name as a way to protect his/her investment.  In short, a business owner may have any number of reasons for wanting to turn over a new leaf, starting with a new name, so if you’re looking to get a fresh start, here are a few tips to help you change the name of your business.

For starters, you need to know that there are a couple of entities that you will have to deal with in order to legally change the name of your business, so you may want to start by contacting a business attorney to make sure that you get all of your legal ducks in a row.  The procedure varies by state, but generally speaking you are going to have to file your name change with both a state entity and the IRS, and depending on the type of business you own (sole proprietorship, partnership, corporation, etc.) you will almost certainly have to fill out specific paperwork.  You should also determine if there is a difference in filing for non-profit versus for-profit businesses.  However, if you don’t have the cash on hand to pay attorney fees, you can opt to go it alone.

First you need to determine which governing body in your state is responsible for registering and approving business names and name changes.  It could be the Secretary of State, the county registrar (in the county where the business is headquartered), a Division of Corporations, or even the Superior Court.  You will simply have to do a little research to find out where to file for a name change in your particular state.  Luckily, many states now offer online registration or amendment of businesses names through online avenues to save you a trek to the courthouse or time spent waiting for snail mail.  In some cases, you can file all applicable paperwork for both the state and the IRS through one website rather than filing twice.

So whether you’re a career caterer that has just bought out the owner of the operation you’ve worked at for years, you recently suffered a divorce but retained your joint business, or you’re one of several Jones Act attorneys that decided to start a partnership, you may be looking to change the name of your business.  And with just a little research you can easily find the correct entities to contact in your state (often online), file your paperwork, and be on your way to a fresh start in your chosen profession.

David Coates is a contributing writer for Doyle Raizner, the premier law firm specializing in Maritime law and personal injury cases.

A few companies that have been forced into layoffs are slowly turning their finances around to the point that they can once again think about hiring.  If you find yourself in this fortunate position, don’t start thanking your lucky stars just yet.  Because now you have to wade through a sea of candidates to find the handful that are going to provide the best fit for your company.  Even setting aside those applicants that are simply unqualified could still leave you with an overwhelming pile of potential hires.  And you don’t even want to think about how much time it will take to interview them all.  Instead, why not make your meet-and-greet sessions a little easier by utilizing recruiting events so that you can shake a lot of hands in just a couple of days?  Here are a few options for events that may help you narrow down your pool of candidates a little more quickly.

For starters, you could call local college campuses (or even high schools) to find out about upcoming career days.  Participation in such a school-based event will practically guarantee that you are exposed to people who are (or soon will) be qualified to fill positions with your company.  And they’ll not only be excited about securing a job before graduation (a rare coup these days), but they’re likely eager to get started on a career path.  While an experienced employee may seem more appealing from a certain standpoint (less training, perhaps), even those who have been in the industry for a while will have a learning curve with your company, they may demand a higher salary, and if they are seriously over-qualified, they will likely keep looking for a better job elsewhere.

Of course, you could also look for citywide events (check your community calendar, city pages, or Chamber of Commerce website to see about becoming involved in local job fairs).  But if you’re on a schedule, you may want to think about hosting such an event yourself.  You could do this at your office building, perhaps on a weekend, or you could get other local businesses involved and split the cost of renting a hotel ballroom or area parking lot for the event.  The long and short of it is that you want to meet a lot of people so that you can get a feel for who they are immediately (something no piece of paper can tell you).

The truth is that some portion of your decision is going to be based not on how a candidate looks on paper, but how they appear in person.  It’s not like an applicant has to have a smart suit and a leather briefcase (although brief cases couldn’t hurt if you’re recruiting for corporate positions).  You should keep in mind that not all applicants will have the money on hand to afford work attire (especially in this economy).  But they should be clean and presentable nonetheless; even someone with very little extra dough can go to the Goodwill and find a pair of slacks and an oxford for an interview.  You really just want to make sure they have the wherewithal to know what is and isn’t appropriate for the office environment, so attire and confidence definitely make a difference, and you’ll have an easier time making that determination with a person in front of you rather than a piece of paper.

Business car insurance is not something that business owners can neglect to purchase. Business car insurance isn’t like the insurance policies business owners have for the vehicles they drive for pleasure and to conduct personal business. A vehicle used for their businesses is going to have to have its own special business car insurance policy. High business car insurance rates might tempt business owners not to have car insurance but after reading this article they will want to re-think that plan.

To Comply with The State’s Requirements

Business car insurance is necessary because the states require that all drivers purchase liability limits so that they can take financial responsibility for the costs of the property damages and bodily injuries of third parties. If an employee is ever stopped by a law enforcement officer while driving, this employee will have to present proof of auto insurance.

When drivers can’t show that the car is protected by at least liability insurance, several consequences can result:

• The vehicle can be impounded
• The license plates may be confiscated
• The business will have to pay fines
• The vehicle will have to be re-registered

For Help with Lawsuits

If a vehicle has been involved in a car accident in a tort state, the person determined to have caused the accident will be required to pay for all medical expenses for everyone hurt in the accident; the at-fault driver also has to pay all property repair bills. A business that did not purchase auto insurance for its vehicles will, most likely, be sued by the people hurt in the accident.

When business owners lose these types of lawsuits, they often have to close their doors because they have to liquidate all of their assets to pay the victims. A business car insurance policy, on the other hand, would protect a business’s assets by paying the lawyers fees and paying the damages awarded to all of the victims.

The Ability to Repair Their Vehicles

After an accident, a business will also have damages to its vehicles. The damages may be so severe that they can no longer be used in operating the company. In that case, these owners are no longer in business, and they lose their incomes.

Business car insurance can also provide coverage for the business’s automobiles. When it’s possible to repair the vehicles, the collision coverage will pay for these repairs. If the vehicle is damaged beyond the point of repair, the vehicle will need to be replaced. The collision coverage will provide the funds for replacing the damaged vehicle in these instances.

Take Care of Injured Employees

An employee who has been injured in a car collision may need to be taken to the hospital. This particular employee may need ongoing medical treatment. If the business owners have a business car insurance policy that covers medical payments, they will be able to take care of these employees’ medical expenses without lawsuits.

Keep Vehicle-Related Costs Low

A vehicle can be damaged even if it isn’t being driven. For example, while a vehicle is parked, it can be the target of vandals who do not have a purpose other than to destroy someone else’s property. Every time this happens, business owners would have to pay to repair these vehicles.

Comprehensive coverage for a business’s vehicles makes it possible for business owners to repair these damages quickly and put their vehicles back on the roads.

To Have the Right Type of Coverage

Business owners may believe that the insurance coverage they have for their personal automobiles is good for the vehicles they have for running their businesses, but this is not true. The fact that a vehicle is being used to operate a business increases the risk for an auto insurance company, and they would be charging inaccurate prices for a personal auto insurance policy.

If the vehicle being used for business is the at-fault car in an accident and the auto insurance policy is a personal one, the auto insurance company will deny the claim. The business owners will have to take financial responsibility completely on their own.

Business car insurance will be a valuable asset for a business that depends on its vehicles to survive. Business car insurance helps the company remain in business by:

• Complying with laws state every driver must purchase auto insurance
• Helping to pay the expenses associated with lawsuits
• Paying expensive repair bills
• Paying the employees’ medical bills
• Saving the profits that would ordinarily be spent on car repairs for other purposes
• Purchasing the correct type of policy for vehicles used to operate a business

Business car insurance is an extra cost for a business to take, but as has been shown above, it will be worth every penny spent on it.

Applying for a business grant may seem like a crapshoot; with so much competition for limited funding, you’d think the boards in charge of allocating grant money would be reduced to picking names out of a hat.  There is a common myth about securing grants, to the effect that it’s based on pure luck or who you know.  But this is far from the truth.  Anyone can learn to write a successful grant proposal in order to adequately spell out why they should get the money instead of the next guy.  It just takes a little research into the grant itself, the entity that is offering grant money, and how to make your business idea fit the particular requirements to receive the grant.  So here’s what you need to do if you want to write a business grant proposal that will help you get your venture off the ground.

1. Find grants to apply for.  The first step in finding money for your business enterprise is seeking out grants that may apply to your particular industry or your goals.  Often, you will come across grants at many levels, from federal and state government funds to private local businesses that are giving back to the community.  While some will offer more money than others, it behooves you to try for several grants (even if they won’t deliver the total funding you’ll need by themselves).  You could end up with more than one, which is only good news for your professional undertaking.
2. Consider the goals of the entity offering the grant.  In some cases, you can get an edge on the competition by taking into account the goals of the organization that is offering the grant.  For example, you may be seeking grant money from a company that is committed to meeting and exceeding environmental standards in their operation.  Even though they might not list this as a requirement to receive the grant, they will likely favor candidates who show and interest in goals that are similar to their own.
3. Get in line with requirements.  Once you have selected the grants you wish you apply for, you have to get to work writing the proposal that will seal the deal and end with a check in your hand.  The first step towards doing this is meeting the requirements listed in the grant, and there will likely be many.  In fact, you may find at some point that your proposal really doesn’t fit with what the grant is seeking.  So if you are interested in actually receiving the grant, you’re going to need to tailor your business proposal to fit.  And you can’t simply phone it in – the review board will know if you’re giving them lip service.  You need to make a real effort to modify your business plan to meet the criteria of the grant if you want a crack at the vault.  If you feel you can’t compromise your vision, then perhaps you should seek other grant opportunities.
4. Don’t be afraid to ask questions.  The language of grants is often specific to the grant offering, which can make it difficult for those who are trying to understand and meet requirements.  So don’t hesitate to call or meet with someone in charge of the grant to clarify the fine points.  Not only do you stand to familiarize yourself with decision-makers, you will also ensure that you have the best chance of meeting all criteria for consideration.
5. What to include in your proposal.  In general, you’ll need to list the goals of your business (and how they relate to the goals of the entity offering the grant), tasks to be accomplished, the anticipated budget, any partners involved in the project, and of course, additional paperwork like letters of support, matching funds, and so on.  Make sure to include all required documents and don’t forget to use your spelling and grammar check tools (in other words, edit).  While you may not be that worried about getting caught making spelling errors or breaking grammar rules, you might be surprised at how fine a line can be drawn between candidates, and what might put you out of the running.

Keeping track of your business operations is no easy feat, mainly because there are so many areas that could demand your attention.  You may have to keep an eye on production cycles, deal with employee issues and complaints, obtain new clients and follow up with current ones, engage in quality assurance, and even deal with a board and stockholders, depending on the business you run.  So when it comes to tracking the whereabouts of pens, paper, and even computer equipment, you just might not have the time to even think about the ways in which inventory concerns could be affecting your bottom line.  But if you don’t have a system in place to ensure that these items aren’t walking out the door or falling off trucks, you could be losing a lot more profit than you imagine.  So here’s how to stay on track with inventory in order to increase profitability.

1. Perform an audit.  An independent auditor can inform you of all of the many areas in which your company is losing money so that you can find ways to combat the loss.  A report may inform you of instances in which employees (or the processes they use) are wasting time, any environmental waste that is occurring (water, power, recyclable or reusable items getting trashed), and of course, loss of inventory.  By performing an audit you can become aware of the money-wasting problems affecting your company so that you can begin to make the changes necessary to boost your profit margin.
2. Hire a facilities manager.It is important to have someone you trust in charge of managing your facilities, including handling the task of inventory tracking.  This person can keep all inventory under lock and key (raw materials and goods to be sold, as well as office furniture, equipment, software, and even supplies) in order to ensure that everything is accounted for and that nothing is getting “appropriated” by employees or visitors.
3. Implement an inventory policy.  One of the first steps toward making sure that items don’t go missing is to create a policy regarding inventory and then make all employees aware of the policy.  You should let them know that they will have to sign for any items they check out, making them responsible should the items go missing, and then include provisions for write-up or other forms of punishment should they fail to meet their obligations concerning company property.  If employees are not aware of the policy, they can’t really be held liable, so include this information as part of your orientation process.
4. Use asset software.  While you could certainly have a facilities manager enter everything by hand into a spreadsheet, records and processes will be a lot simpler if you use software that is made to track assets.  The best programs will come with barcode labels and an option to scan the item along with an employee ID badge for easy tracking.
5. Track everything!  You might not think it’s that big a deal if employees are walking out with pencils and staplers in their briefcases, but it all adds up.  By tracking everything, down to the last thumbtack, you’ll know when employees are checking out more than they should.  And hopefully you’ll avoid losing large and expensive items like laptops, cell phones, and even ergonomic desk chairs (you’d be surprised what people might walk out with).

Jennifer Bloom writes for www.redbeam.com the leading provider of barcode and data collection software.

As a business owner, you likely take your responsibility to the environment seriously. You don’t want to damage the community you live and work in by creating a major source of pollution and waste through your line of work as this could not only disrupt the ecosystem, but also impact your family and the many local consumers that support you and keep your business running. Further, causing harm to the environment can be a major detriment to your brand image in this day and age, when it seems like everyone is hopping aboard the eco-friendly bandwagon. On the other hand, adopting green standards and practices could be very costly for a small business that is struggling to get by. Luckily, the federal government (along with many state governments) offers tax incentives to help business owners that want to do their part to meet and exceed environmental standards. Even Canadian provinces are finding ways to offer tax incentives, so keep that in mind, especially if you use tax preparation software to file for taxes. Being green is catching on, and it might just be beneficial for you to jump on the green bandwagon.

On the federal level, you can secure tax incentives for energy efficiency in a number of ways.  First, you can receive a tax deduction of $1.80 per square foot if you build or purchase a space that meets set standards for energy efficiency.  This includes reducing energy usage by 50% or more through proper lighting, water, HVAC systems, and other measures.  You will have to receive certification in order to qualify for this deduction, but considering how much it can save you at tax time, it’s well worth looking into the process.

You may also be eligible for a 10-30% tax credit if you use alternative energy on your property (solar, wind, water, and/or geothermal), you can get breaks for reusing and recycling (qualified property, machinery, equipment, etc.), and using fuel efficient, alternative fuel, or hybrid and electric vehicles for your business can also deliver significant tax credits, depending on the type of vehicle and how many you add to your fleet.  And of course, companies that build homes or manufacture specific goods (appliances or biofuels, for example) may be eligible for targeted industry incentives as well.

But that’s not all.  Your state may also provide additional incentives to encourage and even help small businesses to cut waste and pollution, conserve energy and water, and go green for the good of the local community.  This could include tax incentive programs aimed at helping to finance projects that are eco-friendly.  Florida, for example, has incentives in place to encourage businessesto use renewable energy sources, with a tax exemption for those that utilize alternative energy for their property, equipment, and machinery.  Considering that Florida is the sunshine state, it’s not surprising that they lean towards solar energy.

You likely have plenty of costs to consider as a business owner, from employees to materials to contents insurance for tenants (if, like most small businesses, you lease a building).  You shouldn’t also have to worry about the cost of going green.  Luckily, it seems that the government is taking the decline of the environment seriously enough to pass along incentives to businesses like yours.  So don’t hesitate to take advantage of these financial savings so that you can do your part to save the Earth.